Selling a House As Is
When selling a house as is, it typically means you’re not going to make changes to the home, fix any issues, stains, or obvious problems. It often invites buyers looking for deals, such as flippers or DIYers who are willing to buy a property and fix the issues themselves.
The benefit to you is that there is still a large market for people looking for as is houses for sale, and you do not have to deal with the time for repairs or the costs involved in them. In some cases, you may find that the repairs required are higher than what you could increase the price to on the sale of your house depending on its condition.
Keep reading for more information you need on selling a house as is.
What Does Selling A House As Is Mean?
Selling a house as is has an actual legal definition, and your buyer will need to sign paperwork acknowledging that this is what they’re doing. When you sell a house as is, it means you won’t be making repairs or modifications, and the house will be sold in its current condition.
Disclosure Requirements For Selling A House As Is
As a seller, you still have legal obligations to fulfill; at a bare minimum, you are required to answer all questions truthfully. So if you’re aware of specific issues with the house, have had damage, or had major repairs, you need to disclose that.
You’ll then need to determine your disclosure requirements on a state-by-state basis; some only require you to answer direct questions, others require you to fill out forms to disclose everything you know. If you fail to follow your state's disclosure requirements, it can result in being sued. Be sure to consult a professional to determine what needs to be disclosed.
You may need to disclose if you know of ongoing problems locally, such as flooding, local noise, smells from garbage tips that waft into the property, then you need to ensure you disclose all of that truthfully.
You’ll also find that you can’t intentionally hide issues, so if there are repairs or problems that need fixing, you can’t throw a coat of paint over it to hide the issue for enough time to sell the property.
Realtors Must Disclose More Than Sellers
Realtors have professional obligations that they need to follow, and this requires them to disclose more than a seller is required to do. Often they will ask questions or get a seller to fill out a Sellers Statement of Property Condition that will be used to disclose to potential buyers.
Steps In Selling A House As Is
When you’re selling a house as is, there are certain steps you can take so that you connect with the right buyers, and you increase your chances of a sale, along with making sure everything happens quickly and easily.
Indicate In Your Listing You Are Selling A House As Is
When selling a house as is, you need to actively list that information on your property listing. This ensures that you’re connected to people looking for as is properties, and it ensures you’re not wasting time by having people come and ask you about fixing items on the property that you have no intention of doing.
Get An Inspection Report
Your state may not require you to actively find issues on your house; however, most buyers that are buying a house in Sun City Summerlin (or elsewhere) as is will likely get their own report done at some point. If you have an inspection report done, it puts everything on the table upfront and removes buyers that will have issues with any problems found during an inspection.
It speeds the process up and adds some trust between the buyer and seller; you’re not trying to hide anything; it’s simply a case that you don’t want to fix anything.
Decide How You Will Sell Your House As Is
If you’re selling your house as is, you have two primary methods for making the sale; you can approach or list your property for cash sales; otherwise, you can put your property on the open market.
Around 80% of home buyers are looking for homes that are ready to move into, so selling a house as is may remove 80% of buyers instantly on the open market.
Approach Buyers For Cash Sales Of Your House
When looking to sell a house fast as is and you don’t have the time or the money to make repairs, then approaching cash buyers that have a specific interest in houses that are being sold as is can be an effective and fast option.
- Advertise on Craigslist, and find people looking for as is houses for sale.
- Find online marketplaces that offer selling houses as is or market towards cash buyers, investors or flippers. Google will be your friend in finding as many as possible to list your house on.
- Put a sign up on your property indicating you’re selling a house as is
- Look for bandit signs, which are signs around your area of companies looking for properties to buy as they are.
List Your House As Is On The Open Market
If your house is still in good shape, but there are specific issues that need fixing, rather than a requirement to fix everything, then listing your house as is on the open market can be a good option.
You’ll need to work with a real estate agent, get an inspection report and disclosure report completed and ensure that your house is listed as is on all advertisements.
Your real estate agent will help you determine a fair market value that accounts for the repairs that a buyer may want to have done. Don’t let yourself get low-balled; if repairs cost $50,000, but somebody wants to low-ball by $100,000, that’s not a great deal for you.
If there are cheap repairs or updates that you can do which will increase the value, then you should consider them, items such as:
- Clean up your landscaping, mow the lawns, pull weeds, plant some shrubs or flowers. Make it look as nice as possible with items that can be purchased cheaply.
- Deep clean your house and property, ensuring that any junk or garbage is removed, that any clutter is put away. Just walk into your house and around your property and determine what can be easily removed or cleaned up.
- Consider adding a coat of paint to your property; you can purchase brushes and paint cheaply, watch a Youtube video, and do the painting yourself.
- If you have any pests on-site, such as bed bugs, roaches, rats, or any other type of pest, it may be worthwhile to call an exterminator or deal with the issue yourself. Many pest control products are available cheaply to consumers from home hardware stores.
Final Thoughts On Selling A House As Is
When you’re selling a house as is your goal is likely to get a sale as quickly as possible with the least amount of money spent, a lower offer than what you may want is likely to come, and you may need to take it, but don’t get lowballed on the price.
Part of your review of your house should consider what it’s worth and how much it’s going to cost somebody to repair everything, and that should give you an idea of acceptable offers.
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