If you’re stressed at the prospect of selling your home, you’re far from alone. Research shows that almost a third of Americans found selling a home so stressful that it brought them to tears! Much of this stress revolves around the uncertainty of the home-selling process, including the timing, final sale price, and repairs.
Of course, if you’ve ever thought, “There’s got to be an easier way,” you’d be right! When you sell your home as is, you avoid the need to invest time, money, and effort into repairs and upgrades. Instead, you state that you’re selling your home in its current condition: take it or leave it.
If you’ve ever wondered about how to sell a house as is, we’ve got you covered. Here’s what you should know about this process as you decide whether or not it’s right for your property.
Make Sure You Know What It Means to Sell Your Home As Is
Before you get too far down this path, make sure you understand what selling your home as is really means.
This process, of course, means that a buyer will purchase your home in its current condition. You won’t have to make any improvements, upgrades, or repairs, and the buyer can’t demand that you do so. This, of course, is one of the key benefits of selling your house for cash!
However, when you sell your house as is, it does not mean that you should hide or lie about any issues with the house.
Sure, the real estate concept of “non-disclosure” is related to the idea of “caveat emptor,” or “buyer beware.” Even so, that doesn’t mean that you can hide defects or problems on purpose. The buyer should be able to purchase the house with full knowledge of its current condition—downsides included.
Depending on where you live, failing to disclose certain issues can land you in hot water. If the buyer can prove that you didn’t disclose a problem you knew about, you might be held liable for fixing it!
Consider How You Want to Sell
There are a few key options available to you when you sell your home as is.
First, you can sell via the “For Sale By Owner” process. This can often save you a fair chunk of change on real estate agent commissions, though it will require more work and expertise on your end.
Second, you can partner with a real estate agent. This can be pricey, though you may be able to negotiate a better commission deal because you’re selling as is. Opting for a fee-paid arrangement can net you their expertise at a lower price.
In addition, hiring an agent with “as is” experience can help you during the pricing, showing, and negotiation processes.
Third, you can sell for cash. This is often the fastest option by far, and cash buyers will purchase virtually any home at a fair price. Of course, you’ll get less for it than you might by waiting for the right buyer, but your decision depends on your selling timeline.
Put “As Is” in Your Listing and Provide Disclosures
If you’re selling via the traditional route, putting the words “as is” in your listing is the best way to set expectations with buyers on the front end.
You’ll also want to disclose any known defects. This includes things like mold problems, termite damage, foundation cracks, roof leaks, plumbing issues, and more. Be upfront, and ensure that you don’t downplay or misrepresent the problems.
Note that you may still have interested buyers wanting to request an inspection down the line, but be firm on the point that you won’t be making major repairs.
Consider Your Pricing
As with any home sale, it’s important to consider your price point with a house sold as is. If you’re working with a real estate agent, they can help you set a fair price given the home’s condition, location, and current market. Know what your lowest acceptable price would be during negotiations, and be prepared with a counteroffer.
Don’t forget to factor your home’s “as is” status into your pricing. A good rule of thumb is to consider the average price point your home would have in perfect condition, and remove the cost of repairs for its current issues.
Tackle Basic Home Improvement Projects
Even if you’re selling as is, don’t underestimate the value of great curb appeal. No matter the condition of the home, do what you can to keep the property neat and tidy.
Take some time to mow the lawn, declutter the interior, and keep surfaces clean. In essence, your goal is to brighten and depersonalize your space to allow buyers to envision what your home could look like.
In addition, you might want to invest your time and effort in a few simple DIY projects that have a high ROI. Adding a fresh coat of paint or a new door, for example, can boost the price tag of your home.
In some cases, you might also want to invest in major “deal-breakers” that would deter potential buyers from taking a chance. Addressing major roof damage or doing a foundation repair can take care of big-ticket issues that buyers might feel uncomfortable with.
Get the Most Out of Your Home Sale
When you sell your home as is, you remove a great deal of the frustration and time involved in repairs and upgrades, both before you list and after you’ve got a buyer hooked. This simple process can streamline your home-selling process, allowing you to sell fast and with less effort than you would otherwise. Consider the guide above, as well as the pros and cons of the process, to decide whether selling your home as is fits your needs!
Looking for more tips on real estate and home improvement? Be sure to check out our other content for additional insights.