Is your home in need of some repairs? If you are trying to sell a building that is not in “show” condition, you are probably worried about the costs involved in repairs, cleaning, and maintenance. Selling your home “as is” might seem like the perfect solution to your problem. It can help you save money on repairs, and possibly move out more quickly, but there are also some inherent risks involved.
The obvious risk involved is that you might need to sell your home for an incredibly low price. Sometimes it is wiser to pay for repairs to your home, and consider the money as an investment toward a higher sale price.
Another risk involved with selling “as is” involves failing to understand the law. While the rules vary in different areas, you need to disclose any problems with your house. Buyers are protected by the law, and they have a right to know everything that you know about the building. If you keep something a secret, hoping that you can “trick” buyers into signing a contract, you might find yourself at the wrong end of a lawsuit.
Even if you advertise your home “as is”, a buyer can generally negotiate for some repairs. Until that contract is signed, it can be changed by both the buyer and the seller. Simply because you want to sell your home in its current condition, it does not mean that you will find someone to buy it “as is”.
There are many factors that lead to “as is” sales, and these are just some of the most common reasons:
It might be difficult to find a real estate broker who can sell your home, unless you are willing to pay for at least some repairs. If you are faced with the daunting task of trying to sell a house that has seen better days, it can be easier to sell to a private buyer; there are people who buy houses that need extensive repairs, with the goal of selling them for a profit. This might be the most inexpensive way to sell your home.