There are a number of reasons why you might want to sell your house as-is. It could be that you lack the finances or you are limited by time. Whatever your reason might be selling a house as-is to a cash home buyer is definitely quicker and more convenient.
But before selling your house as-is here are a number of things you need to know. Be careful not to commit avoidable mistakes when selling a house.
What It Means To Sell A House As-Is
When you are selling a house as-is it means that the buyer will take ownership of the property whatever condition it is. It doesn’t matter whether it’s in good or bad condition, although mostly bad. You, as the seller, will state clearly that you will be doing any repairs on the property.
Selling House As-is Through A Realtor
The conventional of selling a house is to use realtors or selling as an owner. It seems easy, but it is important to know the details of selling as-is through this method. It will help you make the right decision on whether or not you should hire a real estate agent to sell your house.
Most homeowners have the notion that selling a house as-is means no inspections, which is right, but when using a realtor, you must be prepared for intense inspections of your property. This would play a major role in the price offer you’ll get.
You must inform the buyer of all the major damages since concealing them might turn into lawsuits in the future.
When selling through realtors, buyers are able to get financing or sell their existing homes first. Conventional sales will also have additional contingencies that enable the buyer to cancel a contract if their inspections show any problems that were not obviously there initially.
Re-negotiation Of Price
Expect a potential buyer to ask for a cut in the price after inspection. This could be fair if the inspections show repairs that were not apparent initially. This means the buyer would have to factor the repair costs in the purchase price.
Selling a house as-is with a realtor is not really favorable since it involves lots of uncertainties. It is better for you to do the repairs first to get a better offer.
Selling A House As-is To A Cash Buyer
You are better off selling a house as-is if you sell home for cash. Aside from saving thousands of dollars from doing repairs, it also allows you to sell house quick.
When you reach out to a cash buyer to sell your house, you will need to provide full details of the property. Everything must be explicitly described so honesty is the best policy. Your property is still checked but it won’t affect the offer you get. This type of buyer can give you an offer in less than 24 hours, no inspections needed.
As-is Means What It Is
When a cash buyer says they will buy your house as-is, they mean it. No need to worry about doing repairs or remodeling the property. No need to factor the cost of repair in the selling price. They will buy your house and handle the repairs. They’ll buy your property even if it is damaged by fire, hurricane, flooded, have cracked walls, and faulty foundation.
No need to be concerned with contingencies that might occur from financing the sale since cash buyers are adequately funded and do not depend on banks for financing. You will immediately know once you call if they’ll buy your property. No cancellations. You can also call off the deal if you don’t like the offer.
If ever you decide to sell a house as-is, it’s always best to go for a cash buyer instead of hiring a real estate agent. You will get a better offer, and you can also close in less than 2 weeks. On top of that, they’ll handle the closing costs and the processing of paperwork.