Some buyers jump at the chance to buy a fixer-upper, while many sellers just can’t wait to get it off their hands. If you can relate to the latter, don’t worry – there’s no need to get all worked up about selling your home as-is.
Even if it’s not the most desirable piece of property right now, it still has the potential to be someone’s dream home. All you have to do is position yourself in a way that helps you reach buyers who are interested in homes they can flip for a profit or transform for themselves.
Whether you inherited the house in question or you simply think it’s about time you get rid of it, use the tips below to make the process easier for you.
Make Your Intentions Clear in the Listing
Have you ever gone to a restaurant with good reviews only to have a bad experience? Or, ordered something online that didn’t meet expectations when it came to your door? In a similar way, home listings can sometimes be a bit deceiving.
But, you owe it to yourself and to buyers in your area to be honest about the house’s conditions. You don’t have to talk about every little thing that’s wrong, just make it very clear that you plan to sell the house as-is.
This sends a good message to buyers who are looking for a bit of a project. Marketing a house as-is tells them you’re more interested in selling fast than selling for a high price, which is good for everyone involved.
The buyers don’t have to worry about paying too much for a house that needs work, and you don’t have to wait too long before offers start coming your way.
Research the Legalities of Selling a House As-Is
When you list a house as-is, you are legally required to mention any major damages. These are damages that may compromise the safety of future homeowners, usually things like flood damage or signs of lead paint.
To make sure all your bases are covered, think about legal requirements in terms of the up-front information you need to provide as well as the buyer’s rights to inspection.
Disclosing Information Up-Front
Does the home have a crack in one of the walls or a few cracks throughout the house? Is one of the rooms missing a door? Are some of the floor tiles a little loose?
As undesirable as you might think these things are, you’re in luck. You don’t have to disclose them in the listing! It is courteous to mention them when buyers come to see the home in person, but waiting until this point helps you get more people on the property to check it out.
If the home is sitting on a sinkhole or if you intentionally hold back any information you’re legally required to share, though, you’re in trouble. Legalities vary between different states and the kind of property being sold.
Research the ones in your area to double-check you’ve done your due diligence.
Handling Inspections and Moving Forward
Speaking of due diligence, most buyers will be inclined to get a home inspection before making an offer. Although they understand you’re selling a house that needs repairs, a home inspection helps them realize just how many repairs are necessary to make the home livable.
Here’s the catch – if a buyer finds issues in the inspection, you then have to disclose these things to future buyers. You may have to upgrade the listing information or even consider lowering the price, depending on the new details that come up.
Work with the Appraisal Amount
A home inspection is usually what buyers want as a sign of good faith. They get it in order to have a clear picture of what is going on and the work that needs to be done. Similarly, lenders will want an appraisal.
A lender is an entity that gives buyers funds to buy the house. They may be the bank a buyer went to for a loan or the company responsible for the home’s mortgage. Either way, lenders want to make sure their investment is an accurate reflection of the home’s value.
The value is determined by a home appraisal, which is done by an outside company (not part of the lender’s organization). If the appraisal comes out for less than the buyer’s offer, it might be in your best interest to lower the deal to the new value given.
Otherwise, you risk losing the deal entirely because the lender will probably refuse to give any more money than the appraisal amount. You can either wait for another buyer to come along or decide to work with the value given.
Consider Doing a Few Repairs
If you do decide to hold off for another buyer, it could be worth doing a few repairs around the home. This doesn’t mean you have to take on one of the major projects or fix every little thing. But, a new paint job here or a powerwash there could improve your chances of selling.
The key is to understand which projects provide what kind of value. It won’t do you much to mow the grass now if you think the property will still be on the market for a little while. Painting the interior or fixing the driveway, though, might be worth the investment on your end.
Selling Your Home As-Is Made Simple
There’s one more thing you can do to help you sell your home as-is – get a fast cash offer. Such opportunities are provided by companies that specialize in relieving homeowners of properties they don’t want anymore or no longer need.
Regardless of whether you need to relocate right now, you’re getting a divorce, or you have no need for an extra home anymore, a cash offer is a great way to sell as-is. It’s simple, stress-free, and can have your home off your hands in as little as a week.
To learn more about the process, click here!