How Do I Sell My House As Is? (Business Opportunities - Home Business)

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Item ID 2010007 in Category: Business Opportunities - Home Business

How Do I Sell My House As Is?

When you put as is on your home listing, what exactly are you conveying to potential buyers? In an as-is sale, a buyer is purchasing a home in its current condition, she says. That may mean the seller won’t do any repairs, even if they come up on an inspection report. The buyer is willingly purchasing the home in its current state with full knowledge of its condition. That last bit of her comment is critical to grasp; by selling as is, you aren’t absolved of the duty to share what you know about the home to buyers — and an “as is” label, particularly on an open market sale, is not a fail-safe to avoid all negotiations. You’ll need to temper your expectations a bit. That said, selling as is can still be a viable strategy if you go about it the right way. If you own a home that needs several repairs and don’t have the finances, or simply don’t have the time or desire to undergo the stress of home remodeling, selling as-is could be for you.

Technically, when a real estate agent lists an as is home sale, it means the homeowner is selling the home in its current condition, and will make no repairs or improvements before the sale (or negotiate with the buyer for any credits to fund these fix-its). The term “as is” is rarely tacked on a property sales listing that’s perfect and move-in ready. On the contrary, people often sell as-is homes that are in disrepair, because the homeowners or other sellers can’t afford to fix these flaws before selling (which would help them sell the home for a higher price). Alternatively, a home may have been through foreclosure and is now owned by a bank, or the seller may have died and left the house to inheritors or an estate agent who have little idea what could be wrong with it but need to sell.

Whatever the reason, the current sellers aren’t willing to pretty up a home before selling it. They just want to sell the real estate and move on. All of this means that the buyer of this house inherits any problems a home may have, too. When a real estate agent lists as home to sell “as is,” that doesn’t change the legal rights of the buyer. The listing agent must still have the seller disclose known problems, and the buyer can still negotiate an offer with the final sale, contingent upon a real estate inspection.

Remember property disclosures: Be aware that selling a house as-is doesn’t excuse you from disclosing known defects. For example, if you know there’s a mold problem or a crack in the foundation, you’re legally obligated to inform the buyer. If you misrepresent the condition of the property, you can still be held liable for issues. If there’s a possibility of serious defects in the home, you might order a pre-listing inspection to identify them. This survey by a home inspector can help with setting a fair price for the home, too.

Keep it as clean as possible: You might not be able to invest in any major upgrades, but let’s not scare the horses, either. You can still maintain a tidy home. Keep the yard mowed, surfaces clean, beds made, dishes put away and as much clutter as possible stored and hidden. You might make some cosmetic fixes, just to improve curb appeal. Be ready for viewings at all times.

Think about how low you can go: Know what your bottom price is going to be, and be ready to make a quick counteroffer. A real estate agent can help you negotiate, advising on what’s a to-be-discarded lowball offer and what you might compromise on.

Speaking of compromises: Even if you list “as-is,” some buyers will want a home inspection, and they’ll try to re-negotiate based on what the inspection turns up. If it’s not that big an expense, iIf just a thousand or two stands in the way of a deal, you can always relent and agree to make the repairs. Or, trim your asking price accordingly.

Those two short words in a listing usually indicate that the home may be considered to be a fixer-upper. The house will have a relatively low list price to start with, and the sellers might even entertain still lower offers. A real estate agent may even list a house with serious problems as “cash offers only,” if the house’s problems could prevent it from qualifying for a mortgage. Cash buyers and corporate investors look for home sellers who want a fast sale, but they expect those sellers to offer a low list price in exchange.

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Last Update : Nov 22, 2022 4:16 PM
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Item  Owner  : Sell House As Is
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