If you’re like most home sellers, you’ve live in your home more than a couple of years. Preparing it to sell is probably going to take some time, effort and money.
If you’ve been diligent with regular maintenance chores, then fresh paint, de-cluttering and a good cleaning from top to bottom will have you in good shape.
But there may be other cases where selling your house AS IS will start to look like an attractive option.
These could include:
- You inherited a house and need to unload it
- Your own home has more repairs needed than you have time or money to fix
- You just don’t WANT to!
Here’s what you need to know about the problems and pitfalls this type of home sale can bring.
Buyers crave value…
Does your home have yellowing vinyl floors, needs painting and still sports 10 year old carpet?
If you’re including appliances, have they seen better days?
Know these facts about Buyers…
- they will be comparing your home to others in their price range…show them the value by showcasing it as a bargain.
- they love to think they are saving money by choosing the updates most important to them…and doing some or all of the work themselves.
You can stay on their hot list by adjusting the price and making sure even old and outdated features are sparkling clean and smelling fresh!
Buyers avoid risk before they seek rewards…
And an AS IS sale just reeks of RISK to a buyer…
It’s not the worn and dated features – these are readily observable – but the unseen, and possibly substantial defects that can cause a would-be buyer to balk.
What if there’s moisture damage in the crawl… rotted floors in the bath…or a leaking roof?
The buyer still has the right to inspect, but they may think twice about paying for the inspection knowing the seller will make no repairs.
Having a pre-listing inspection , in this case, would help reassure a nervous buyer. Being aware of any issues upfront could increase their confidence in your home and may be just the encouragement they need to trigger an offer.
AS IS Sellers also face risks…
You may not want to do a pre-listing inspection…after all, that is an extra expense and you’re trying to save money, right?
Inspections are hard enough with a traditional sale…and one of the major causes of home sales falling through. Without full knowledge of your home’s possible problems, the inspection period can develop into a nightmare. Unknown issues that are major, serious or hazardous, if not repaired by the seller, can be reason enough for the buyer to back out, earnest money in hand.
What happens now? You’re required to update their disclosures to include all issues brought to light by the inspection…and make this information available to any interested buyer!
Your home goes back on the market – with a tainted reputation – leaving future buyers even more hesitant and wondering what else could be wrong with the house.
Clearly, this is not the best situation to find yourself in when all you wanted was to unload a house!
Selling your house AS IS can work…
Will it save you money? That depends on the true amount of repairs your house needs…and whether or not the cost of making those repairs out-weigh the price you can get in the current market.
Is it right for you? Before you make your decision, ask yourself this critical question….
If you’re struggling to answer that questions…and you a wondering just where to start, we would gladly help you figure that out!
You’ll get straight, no nonsense advice along with comprehensive market info…and you’ll be confident you’re making the best decision for your situation