It’s a daunting process to sell a house. Between the time and expense to pay for inspections and repairs, the process can get overwhelming.
That’s particularly true if you need to make the sale in a hurry and making a few cosmetic improvements won’t solve the problems a property has.
That’s why selling houses as is may be necessary for certain situations. But is it the right choice for you?
To find out, let’s examine what the process entails and when it may be the right or wrong decision.
What Does It Mean to Sell Property As Is?
Selling a property as is means that someone is buying your home in its current state with the understanding that the seller will not be making any repairs and the house will come with any issues it might currently have. The buyer will usually need to sign additional paperwork confirming that they agree to those terms.
What that does not mean is that the seller has no obligation to disclose issues with the property. They merely have no legal obligation to fix them before the sale. Your realtor likewise must answer questions about the property to the best of their knowledge, per the Consumer Protection Act.
Issues With Selling Property As Is
The main issue with as is sales is the fact that most buyers will have a negative view of these properties, whether that impression is fair or not. Horror stories like one Virginia couple’s protracted battle with a real estate rehabber cause buyers to express more caution than they might otherwise.
This will affect your sales prospects by attracting fewer prospective buyers overall. And those who do show interest may try to low-ball you on the price. If a buyer suspects you’re desperate to unload a house, they’ll often try to use that to bargain for a better deal.
Reasons for Selling Houses As Is
For most homeowners, it’s wise not to sell a house as is unless they have no alternative.
Acquiring an unwanted or unneeded property is one example. About 30-40% of American households will receive an inheritance at some point. But inheriting a property you have no plan to live in can be more of a burden than a blessing.
At the same time, sudden financial distress may necessitate a person to sell a home quickly, without the time or resources to make any repairs. In these situations, making an as is sale can give individuals a needed financial lifeline in an emergency.
Making the Right Sale for Your Situation
Selling houses as is may not be the optimal solution. But for individuals who either cannot afford repairs themselves or are in financial distress and need to sell a property as quickly as possible, it may be the only viable option.
If that describes your situation, we’ll make an offer on any home, regardless of condition or what you owe. To find out how it works, check out our simple process to sell a house as is today.