In 2020, sales of existing homes rose to levels not seen since just before the financial crisis of 2007-2008. Some people were selling new houses while others were selling a house as is.
This may have been because the home was inherited, tenants might have trashed it, or perhaps the owners can’t afford to make extensive repairs.
If you’re getting ready to sell a house as is, read on for this handy guide to the dos and don’ts.
Selling a House As Is: Don’ts
Of course, you want to get the most out of selling your home as is. So you need to know what not to do as much as what to do.
Don’t Sell On the Open Market
If you’ve been frantically Googling “how to sell my house as is,” you’ve probably come across conflicting information on where to sell it.
The golden rule here is that you want to go for targeted sales. This means selling the home privately through a well-connected agent experienced with short sales or investing. You’re more likely to get higher, more valuable cash offers from serious buyers.
Don’t Hide Issues
Learning how to sell a house as is means suppressing your desire to fix up any damage. If you’re trying to get rid of a home quickly, there’s no point in investing time and money into an extensive renovation.
However, it’s vital to disclose all the defects you’re aware of to the buyer. They’ll likely shell out for a home inspection anyway, so anything you’re trying to hide would be revealed then–you don’t want to be left shame-faced.
At the same time, make it clear to them that you’re not willing to fix anything on the home.
Selling a House As Is: Dos
If you’re a savvy as is home seller, you’ll learn who to target for sales. You’ll also need to temper your expectations when it comes to the sale price.
Do Expect to Get Less
How do you sell a house as is and still make reasonable money on it? The key is knowing the market value of the home. Turn-key homes sell for 25 percent more than fixer-uppers, on average.
Buyers in this market know this, and they’re also looking for a bargain. They’ll try to drop the price as much as possible. Have a sale price in mind, but be willing to be flexible for reasonable offers or low buyer interest.
Do Encourage Cash Offers
If you want to sell a house as is fast, don’t be afraid to list the home as “cash offers only.” This will weed out the less serious buyers and those that need to wait for mortgage approval.
The closing process is typically quicker with cash sales, and you don’t have to spend any time on repairs. So you can off-load the home in no time at all.
Selling a House As Is Has Benefits
Selling a house can be a quick solution to getting rid of a home in poor condition or inherited. It’s the ideal situation for people who need cash fast and don’t mind losing on price.
Can I sell a house as is? The answer is yes, but be sure to temper your expectations.
For more real estate advice, read the other articles on our blog.