Sat. Apr 27th, 2024

How to Sell A House As-Is for an Owner

By Elliot 8 months ago

When it comes time to sell your home, you usually are already moved in your mind. While we sometimes live in the past, we dream of the future and want to start living that new life in our new home. Unfortunately, you still have to get someone to buy your old place, which means making repairs, cleaning up, landscaping and everything in between, with a goal of top curb appeal and top dollar.

What if you are under a time crunch and have to sell ASAP? Maybe you aren’t motivated to spend time and money fixing your home. Whatever the reason, you don’t have to bring your residence up to A1 standards. Many buyers are looking for a project, and they have the time and motivation to bring your place to life again.

What is the best way to put your home on the market without making any repairs? This is how to sell a house “as-is” for an owner.

1. Examine Your Reasons

You are selling your home and want to move on. That’s perfectly fine, but you should take stock of why you don’t want to make repairs and improvements because prospective buyers will probably ask you. They are curious why the home is not showroom ready and may be cautious about your motivation for leaving it in its current state. Your reasons for leaving it “as is” could be:

  • Lack of desire
  • Financial distress
  • No time to make repairs
  • Home is unliveable
  • Have a buyer already

Besides being able to answer any questions on the home’s state, you will better understand your capabilities and motivation before buying the next place because it could also need some attention.

2. Be Firm On Price But Adjust For “As Is”

When people see a problem house, some get dollar signs flashing in their heads and want to lowball you to steal the house for cheap. Just because it needs repair doesn’t make it a beater, so you should get an honest appraisal of its current worth. This will guide you to an accurate price in the market and avoid people who want to get a real bargain. You can get a contractor in for an estimate of repairs to bring the house back to life and subtract that from the comps in the neighbourhood.

3. Be Upfront About The Problems

Trying to hide deficiencies when selling a home is never a good idea; even if the potential buyers don’t notice something wrong, their house inspector will catch it. Instead of the charade, simply be upfront about all the problems.

List the house “as is” so people know what they are walking into. This will take their guards down, and while they will be looking for anything that is an issue, they know you aren’t hiding anything. Besides stating it on the listing, remind those walking through the home that it is being sold “as is” and have it written on any contracts presented to you.

Even with the ‘as is” documented on the paperwork, you still must disclose any known defects. You can’t misrepresent your property, or you could set yourself up for legal issues. Remember, “known” is the operative word, so if you are aware of anything, state it but don’t go looking for things either.

4. Find A Good Real Estate Agent Familiar With Distressed Homes

When selling your house, you want a qualified real estate agent who knows what to do. This is especially important with your home. An agent familiar with “as is” properties will probably have a client base looking for your type of home and can be very beneficial with the sale. Check out their track record to see what homes like yours sold for and ask for help accurately pricing your place for maximum profit.

5. Sell To A Professional

Everyone has a skill set that they are either naturally born with or have acquired through time and training. For “as-is” houses, some people thrive on buying and refurbishing them and know what to look for. While you may think your place is a wreck, they see beyond that for its potential. They know the repair costs and how to turn your old house into a gem again. These could be:

  • Contractors
  • Home Investors
  • Flippers
  • Eager first-time buyers
  • Professional home buyers

You can seek out these types of buyers, and they will probably offer you a quick sale for a reasonable price, and honestly, that is what you are looking for.

This is how you sell your “as is “house. You are not obligated to make any repairs, but many people love to do it. Pass the project on to them and sell your distressed home so you can start the next chapter in your life book.