When a real estate agent lists a house ‘as is’ means the homeowner or vendor is selling the home in its current condition. They will not do any renovations, repairs, or improvements prior to the sale. You might have seen many homeowners who list their property ‘as is’ because they can’t spend bulk money to do the work, one more reason is they want to sell the property quickly.
Selling ‘as is’ doesn’t change any of the rights of the buyer. The seller is responsible to legally disclose any problems or issues with the property and the buyer has all the rights to negotiate the price down, which is dependent on a real estate inspection.
Want To Sell “As Is”
Get assistance from a real estate agent as they’ll know the current market condition and will be able to evaluate your home based on the market value. The agent can sell even the tricky properties. This is because it’s less about the actual property and more about helping the buyers to get the right property.
Have your home inspected before listing? You should know everything about the property and have an estimate of all the costs that may be needed to fix it. This will help you escape from the additional costs a buyer might throw your way. It can help you determine the price, too
Disclose the defects of the property if any. Clearly determine the condition of your house to the potential buyers as they are going to benefit from knowing all the problems. Don’t get into any legal trouble by not properly disclosing everything to your real estate agent and buyer.
Set a realistic price. It’s not good to set the price too high and too low. Get the advice of your real estate agent and calculate the price to fix up.
What to disclose?
The appearance of mold, either past or present, in the home.
Evidence of a structural defect like a significant crack in the foundation.
External issues such as obnoxious noise levels.
Major plumbing or electrical issues.
Roof leaks or a prior ice dam caused damage.
A known legal issue such as a cloud on the title
If the house is listed at a low price, it’s a possible fixer-upper, so there could be a chance for a return investment. The buyer could purchase the house, fix all the issues, and sell it again to make a profit.
Selling ‘as is’ can also save you time and money. You don’t have to put any effort into fixing things, even staging your house for sale. You can leave it to the buyer.
If you sell your home as it is to cash companies, you can avoid a lot of legal paperwork. It’s not needed to transact with a real estate agent or negotiate on some other fees.
Selling as-is may generate a negative impact on the buyers’ minds. They assume your property has some serious defects, so they’ll negotiate the price down.
In this kind of option, you mostly get to attract flippers and sellers who don’t feel it is difficult to do some renovations on your house. Finding such buyers will be really tough.