Selling your house as-is is what you want for minimum fuss. All you need to know is how to go about it.
With this type of sale, you do not need to do repairs and go through a lengthy agency process. Read on for our guide on selling your house as-is.
What Does Selling Your House As-Is Mean?
Selling as-is means selling your house without any improvements or changes. In the process of selling property, many people do work and decorate to increase the potential income and interest from customers. However, with this type of sale, it is not applicable, and the house buyers see is the house they get.
This does not mean sellers can be misleading. It is illegal for people to hide or mask defects, and questions must be answered honestly about the property.
The Benefits of Selling As-Is
Selling your house as-is condition has a number of benefits. The first is that it is a very fast process. You do not have to wait for laborers to repair your home, or save up the cash required for expensive maintenance and repairs.
In addition to this, many buyers for this type of home pay in cash. There are a number of companies and individuals who will give you the money as soon as the deal is approved. This means no one is waiting for mortgage approval, and you can often have the money within 7 days to a month.
Secondly, it can save you money. By not doing repairs, you will have excess cash to spend on repairing, decorating, and furnishing your next project. Even minor home repairs and maintenance can soon mount up in costs.
Drawbacks of Selling A House As Is
The only major drawback is that the offer for your home will obviously be slightly less than the one you would get in a traditional sale. This is because the buyer will need to do the repairs themselves, and they will probably be looking to sell it for profit.
However, if you weigh this up against the profit you would have spent, the price difference is often not that vast. As well as the money you would spend on repairs and maintenance, comes the cost of the agent and legal fees associated with a normal house sale.
These costs alone can run into thousands. If you don’t mind a marginal difference but are attracted by the speed of these sales, they are definitely for you.
Another possible drawback may be that you get fewer offers on an as-is sale. However, there are many companies who will visit almost immediately to view your property and make an offer. This means this issue is less prevalent than it was in the past.
How Do You Sell Your House As-Is?
You have two options when selling a home as-is. The first is to list it and sell it privately. The second is to contact a cash for homes company who will make you an offer.
If you choose to go the first route, then you need to include the term ‘as-is’ in your listing. This will save a lot of time, as people come to view the property and make deals or ask for repairs to be done.
Some potential buyers may ask for inspections to be done. This is perfectly reasonable and simply lets them know the extent of the renovations that are required. You may also choose to do an inspection yourself, disclosing everything in the report so buyers have no room to spend time on queries and questions.
This option does take some time. You must also be very wary of scam artists, who may try to exploit your need for a sale. You may also encounter a number of timewasters.
A more popular option is to contact a cash-for-home company. They will send someone round to look at the property and make you an offer there or in the next few days. As they have the infrastructure and legal items in place, you will find the sale can move very quickly.
How to Market an As-Is Home
If you do decide to take the time to market the home yourself, then there are a few things you can do other than repairs. These tips shall hopefully get you a slightly better price, and increase the interest in the house.
Start by focusing on the positive aspects of the home. Perhaps it has some great features or lots of space. It may even come with a large plot, or have historical value.
Secondly, you need to know the market. If there are very few homes for sale but lots of buyers, then you can aim for higher prices and be more selective. However, if homes are in abundance with very few buyers, keep prices low to get more interest.
Market the home using the correct language. You need to use words in your descriptions that invite attention. Upgraded, landscaped, scenic and spacious are all words that will get buyers interested.
Don’t Delay
If you are eager to sell your home, then contact a company that deals in selling your house as-is. They will give quick quotes that are free and with no obligation. What do you have to lose?
If you are selling in Chicago, then Urb Chicago should be your first stop. We buy homes and also have them for sale, so can provide a one-stop-shop. Contact us to schedule a meeting, so we can begin the process of buying your home starting today!