Selling A House As-Is
Selling a home “as-is” means that the seller is selling the house in its current conditions, and will make no repairs to the property. The house you have may need some work, and instead of wasting time and money fixing it up you may prefer to sell the property as-is. In these situations it is beneficial for you to know the pros and cons of selling a house “as-is”.
The quick rundown of the pros of selling your house “as-is” are:
- Save money on repairs
- Avoid financial distress
- Fast Sales
Let’s dig deeper into each of these three pros…
1. Save money on repairs
Say you are in a position where you are trying to purchase a new home, are trying to save money for new investment, or a life situation popped up. Selling a house “as-is” will enable you to save money on repairs and potentially put that money back into your pocket to help you achieve your other goals. Home renovations are very costly, and if you have not updated your home, it may cost you thousands to modernize it to today’s standards. Often times, once repairs are started, you find more things that need to be fixed, or the budget needs to get expanded even more due to unforeseen costs that add up.
2. Avoid financial distress
You may be in a position where you cannot afford to make renovations to your property. If you find yourself dealing with financial troubles, a physical illness, or a need to quickly relocate, you may not have the time or desire to deal with these issues.
3. Fast Sales
When selling your house “as-is” you save time immediately, as you don’t need to wait months for repairs and renovations to be complete before listing your house on the market. You don’t need to make decisions on what color to paint the kitchen, what tile to put in the bathroom, or learn how to fix drywall. You can immediately list it, have potential buyers seeing the property, and get others interested in your home ASAP! No time wasted waiting for a full renovation job that’s unfortunately been delayed a couple weeks or even months before putting your house up for sale (plus, you save the headache of having to manage a project and all the things that come with it – especially delays).
Cons of selling your house “as-is” include:
- Buyers may give you “low-ball” offers
- Potential buyers may be turned off… leading to a slower sale.
- Buyers may think your property has a serious problem
Let’s now take a closer look at the cons
1. Buyers may give you low-ball offers.
Once a buyer is aware that you are selling your house “as-is”, they may immediately think that you are desperate to sell your property and that you are willing to accept an offer far below market value. Depending on the condition of your property, you may be willing to accept an offer that is below market value, either by a marginal amount, or even a substantial amount. However, if your property just needs minor fixing and you are trying to save time by selling “as-is”, then accepting an offer way below market value is probably not what you are going to do, but buyers still may try to low-ball you due to the “as-is” stipulation.
2. Potential buyers may be turned off… leading to a slower sale.
Some buyers don’t like the risk of purchasing something “as-is”, or they simply want something that is ready to move into and requires no additional work or upgrades – a turnkey property. With the title of “as-is”, there is a number of buyers who will not even look at your property as an option, and you narrow down the groups of people who will seriously look at your property as an option to purchase. Since we have fewer groups of people interested in “as-is” properties, it may take a little bit longer to find the perfect buyer interested in the property.
3. Buyers may assume that there must be a serious problem with your property.
If you are in a scenario where you are just tight on money or time, and are selling your property “as-is” to avoid having to make minor or moderate upgrades/repairs to the property, then this may pose a hurdle for you. If your property does not have any serious problems, there are some buyers who immediately assume that the “as-is” title indicates a serious problem within the property that will require thousands of dollars to repair, and a bunch of time. Some buyers will be scared away, but other buyers will still inquire to see what exactly needs to be done to the property, and the extent of any repairs needed.
We Buy Houses Fast In Orlando understands the difficulty you may face when selling your home as-is. We provide fair offers and want to create win-win situations for you. We are local experienced home buyers in Orlando and we buy houses in any condition. If you need to sell your house fast in Orlando, Please check out how our Process works!