If you’re opting to forego repairs and a remodel to sell your house as is, then there are a few things you’ll want to know first! Selling a house in its current condition will certainly save you money, but your house won’t be worth as much. If you want to sell your house as-is, there are certainly some great benefits to doing so! Check out the rest of this article to learn 5 important things about selling a house as-is!
Selling a House As-Is
If you’ve never heard of an as-is house before, it refers to selling a house in the current state is in. This is typically the term given to houses that are damaged, need repair, or outdated. This allows both the buyer and seller to have a mutual understanding that the house isn’t perfect, but it is in fact what you are paying for, damage and all.
As-is is an important distinction because alleviates the burden of a seller to handle all the issues with their house. As long as you detail every issue the house has, you are no longer responsible for any problems the house has going forward. Selling a house as-is is a great way to get rid of houses in poor condition, but here are five important things to know before you list!
Full Disclosure is Required
While the as-is claim does protect you from issues with the house, you must give full disclosure to any potential buyer. This means that, to the best of your knowledge, you must mention any known issues the house has. Things like mold, damage resulting from termites, any legal issues, noise from neighbors, and anything else that could make living in the home unpleasant must be disclosed if known about.
However, doing so can obviously dissuade a buyer from wanting to buy your house! This can make selling an as-is house through a realtor fairly tricky. You might want to consider having a house inspection done so you’ll have a better understanding of all the issues your house has. Many buyers will plan on doing one, so this will prepare you for what they will find.
Houses that are labeled as-is also tend to have a poor perception. Many buyers hear the term as-is and assume that a house has significant problems a seller doesn’t want to deal with. If a seller isn’t willing to deal with the house’s problems and is trying to sell, why would a buyer want to purchase that house and adopt those issues? Not all as-is houses are problematic, but it is understandable why a buyer might not even want to look at an as-is house.
You’re also going to have a tougher time trying to sell a house as-is. Most people that are in the housing market want a home in great condition that they don’t need to put any extra money into. If they’re going to pay upwards of six figures for a home, shouldn’t it be ready to live in right away? Some buyers don’t mind putting in work on an as-is home, but if you have significant and expensive issues, this can send buyers running in the other direction!
No Need for Repairs
You won’t need any repairs if you plan to sell your as-is, because you’re selling it with the understanding that things are already broken. This is one of the greatest benefits of selling a house as-is, because it saves you a ton of money. Repairs can quickly cost you thousands in the blink of an eye. On the other hand, they can definitely increase the value of your home, but this might not be something you’re willing to take the time to do. Selling your house just how it is will let your buyer handle all the issues, but they’ll at least know exactly what they are walking into.
If you do end up selling your house as-is, then you’ll definitely notice it has a lower value. Market value for a home isn’t difficult to figure out, but this becomes trickier when you factor in parts of the house being broken or in disarray. There isn’t a direct answer as to just how much your house will decrease in value by being sold as-is.
Instead, it depends on what the actual problems are with your house. Catastrophic issues like a cracking foundation, problems with insects, and the presence of mold are huge red flags for buyers. If the issues are fairly minor and primarily cosmetic in nature, like peeling paint, then the decrease in value won’t be as impactful.
Buying Homes of Any Condition in Indianapolis!
Regardless of what condition your home is in, you can find a way to sell it quickly for cash. Many house owners attempt to spruce up their home and take care of major issues before selling, but that certainly isn’t a requirement. Instead, you can sell your house as-is, which let’s a buyer know they’re purchasing your house in the exact condition it is in. This does include any flaws the house has.
If you do plan on selling your house in as-is condition, there are a few important things to remember. You’ll need to fully disclose any known issues with your home, but understand that will result in a tougher sale and poorer perception of the home. Honestly is always the best policy and this will save you from costly issues down the road. Selling your house as-is eliminates the need for repairs, but your house will be worth less.
Trying to sell your house through a realtor can be quite costly. Especially when your home already has a lower value, the last thing you need is to stack a realtor fee on top of it. If you have a house in Indianapolis, you can sell it as-is to Ben Buys Indy Houses! We’ll give you a fast and enticing quote that’ll give you a great reason to sell! Get in contact with us so you can see what your home is worth today!