Have you considered trying to sell your house in as-is condition? This is a savvy way of selling your house without needing to invest any time or money. However, selling as-is doesn’t mean that you are free of all responsibilities! Even when selling your house as-is, there are silly mistakes you can make to ruin a sale. Keep on reading to learn the dos and don’ts of selling a house as-is!
What Does As-Is Condition Mean?
Did you know that you can actually sell your house in its current condition? Whether you are selling a power tool, vehicle, or even your house, you have the option of indicating that the item will be sold “as-is” to potential buyers. This is a slightly condensed version of “as it currently is.”
Taking the definition a little further, selling something as-is means that the seller is not responsible for any issues associated with the tool, vehicle, or house. Essentially, your buyer is knowingly purchasing a faulty or defective item. As is does not mean that you can sell something without fully disclosing what is actually wrong with it. It is a blanketing protection label for a seller, but honesty is still required for the sale to be valid.
Who Does This Work For? (Dos)
In the context of selling a house, the ability to sell as-is can be quite liberating. Regardless of how hard you try to keep your house clean, in good shape, and appealing, it is inevitable that some damage, depreciation, and outdating will occur. Imagine your house was built in 1970 and hasn’t received any modern renovations. Do you think that it has technology and appliances comparable with today’s models? Absolutely not!
As a society, we will always work towards creating bigger and better technologies and conveniences. As a matter of fact, if your 40-year-old kitchen appliances worked as well as modern styles, that would be a good reason for concern! Some home buyers are attracted to an older style of home, but most still want a house that lets them feel connected to the modern day. If buyers feel like they are going back in time when they walk through your door, they aren’t likely to be satisfied!
Generally speaking, anyone has the option of selling their house as-is. However, there are definitely circumstances where putting in extra time and money can result in a quicker sale or receiving a higher offer from a buyer. To keep things easy, here are a few great situations to sell your house as-is:
- Major Repairs Needed – One of the best reasons to sell a house as-is is that you won’t need to fix any major issues with the house. Something like a cracked foundation, mold, or flood damage are a few examples that can easily cost five figures. Unfortunately, selling on the open market can make it quite difficult to sell a house that needs major repairs.
- Trashed From a Tenant – If you’re a rental property owner, then you probably understand the stress that comes with it. Sometimes you are lucky and get an honest and considerate tenant that will treat your home well. On the other hand, other tenants could not care less and will treat your home like their personal dumpster. Nobody wants to clean up someone else’s mess.
- Inherited Property – In the event that your receive a home through an inheritance, you might not feel inclined to put any effort into selling it. It wasn’t your obligation to begin with, but it can be stressful when it does become your responsibility. Whether you don’t have the time or just don’t want to deal with it, selling as-is serves as a great way to unload the property.
- Need Cash Now – Another situation to consider is if you really need cash right now. Repairs and upgrades not only take more money from you, but they also take up time. If you need cash yesterday, you definitely won’t want to wait any longer to receive your money.
What As-Is Does Not Entail (Don’ts)
While the as-is label does serve as a blanket protection, there is still a requirement to receive that benefit. Sellers must fully disclose any known issues with the house to keep your buyer informed of what they’re walking into. This means that you should absolutely not hide, lie, or omit any details about the condition of your home.
You do not need to actually fix any issues you are aware of, but your buyer must at least know about them. If there is anything that might influence a buyer’s decision to purchase your home, do not neglect or forget to tell them! Not only is this dishonest, but it will definitely result in legal issues down the road for you, including the potential reversal of your sale.
The last thing you should know to avoid when selling a house in as-is condition is the open market. Do not try to sell your house as-is on the open market! When a buyer reads the words as-is, they will automatically assume your house is riddled with problems. This encourages a group of buyers that will aggressively low-ball and pressure you into making a sale. Instead, you should only sell your home as-is to a trustworthy cash home buyer!
The Best “Do” of Selling a House As-Is
For homeowners with a house in poor condition, the option to sell as-is offers an excellent alternative to dumping more money into the property. This works great if your house is in need of major repairs, trashed from a previous tenant, inherited, or simply if you need cash right now! Do your best to be completely transparent and forthcoming about any issues with the house. Do not lie or try to deceive any potential buyers about the condition of your home. And remember, don’t try and sell as-is on the open market!
For the best way to sell your house as-is while still receiving a fair offer for it, you should get in touch with a local cash home buyer like Ben Buys Indy Houses! We will buy homes in absolutely any condition, whether it is destroyed, riddled with complications, or just downright ugly! We aren’t at all picky and can give you a respectable cash offer that will let you walk away with pride. Say goodbye to the house you don’t want anymore by saying hello to us today!