How to Sell Your House as Is: Pros and Cons
Are you thinking of selling your home? Perhaps you’re planning for a last-minute move and have to sell your house fast as possible without any stress. Or maybe you’re in severe financial distress, can’t afford repairs and want the immediate sale to generate funds.
If so, it’s time to sell your house as-is.
The process of selling a home can be overwhelming. You’ll need to get it into a pristine condition, stage it for sale, market it, review and negotiate offers and more. And don’t forget carrying out repairs which can take a lot of planning, effort, time and money.
But do you know you can avoid all the stress save money and time by selling your house as-is? Selling your house as-is implies the buyer will purchase and assume ownership of the property in its current condition. As the seller, you won’t be making any home improvements or repairs before the sale.
However, it’s important to know the pros and cons to evaluate whether selling your house ‘as is’ is the right decision. Read more to learn the benefits and drawbacks of selling your house as-is.
Pros of Selling House as Is
If you’re considering an as-is sale and for cash, there’re numerous reasons to go this path. While it’s not the conventional way of selling a property, it’s ideal for anyone who wants to sell their home quickly or looking for immediate cash. Here are some of the benefits of selling your home in as-is condition.
If you’re not in a position to conduct repairs or fix up your property before putting it on the market, your only choice is to sell it as it is. Whether it’s due to time restrictions, finances, or just wanting to avoid the stress of home upgrades, you can leave all the mess to the new buyer. It doesn’t matter whether your home needs a minor plumbing repair or a major roof replacement, rest assured to find a buyer.
In some instances, the repair or renovation works are not feasible, and you’d rather spend the money to acquire or upgrade your future property. If you’re not willing to do the repairs, the cash buyer will conduct them on your behalf after purchasing the property. This means the selling process can start immediately and look forward to a fast closing.
In financial distress, a homeowner may consider salvaging the situation by selling their property. However, going by the traditional home selling process might take weeks or even months for a successful sale. Also, don’t forget the stress and additional expenses involved, which you can’t afford in your situation.
If you’re in such a situation, selling your house in its current condition is the best approach. By selling your house as-is, the whole process can be completed within a few days.
Also, do you know there are home buying companies will give a cash offer for your property? If facing tough financial times, this would save the day. While you won’t get a full value for your home due to its condition, you don’t have to wait for a buyer for a long time.
Do you know selling a home is considered to be among the most stressful events in one’s lifetime? Yes, it is. Being the most expensive asset most people own, transacting it comes with huge caution, and the process can take long before it’s over.
Some of the common stressors in a property sale include;
• Uncertainty over the sale price
• Concern an offer won’t go through
• Concerns the sale might not be achieved within the ideal timeframe
• Angst over the inspection and conducting repairs
• Negotiating offers with unrelenting buyers
• Emotional attachment with the property
We can all agree that selling a home is a stressful event for everyone, right? Now imagine how it can be for someone who is incapacitated, ill, or dealing with a traumatic event such as the death of a loved one. It can be extremely nerve-wracking.
However, either because you’re not feeling well or are in a desperate situation, selling your house ‘as is’ is the quickest solution you’ve got. Here, you avoid the stress of dealing with open houses showings and can expect a painless and fast closing process.
In a home selling process, the negotiation process can get frustrating. You’ll come across buyers who give extremely low offers while others request concessions for minor things.
To expedite the process and stop more concessions, why not sell your home as-is? Here, you don’t have to worry about a long repair list after a home inspection that needs to be handled.
And even in a newly built house, be sure a home inspector will identify some issues. This implies the huge profits you thought you’d be making on the home sale may disappear in making repairs if you don’t sell it as it is.
Also, some sellers are concerned that cash buyers only give lowball offers. However, this is not the case. Most home buying companies are open to negotiations, and you’re sure to get a good offer for your property.
If you’re planning to sell a property that you’ve never lived in, it might be a good idea to sell it in as-is condition. This could be an inherited property that you’re not aware of in its full condition. Selling such property without having to worry about inspections or repairs could seem attractive.
However, you’ll still need to disclose everything you know about the property, even if you’ve never lived there. Whether it’s a roof leak, mold or pest infestation, it’s important to disclose such information.
Cons of Selling as Is
Selling your property ‘as is’ is not all rosy; there are some drawbacks too. Here, you might not get the anticipated price and selling your home might become even more difficult. The following are some of the cons of selling your home as-is.
Buyer Can Walkaway
A potential buyer submitting an offer doesn’t necessarily mean that they’ll buy your home. In most states, a buyer is given some time to cancel an as-is contract.
During this time frame, the buyer may request a home inspection. Upon realizing the property needs much more work than expected, they could cancel the contract. This means you might have your property off the market for just a few weeks only to have it back.
If one is selling their property as is, chances are it has some issues. But this isn’t always the case as you can opt for this route since it’s more convenient to you. However, most buyers will only assume you’re selling your property as is since it has some issues.
This means selling your home as is makes it less appealing to prospective buyers. This may narrow down your buyer pool, translating to only a few offers.
Choosing to sell your home as is could result in lowball offers. Potential buyers assume you’re desperate to dispose of it at any cost, and they’ll make low offers. This means you might get very low offers way below your property’s market value even in its existing condition.
Also, if a property stays in the market for a longer time, offers will decline. If you’re already getting lowball offers after you’ve just put your property on the market, think how it will be a few months down the line. And rest assured, the offers aren’t going to increase in any way.
Determining the Right Price
Setting the right selling price for a property can be a catch-22. However, this can be more challenging when selling a house in as-is condition. If you set the price too high, you might sit in the market for months without attracting any buyer.
Alternatively, listing the property too low would produce similar results. Wondering how listing your home low would turn off buyers rather than attract them? Well, very low pricing below true market value serves as a red flag to the buyer, and they think something is very wrong.
If you still find some potential buyers with the low offer, rest assured their offers will be even lower compared to your selling price. To set the right price reflecting the true market value of your property, you might want to work with a realtor. Also, explore all your options before settling with selling in as-is condition.
Sell Your House As Is Today
Selling your house in as-is condition could be convenient if you want to save time and money in the process. Work with an experienced and reputable home buying company to enjoy all the benefits. However, before making up your mind to sell your house as-is, evaluate the above pros and cons of this approach.
Do you want to sell your house for cash? At Stewardship Properties, we got you covered. We offer a new, stress-free way to sell your house quickly, without the hassle, and for cash.
Contact us today to get your free cash offer.