Legally, you do not have to fix problems with your home before you place in on the market for sale. You can sale the home "as-is" and skip the worries associated with repairing your home. However, there might be consequences. If you are considering selling your home as-is, here is what you need to know.
Why Should You Sell Your Home As-Is?
The most obvious benefit of selling your home without making any repairs is that you can save money. Depending on the problems your home has, you could potentially save hundreds or thousands of dollars on repairs. If you do not have the funds available to make the necessary repairs, this is a viable option for selling.
If you are not physically or emotionally prepared for a long drawn out selling process, as-is can help you avoid some of the stress. Buyers can either choose to make an offer and move forward with the process with the knowledge of the home's condition or walk away.
What Is Wrong With Selling As-Is?
Even though there are benefits to selling as-is, there are some drawbacks. The most notable is that buyers could be turned off by the idea of having to make extensive repairs to the home.
Some buyers will have a negative image of your home and attempt to low-ball you. Even if you are not desperate to sell your home, buyers might perceive you as being so. As a result, instead of getting the offers you believe your home deserves, you could be faced with a lot of low offers.
What Is the Key to Selling As-Is?
If you have decided to proceed with an as-is sell of your home, there are some things you can do to make your home more attractive to buyers. One of those things is to be realistic about the price for your home. You can lower your offer to take into account the costs associated with the repairs of the home.
Another thing you can do to help guarantee the sell of your home is to place tight restrictions on your contingencies. Your only responsibility to the buyer is to disclose the defects of which you are aware. By setting a tight deadline for completing steps in the home buying process, you can potentially ward off a situation in which the buyer wants to back out.
You also need to consult with a real estate agent who has experience in selling as-is properties. He or she can help handle everything from the listing to the closing. To learn more, contact a company like Krueger Real Estate.