Selling a home is something millions of people do in the USA every single year. While the goal of selling your home is to make as much money as possible, this isn’t always as easy as it sounds. Many homeowners will spend a considerable amount of time and money fixing up and preparing their home for sale. So in the grand scheme of things, how much are you actually saving?
However, that isn’t your only option. You can decide to sell your house as-is. This means that you sell it without making fixes, upgrades or changes. While you will certainly fetch a lower price for the home than if you fixed it up, you might end up saving in the long run.
But it is important to note that there are several things to watch out for when selling a home as-is. There are many things you should do, and many others that you shouldn’t. This blog post is going to take a look at both of them to help you successfully sell a house as-is.
If you want a detailed guide on selling a house as is, be sure to check out that link. Without any further ado, let’s look at some do’s and don’ts of selling a home as-is.
Do: Be Honest and Upfront
The most important thing when trying to sell a home as-is is to be upfront and honest. Buyers are often weary of as-is homes. Because of this, you need to be as honest as possible to ease their worries. Be upfront about what is wrong with the home, all that needs to be done, what it may cost and any other information you think the buyer could benefit from knowing.
Not only should you make the condition of the home clear during meetings or walkthroughs, your online ads should also make note that the home is being sold as-is. Even mentioning a few of the potential repairs needed could go a long way when it comes to transparency.
In addition to protecting you from potential legal trouble and simple being a good person, being honest can help you sell the home quicker. If you are secretive or dishonest about certain things, buyers can see it, and will often steer clear from you.
Don’t: Price Your Home Wrong
Pricing your home correctly is always important, but this is especially true when it comes to selling as-is. You need to be sure to account for the work and repairs that are needed when setting the price. If you price the home like one that doesn’t need repairs, it will likely sit on the market for months and years with no interest. But if you price it too low, you may be missing out on a lot of money.
A good way to set a price is to look for comparable homes in the neighborhood, and deduct the costs of the repairs. This should leave you with a fair price in the area that both sides can often agree on. Pricing fairly will ensure that your home is sold quickly. It will also make sure that your buyer gets a fair price and you are happy with the amount you get in return for your home.
Do: Consider Making Small or Important Repairs
The idea of selling a home as-is is to avoid having to make costly repairs. However, there are some repairs you might need to make in order to be able to sell the home at all. For example, no one is likely going to want to purchase a home with a damaged roof, pipes and plumbing that doesn’t work or damage to the foundation. If you try and sell your home with these issues, it will be quite difficult.
Instead of letting your home sit on the market, consider making these vital repairs before listing the home. Also, if you can make some small and easy repairs to improve the home and your ROI, you should consider doing it. Making some of these small repairs can not only fetch you more money during the sale, but can help you sell faster. While some buyers are willing to take on a home that requires some work, too much work and too many things wrong can turn away nearly all buyers.
Don’t: Expect Buyers to Simply Take Your Word
While being honest and upfront is important, don’t expect all buyers to simply believe you. Some sellers may try and hide some issues or problems with the home, so buyers are rightfully worried at times. Instead of simply hoping they trust your word, take some steps to be able to back up or prove the claims you make.
There are a few things you can do to instill more confidence in a buyer. One thing to consider doing is getting an inspection, this will tell you the condition of your home and what needs to be fixed. This information can be passed right to your buyer to back up what you have said about the home. Also, getting repair estimates from a trusted third-party source is a good way to show buyers what they’re getting into, instead of just telling them.
In conclusion, selling a house as-is can be a great way to save money, but there are various do’s and don’ts that you have to watch out for.