Wednesday, October 13, 2021 / by Jordan LaFond
How to Sell Your Home "As-Is"
The real estate market has changed dramatically over the last year. One change is that homes are now often sold “as is.” Simply put, this means that the buyer will not request the seller to make any repairs or offer seller concessions for items that may be missing, broken, or outdated. Today, sellers are less willing to make repairs or modifications to get their homes sold, and the reason behind this is simple: they do not need to. Due to the overwhelming buyer demand and lack of available inventory, it is common for a seller to receive multiple offers on their property. Chances are high that at least one buyer will submit a bid that does not request the seller make any modifications to their home. An attractive offer without repairs will stand out to the seller, and it improves the likelihood that it will be accepted.
An important note here is that selling your home “as is” does not mean you can withhold material facts. When you sell a home you must always disclose anything that could affect their decision to purchase. Read on for a few tips to successfully sell your home “as is.”
Have a Pre-Inspection Completed
Hiring a home inspector to come in before you list to assess the overall integrity and condition of the home is a good idea. There are still a lot of buyers that are not comfortable waiving a home inspection, and for good reason! By completing the home inspection in advance and supplying a copy to the purchaser, your prospects will have a better understanding of the home before they place their offer. If they are aware of the home's condition prior to writing an offer, chances are good that they won’t request a home inspection of their own. Additionally, giving them this information upfront empowers them to write a great first offer. The unknowns are scary to a buyer, meaning the more details you provide, the more confident they will be!
Hire a Proactive Realtor to Vet Each Buyer
Having a realtor on your side when you sell a home is always a good idea, especially when you plan to sell “as is.” Nobody wants a lawsuit for not understanding the laws behind selling a home in their area. A proactive agent will ensure that your marketing is compliant with state and local regulations to make sure buyers know the circumstances of the deal. The agent will reach out to each party seeing the property to discuss the condition and make sure that the buyers are comfortable to move forward with the home “as is.” Doing this assures that each buyer touring your home will be prepared to make an offer if they like the home.
Consider Pricing Slightly Under Fair Market Value
If you’re looking to sell your home “as is,” there are probably a few things you’re already aware of that you don’t want to fix. Perhaps there are several components of your home that no longer work or you last updated in the ’80s. In both those situations, your pricing strategy needs to align with the condition of the property. It is proven that if you price your home too high, it will sell for less than fair market value. Ouch! On the other hand, if you price at fair market value or just under, you will likely receive multiple offers, driving the price up over fair market value. Win!
No matter how you choose to sell your house, remember that we are all in this together, and everyone wants a successful transaction.