Table of Contents
- Introduction
- Take the Guesswork Out of Selling Your House
- Get Cash Offers
- What Does Selling a House As-Is Really Mean?
- You’ll Still Need to Follow Your State’s Disclosure Laws!
- Buyers May Still Try to Negotiate
- How Much Could You Lose Selling a House As-Is?
- Should I Sell My House As-Is?
- You Need to Sell Quickly
- You’re Strapped for Cash
- Repair Costs Exceed Your Potential Sale Price
- Home Isn’t in Livable Condition
- You Want to Avoid the Hassle of Repairs
- How to Sell a House As-Is: 3 Options
- Get a Cash Offer
- Sell to an iBuyer
- List with a Realtor
- How to Avoid Mistakes When Selling a House As-Is
- Price Your Home Realistically
- Specify “As-Is” in Your Listing
- Disclose Any Issues You’re Aware Of
- Avoid Expensive Cosmetic Upgrades
- Invest in Minor, High-Impact Improvements
- Watch Out for Common Deal-Killers
- Consider Offering Buyer Credits Upfront
Introduction
Selling a house as-is means selling your home in its current state, without making any repairs or improvements. This approach can be quick — but comes with its own set of challenges.
There are many situations where selling as-is makes sense — such as needing to move immediately or being unable to afford the upkeep on a house that needs work. We consulted with several realtors and investors to gather advice on selling a house as-is. Read on to learn their insights.
CTA:Take the Guesswork Out of Selling Your House
Get competing cash offers from leading buyers, plus a professional opinion of your home’s ‘as-is’ market value. Comparing offers is free, and there’s no obligation to move forward. Simply tell us about your property, and we’ll do everything we can to get you the best possible price for your home.
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Ready to see what offers you can get for your home? Enter Your Address to Compare Cash Offers Free and take the first step towards a quick, hassle-free sale.*
What Does Selling a House As-Is Really Mean?
Selling a house as-is means informing buyers that the property is being sold in its current condition, with the seller not responsible for making any repairs. However, selling as-is doesn’t relieve you of the duty to disclose known issues with the home. Buyers can still negotiate if something unexpected is found during the inspection.
You’ll Still Need to Follow Your State’s Disclosure Laws!
Even when selling as-is, you must disclose any known issues with the property. This typically involves filling out a seller’s disclosure form that lists known defects. You don’t need to mention every minor issue, but you must disclose significant problems, such as water damage or structural issues. Failing to do so could allow the buyer to back out of the deal if they discover undisclosed problems.
Buyers May Still Try to Negotiate
Although buyers aren’t supposed to request repairs in an as-is contract, it can still happen. For example, if an inspection reveals serious issues like mold, buyers might ask for repairs or a credit to cover remediation costs. Everything is negotiable in real estate, and both parties need to agree on who pays for what to finalize the sale.
How Much Could You Lose Selling a House As-Is?
The amount you lose selling as-is depends on factors like your home’s condition, local market competitiveness, and the type of buyer. In a competitive market, you might not lose much since buyers are often willing to purchase properties with issues. However, in a less active market, offers might be lower, especially from investors who typically aim to pay around 70-80% of the fair market value.
Should I Sell My House As-Is?
Despite the potential for a lower sale price, selling your house as-is may make more sense in certain circumstances:
You Need to Sell Quickly
Repairs can take weeks or months, which might be more time than you have. If you need to sell your house fast due to financial or personal reasons, an as-is sale could be the best option. In a high-demand market, selling as-is may not significantly impact the sale price. Buyers who purchase as-is properties often move quickly and settle in cash.
You’re Strapped for Cash
If you need cash quickly and can’t afford repairs, selling as-is might be your best or only option. Even if you can afford some repairs, partial renovations can sometimes reduce your home’s appeal. It’s often better to sell the house as-is than to leave it with incomplete upgrades.
CTA:Sell Your House As-Is – No Repairs, Fees, or Commissions
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Repair Costs Exceed Your Potential Sale Price
Not all repairs provide a good return on investment. In some cases, repairs might be so expensive that they outweigh the profit from selling the house. Major renovations, such as replacing a roof or installing a new HVAC system, can be costly and might not be worthwhile if they don’t significantly increase the home’s value.
Home Isn’t in Livable Condition
If your home has serious issues like a damaged foundation or significant water or fire damage, it might be unlivable. In such cases, an as-is sale to an investor might be your only option. Repairing these issues yourself could be impractical, and traditional buyers might struggle to get financing for a dilapidated property. Investors usually have the funds to buy these properties outright, making the deal less likely to fall through.
You Want to Avoid the Hassle of Repairs
An as-is sale might be more convenient, even if your house doesn’t need extensive repairs. If you need to move quickly or don’t have the time to get your home ready for the market, a quick, as-is sale could make sense.
How to Sell a House As-Is: 3 Options
Homeowners looking to sell a house in as-is condition have a few options: getting a cash offer, selling to an iBuyer, or listing with a realtor.
Get a Cash Offer
Cash buyers include “we buy houses” companies and local real estate investors. These buyers can often make an offer within 24–48 hours and close in as little as 1–2 weeks without requiring repairs. In some markets, cash buyers might be your best or only option for an as-is sale. They typically cap their offers at 70% of a home’s potential resale value, minus estimated repair costs, but some might offer more for properties in prime locations or with high investment potential.
Sell to an iBuyer
iBuyers purchase homes in as-is condition and can provide an offer in a few days, closing as fast as two weeks. While iBuyers might not pay as much as the open market, you’ll likely get a higher offer than from traditional cash buyers. However, iBuyers focus on homes that need minimal work and operate mainly in markets with strong buyer demand. They also deduct repair costs and charge service fees, so it’s essential to weigh these factors.
List with a Realtor
If you’re in a high-demand market, listing with a realtor might get you the best sale price. An open market sale allows you to reach a wider pool of buyers, including those willing to take on homes needing repairs. Realtors can connect you with local buyers and investors even before officially listing the property. However, selling through a realtor can take weeks or months and involves paying commissions, which can be up to 6% of the home price in some markets.
How to Avoid Mistakes When Selling a House As-Is
Selling as-is can be quick and hassle-free if you avoid common pitfalls. Here are some tips to ensure a smooth sale.
Price Your Home Realistically
Homes sold as-is typically sell for less than move-in-ready or renovated properties. Compare your property to others in the neighborhood and ask a realtor for a market analysis. Knowing your home’s value in its current state and potential value after repairs can help set a realistic price.
Specify “As-Is” in Your Listing
Clearly state in your listing that the property is being sold as-is. This will attract serious buyers, such as investors or those looking for fixer-uppers, and avoid wasting time with buyers expecting move-in-ready homes.
Disclose Any Issues You’re Aware Of
Even when selling as-is, you must disclose any known issues. Failing to do so can jeopardize the deal if the buyer discovers problems during the inspection. Disclosing issues upfront increases the chances of a smooth sale.
Avoid Expensive Cosmetic Upgrades
Focus on necessary repairs rather than costly cosmetic upgrades that might not offer a good return on investment. Minor, high-impact improvements, like a fresh coat of paint or new fixtures, can make a difference without a significant financial outlay.
Invest in Minor, High-Impact Improvements
Small improvements can attract more buyers without significant expense. Fresh paint, updated lighting, and new hardware can improve your home’s appeal and potentially increase its sale price.
Watch Out for Common Deal-Killers
Major issues like leaks, mold, or structural problems can be deal-breakers. Ensure these are addressed or disclosed upfront to avoid complications later.
Consider Offering Buyer Credits Upfront
If your home has significant issues you can’t afford to fix, offering a repair credit upfront can attract buyers who might otherwise avoid as-is properties. This strategy can reassure buyers and expand your potential buyer pool.
Introducing DealMate
How DealMate Works
DealMate is the top free cash offer marketplace that connects homeowners with vetted and verified cash buyers. DealMate is an entirely free resource from start to finish – No hidden fees, just an honest resource. By using DealMate, sellers can avoid scammers and skip straight to comparing offers they can trust.
How DealMate Ensures Fair Deals & Legit Buyers
DealMate screens buyers thoroughly before accepting them into our network, ensuring they are reputable and financially capable of completing the purchase. This vetting process helps protect sellers from scams and ensures they receive fair offers.
Step-by-Step Guide to Selling with DealMate
Step 1: Submitting Property Details
Start by providing information about the inherited home either online or by phone. This includes details about the property’s condition, location, type, and any unique features.
Step 2: Comparing Offers
DealMate will connect you with vetted buyers who will each provide their own offers. You can compare these offers without any obligation to move forward.
Step 3: Finalizing the Sale
Once you choose the best offer, you can move forward with a contract and set an official closing date. From there you should be put in contact with (if you haven’t chosen one yourself) the title company responsible for coordinating the transaction.
Types of Offers from DealMate
Cash Offers
Cash offers typically close within 7-14 days (though they will close on your timeline), providing a quick and straightforward sale for those who need to sell their home rapidly. Typically 70-80% of full market value.
Novation Offers
These offers involve the buyer repairing and listing the home for a fee taken out of the closing costs. This option typically closes within 30-60 days and results in a higher payout. Typically 80-90% of full market value.
Creative Finance Offers
This option allows the seller to receive a lump sum and monthly payments with interest, often closing within 30-90 days. It’s ideal for those interested in earning more over time. Typically 90-110% of full market value.
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Ready to see what offers you can get for your home? Enter Your Address to Compare Cash Offers Free and take the first step towards a quick, hassle-free sale.*
Benefits of Using DealMate
Speed and Convenience
DealMate’s network of buyers can close quickly, often within a week, offering a convenient solution for those needing a fast sale.
No Repair Needed
DealMate buyers are willing to purchase homes as-is, saving sellers the time and expense of making repairs or renovations.
Personalized Concierge Service
Each seller works with a DealMate Concierge who guides them through the process, ensuring a smooth and hassle-free experience.
Who Can Benefit from DealMate?
Situations Ideal for Using DealMate
DealMate is particularly beneficial for individuals:
- Those dealing with inherited properties
- Individuals facing foreclosure or tax issues
- Urgent situations requiring a quick sale
- Homeowners with properties needing significant repairs
- Those affected by natural disasters
FAQs
What does DealMate charge for their service?
DealMate is a free tool for sellers to use! We charge the buyers a fee to be part of our network—solving a marketing issue for them by connecting them to sellers looking to sell their home for cash, rather than spending thousands every month on marketing themselves.
How long does the process take?
The timeline varies depending on the type of offer. Cash offers typically close within 7-30 days, novation offers close within 30-60 days, and creative finance offers close within 30-90 days.
Can I sell my home as-is?
Yes, DealMate buyers are willing to purchase homes in their current condition, so you don’t need to worry about making repairs or renovations.
Is there an obligation to accept an offer?
No, there is no obligation to accept any offer presented by DealMate. You can review and compare offers without any pressure to move forward.
How does DealMate vet its buyers?
DealMate thoroughly screens buyers to ensure they are reputable and financially capable of completing the purchase. This vetting process includes checking on the status of the company name to ensure they’re real and active, consistent positive reviews, and verifying proof of funds.
Why should I sell my home for cash?
Selling your home for cash can be beneficial if you need to sell quickly, want to avoid repairs and renovations, or want to bypass the traditional selling process involving real estate agents and potential buyer contingencies.
How do cash buyers determine their offers?
Cash buyers typically assess the condition of your home, its location, and the current real estate market trends. They may also consider the cost of necessary repairs and renovations when making their offer.
Are there any fees when selling to a cash buyer?
Most reputable cash buyers cover all closing costs, and there are no real estate commissions involved. However, it’s essential to verify this with the buyer before proceeding.
Can I negotiate the offer from a cash buyer?
While cash offers are often lower than market value, there may still be room for negotiation, especially if you receive multiple offers. It’s always worth discussing your expectations with the buyer.
Conclusion
To wrap this whole thing up, selling your house as-is can offer a fast, convenient solution, especially for homeowners facing urgent situations or financial constraints. While the process may come with some compromises, such as a potentially lower sale price and the need to disclose known issues, the benefits often outweigh the drawbacks for those looking to avoid repairs and the traditional real estate market’s complexities. By exploring options like cash buyers, iBuyers, or working with a realtor, you can tailor your approach to suit your needs and timeline. Platforms like DealMate can further simplify the process by providing access to vetted buyers, ensuring you receive fair offers while navigating the sale with ease and confidence. Whether you’re seeking speed, convenience, or avoiding the hassle of repairs, selling as-is in 2024 is a viable path to a successful sale.
