3 Strategies for Selling a Home As Is
The ideal goal of any home seller is selling a home as is. This means they want to be able to sell their home for as much as possible while putting as little capital into the process as possible. Isn’t that the dream? It would be great if, throughout the traditional real estate process, you could sell a home quickly with the words “sold as is” in the real estate description; however, it doesn’t always work that way.
When selling a home as is it is important to consider the following strategies:
Have a Pre-Inspection
If you have a feeling there is going to be something that comes up in the inspection of a potential buyer, it is best to be prepared. This way you can decide if it is something you want to fix. Or if you want to just note on the seller disclosure form. Remember, anything that you do know about does have to be disclosed. If you are selling a home as is, this disclosure form is your way of telling buyers it will be up to them to fix the issues noted.
It can also help to show a buyer that you have incorporated these costs into the pricing of your home. You can do this by gathering estimates from contractors around the area. This will show buyers the true cost to fix the issues, not the inflated numbers they are creating in their minds.
Be Flexible
Every buyer, especially if they are a millennial buyer wants to feel like they are getting a deal. In a seller’s market, this is to your advantage, not theirs. However, in a buyer’s market, it is very important to be flexible. If you are selling a home as is and it is marked in the listing, the buyer automatically will assume something big is wrong and try to negotiate a deal. This is in your best interest to consider this when pricing; as well as when it is on the market.
Consider Selling a Home as Is to a Cash Buyer or Investor
Because many buyers are turned off from “as is” sales, it can be a long process. That is if you are looking to sell on the open market to a traditional buyer. It can also be a challenge for a buyer who is not liquid to get a mortgage through a traditional lender. When we say traditional lenders, we are referring to banks and credit unions. Financial institutions, especially since the mortgage crisis of 2008 have been risk-averse and want to make sure they are loaning money out to buyers who will pay them back with interest. “As is” homes that do not appraise for the selling cost are often too risky for banks.
Therefore, many sellers should consider selling to a cash buyer. Many are they often looking to buy them “as is” and fix up homes. They can also get you to closing day much quicker because they don’t have to worry about securing financing.
Selling a home as is can be possible and it can be done quickly when you involve a cash buyer. If you want to see what we are willing to offer for your home in its current condition, let’s talk. Apply online and we will get back to you shortly with our offer!