We Buy Houses As-Is For Cash: Tips On Selling A House That Needs Repairs
Selling a house as-is for cash can be very beneficial for the right homeowner. The benefits of selling as-is when your house is in need of repairs can certainly be attractive. If selling a house as-is seems to be the right way for you to sell, keep reading to find out some tips on selling your house that is in need of repairs.
Why Sell A House That Needs Repairs?
If you own a house that needs repairs, it can be tough to keep up with the maintenance and costs associated with fixing it. Deferred maintenance issues can add up quickly and sometimes selling a house that needs repairs is the most viable and realistic option for a homeowner.
You Want to Sell Fast Instead of Waiting for Repairs
Selling a house as-is for cash can be attractive to many homeowners because it enables them to sell their home quickly. If you need to sell your house fast, then selling as-is may be the best option. Selling as-is also means that you don’t need to wait for repairs to be made before putting the house on the market and waiting for a qualified buyer.
You Don't Have to Deal With Contractors
Another reason selling as-is can be attractive is that you don’t need to deal with contractors. If you’re not interested in dealing with the hassle of finding and managing contractors or deciding on which repairs are actually worth spending money on, then selling your house as-is may be the best option for you.
Once Repairs Are Made, You Have to Wait For a Retail Buyer
Selling a house as-is for cash is often the best option for homeowners who need to sell fast and don’t want to wait for repairs to be completed. Once you’ve made the repairs, you’ll then have to wait for a retail buyer who is willing to pay the full market value of your home. This alone can be quite a process, not to mention waiting for the bank loan process once your house actually goes under contract.
Harder To Determine Pricing After Repairs
Once you’ve made repairs to your house, it can be difficult to price your home accurately. You don’t want to overprice and scare away potential buyers but you also don’t want to underprice and lose out on money that you could have made from the sale. It’s often difficult to find that perfect pricing sweet spot. This is especially true if you were able to make some repairs but not all or if some of the repairs you made were DIY instead of professionally contracted out.
Selling To An As-Is House Buyer
To understand what an as-is house buyer really is, it’s important to understand what it means to sell your house as-is. When a property is sold as-is, it means that the seller is selling the home in its current condition, without making any repairs or improvements. The buyer can assess the current condition of the house but must buy the house without requesting the current owner to make any repairs.
Selling As-Is Tip #1:
Make sure you disclose what you know about the home to a potential buyer. Selling a house as-is doesn’t mean that you can hide information about the property from potential buyers. The goal is to be as upfront and transparent as possible about the condition of your house. You’ll still need to complete any required paperwork and disclosure forms truthfully. This will help avoid any legal issues down the road.
Selling Without Making Repairs Tip #2:
Selling to a professional home buyer can make the process even more simple. A professional home buying company will make you an offer on your house as-is and can close on the sale quickly, often within a week or two. Additionally, they will handle all the sales paperwork and make sure the sale is handled by a reputable title company that is locally operated.
As-Is House Sale Tip #3:
You shouldn’t have to pay closing costs. Most home buying companies offer this as a benefit to working with them. Closing costs are sneaky fees typically charged by the title company that you may not be aware of at the time you agree on the price to sell your house.
When a buyer agrees to pay your closing costs, it can take away some of the mystery. This can wind up saving you thousands of dollars and simplify the transaction because you won’t have any guesswork about your final numbers.
Selling On Your Own Tip #4:
Take the time to know the value of the house in its “As-Is” condition. You can use online tools to get a sense of your home’s worth but take these values with a grain of salt. They are usually estimated values based on if the house is in great shape. However, doing this can help you understand what to expect when selling on your own without making repairs.
Selling A House In Poor Condition Tip #5
Research the cash buyer you work with and check their reviews. There are plenty of reputable home buying companies out there but unfortunately, there are also some that are not as reputable. It’s important to do your due diligence and work with a company that you trust.
Sell Your House As-Is Tip #6
Get more than one offer. When you work with a home buying company, they will likely make you a fair all-cash offer for your house. However, it’s always a good idea to get more than one offer to ensure you’re getting the best possible price for your property and to make sure you get a good feeling from the buyer you choose to work with.
Selling Your House As-Is For Cash: The Bottom Line
Selling a house as-is for cash can be a great option if you need to sell quickly and don’t have the time or money to make repairs. Keep in mind that when selling as-is, it’s important to be upfront and honest about the current condition of your home. If you have any questions about selling your house as-is or would like to learn more about working with a professional home buyer, please contact us today! We would be happy to chat with you about your specific situation and help you figure out the best option for selling your house.