A lot of homeowners opt for selling their property as-is rather than fixing it up for the next buyer. Selling as-is allows these homeowners to evade costly, time-consuming repairs and it simplifies the moving process. Furthermore, it can even save sellers money if the repairs would end up costing them more than they’re worth. If you plan to sell your home as-is, here is what you should expect from the process.
First, don’t expect that, in selling as-is, you can just get away with selling your property without disclosing its defects to the buyer. In fact, if you don’t fully disclose any and all important information about the home, you could land yourself in legal hot water. Therefore, the best thing for both you and the buyer is that you are transparent and honest about the condition of your property.
If you were to go to a second-hand store and purchase a used piece of furniture, you’d expect to not have to pay the original price for the item. Rather, you would assume that, because it isn’t in tip-top shape and will require repairs, that you would get the item at a discount. The same goes for selling a house as-is. In exchange for being able to sell a home in its current condition, you should expect to sell your home for less than it was originally worth. Otherwise, the transaction wouldn’t be worth it to the buyer. Nevertheless, this doesn’t mean that you shouldn’t ask for a fair price.
Even when selling as-is, most buyers will want to perform an inspection on your home. They may ask to visit your home or send an expert to inspect the home; or, they may just schedule a video call so that you can walk them through your property. But the inspection process in an as-is sale is usually faster than a traditional sale. For example, home buying companies can usually inspect the home and make you an offer in less than a day or two.
Lastly, another thing you should expect from an as-is home cash sale is a faster, easier selling process. In as-is cash sales, the buyer won’t need to get approval for a loan, speeding up the overall closing process. Furthermore, you may have the opportunity to avoid expensive agent commissions and failed deals. In all, it can be a great opportunity for many sellers.
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