Need to sell your house fast?
On average, it can take 68 days to sell your home. That’s from the time you put it on the market and doesn’t include any time beforehand that you spend preparing your home for sale.
If the house needs significant repairs, this can mean the preparation phase lasts several weeks or even months. Not to mention that you’ll need money to make those repairs.
If you don’t have that kind of time or money, you may want to consider this alternative. Selling a home as is can be faster, cheaper, and less of a headache overall. Find out what you need to know below.
What Is Selling a Home As Is?
Preparing a home for sale is usually a lot of work. Even newer homes can use a little sprucing up before putting the home on the market.
However, if you are short on time or cash, you may not have the resources necessary to make those repairs. In that case, you can sell your house as is.
When you sell home as is, this signals to buyers that there may be problems with the home that you don’t intend to repair. This can be an attractive option for buyers looking to save money on the deal and don’t mind doing the necessary work themselves.
The buyer will have to sign paperwork acknowledging that you will make no repairs and they accept the house in its current state. However, you must be honest about the condition of the house and not downplay problems, especially ones that can be dangerous like hidden mold or structural issues.
What’s the Trade-Off?
As you might expect, a home that needs repairs won’t be worth as much on the open market. Thus, don’t expect to get the full market value for your home.
Also, while many buyers may appreciate getting a good deal on a new home, many others are not interested in a home that needs work. Thus, don’t expect the same size pool of potential buyers.
However, both of these factors depend on the condition of your home. A home that merely needs a little TLC will be far less affected than one that needs a new roof or foundation repair.
What Are the Benefits?
Alternatively, selling a home as is can be hugely beneficial depending on your situation.
The benefits include:
- Being less stressful
- Taking less time
- Not having to spend money upfront
- Providing financial relief in times of distress
While making repairs can get you the highest price for your home, it isn’t always worth it. This makes being able to sell a home as is a nice option.
Ready to Sell?
Selling your home as is can be an excellent choice depending on your circumstances. Finding buyers through the market can be a little harder, but you also have the option of selling to cash buyers.
These are investors looking for properties that need work so they can fix them up and resell. You’ll typically get a little less but can often sell the home in only a few days, as opposed to a few months.
Looking for more real estate advice? Be sure to check out more of our articles!