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The Truth About Selling Your Home “As-Is”

Today we are going to get into The Truth About Selling As-Is, and what every homeowner needs to know. 

First off, let’s answer the question “What is an “As-Is” Sale?”

An “as-is” sale is where a buyer commits to buying a home for an agreed upon price, regardless of the outcome of any formal or informal inspections and without requiring the seller to make any repairs resulting from such inspections.

Now that we know the definition of an “as-is” sale, let’s look at what selling as-is DOES NOT mean: 

Selling a home “as-is” does NOT mean that you are relieved from certain requirements that come with selling your house. You still have a duty of disclosure to a prospective buyer, no matter the condition of your property. 

There are different home seller types of “as-is”: 

  • Cosmetically as-is: willing to address “reasonable” inspection-related repairs. This is traditionally most homes. For inspection purposes, cosmetically as-is means you aren’t going to change the carpet, the paint, the wallpaper, or the old fixtures. 

  • Completely as-is: prefer not to make any repairs or updates regardless of the extent. If the contract states “as-is subject to inspection”, then the buyer still has to be satisfied with the inspection. As-is comes at a price for the seller… a lesser price.

    • Like with any decision, there are benefits and drawbacks to selling a house “AS-IS”… let’s look at the benefits first. 

    There are 3 big benefits to selling a house as-is: 

  • Save time. The closing process is sped up.

  • Save on upfront costs. You’ll save on out-of-pocket expenses (repairs & improvements)

  • Eliminate some stress. Eliminates some of the work needed when getting your home ready to sell.

    • The drawbacks of selling as-is are:

  • Fewer offers. If you forgo making any repairs and/or improvements, you’ll reduce the amount of demand from homebuyers.

  • Longer time to sell.  You’ll save time prepping, but the overall listing process to sell your house can take longer compared to not selling your home as-is.

  • You could leave money on the table. You’ll lose the “sweat equity” earned by making repairs before putting your house on the market. 

  • Lowball offers. 

    • The key to selling your house “as-is” is to have the right strategy. Having the right strategy can help you sell faster and for the best price if you decide to sell your house “as-is”. The best real estate agents know exactly how to do this, so let me help you. 

    If you are thinking about buying or selling, give me a call. My team and I are on standby 7 days a week, 9AM to 8PM, ready to help you take the smoother road to sold. 

    SOURCE: https://seniorlivingtruthseries.com/senior-living-truth-series-video-replays/

    SOURCE: https://www.soldnest.com/blog/sell-house-as-is/

    Written by RandiJo White on . Posted in Home Tips, Miscellaneous, Seller Tips
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