Want To Sell Your Home As-Is? 3 Things You Need To Do
It's not unusual for a seller to have to spend some money improving their home before they can find a buyer for it. To sell a home, you need curb appeal, updated fixtures and appliances, and the ability to assure the seller that they won't have to make expensive investments into the home right away. Or do you? Sometimes, there are good reasons to sell a home just as it stands, even if it isn't attractive or needs major updates and improvements. For example, if you inherit a home and don't want the expense of fixing it up or maintaining it, you may want to consider selling it as-is. Take a look at a few tips that will help you do just that.
Be Clear in Your Listing
When you list the house that you're selling, make sure that you're absolutely clear that it's a fixer-upper. Your listing needs to appeal to a specific audience of buyers who aren't afraid of a home that has a few warts. There are plenty of buyers out there who are willing to put some work into fixing up a home in exchange for a good deal, or who may see your home as an opportunity to buy a home for a low price and flip it for a profit. Those are the people you want to attract.
Don't worry that your listing will scare off potential buyers if you state that you're selling it as-is. The buyers who will be turned off by that ad would probably not be willing to buy your house once they saw it and had it inspected anyway – they're looking for a house that's move-in ready. It's more time and cost efficient for you to weed out buyers who have no interest in a fixer-upper by specifying that that's what you're selling.
Be Flexible on Price
The benefits of selling a home as-is are that you can sell it faster and that you don't have to sink a lot of cash into fixing it up yourself. The trade-off is that you're going to have to accept less than the market value for a home that size in that neighborhood. You need to be ready for that.
Do some research into what comparable homes in your area are selling for, then be honest with yourself about what the house needs. If the house needs a new roof or foundation repair, then you should go ahead and subtract that amount from your asking price.
Know What You Have to Disclose
It's not enough to just say that you're selling the home as-is – if you're aware of a major flaw in the house, you're required by law to disclose that flaw to a potential buyer. That doesn't mean that you have to point out every missing shingle or drafty area – usually, it's big flaws like lead paint on the walls or sinkholes on the property that you have to disclose. The laws on exactly what you have to tell a seller about vary from location to location – for example, in some states, you have to report any death in the house within a specified time period, while other states do not require that – but it's a good idea to be clear on what's required.
Usually, you're only required to report known flaws to the seller. You can't be held responsible for flaws you don't know about. However, if a buyer backs out after an inspection reveals a problem like mold or basement flooding, you'll be required to disclose that fact to the next buyer. You may be better off getting a full picture of the home's problems before you start showing it to buyers so that you don't waste your time and a buyer's time.
Selling a home as-is can be tricky, and you need good real estate advice from a business like Clermont FL Realtors to ensure that the process goes smoothly. A good real estate agent can help you craft an effective listing, set a reasonable price, and follow the disclosure laws in your area.