How do I sell my home as-is? Who buys homes as-is? We’ve got the answers to those questions and more for you.
Selling a house as-is can be an excellent option if you’re searching for a way to get out of your home more quickly and with less stress than the traditional selling process. If expensive repairs and upgrades are out of the question, selling your home as-is could be the best choice for you.
Check out our guide below to learn more about why you should consider selling a house as-is and a few steps you can follow to have a successful sale.
Defining “Selling a Home As-Is”
Selling a home “as-is” means you put the property on the market in its current state, with no repairs or improvements made by the seller.
The term indicates that the seller will not be responsible for addressing any issues or defects with the property, and the buyer agrees to purchase the home in its present condition. This type of sale can be appealing for sellers looking to avoid the hassle and cost of repairs, and for buyers interested in fixer-uppers or investment properties.
Will You Lose Money if You Sell As-Is?
Yes and no. While selling a home as-is can potentially result in a lower sale price, there’s a lot of risk in renovating a home that needs major repairs. Buyers often expect a discount on as-is properties to account for the cost and effort they will need to invest in renovating the home.
However, the extent of the financial impact depends on your local real estate market, the home’s location, and the severity of its issues. While selling as-is might bring a lower price, it can also save you money on much-needed repairs and reduce the time your home spends on the market.
Why Sell Your Home As-Is?
So, why would you sell your house as-is? Homeowners might choose this path rather than sticking with the traditional selling process for several reasons — selling an as-is house means the buyer agrees to accept your home in its current condition. You won’t need to worry about complicated fixes or upgrades that quickly add to repair costs.
Essentially, what the buyer sees is what they will get when they purchase the home. Many buyers may choose the as-is route if they’re looking for a lower sale price or an excellent fixer-upper opportunity.
Here are a few reasons you should consider selling your home as-is.
Feel Less Stressed
If you’ve gone through the traditional selling process, you probably know it can be stressful and drawn-out at times. Choosing to sell your home as-is can be an excellent way to beat the stress and enjoy a more hassle-free process.
Often when selling the traditional route, banks require an inspection report which can lead to more expensive repairs and buyer backouts. You can often skip inspections that might cause buyers to ask for repairs and improvements before they decide to buy.
You could also avoid the listing and showing process. You won’t need to keep your home clean and tidy for endless open houses. If this sounds like a more hands-off and relaxing process to you, selling your home as-is could be a perfect choice.
Enjoy a Quick Sale
Do you need to sell your home right away? Selling your home in its current condition is one of the quickest ways to sell your house and skip the long, drawn-out traditional sales process. Your home could likely spend weeks or months on the market waiting to sell, meaning you may need to delay your move until you sell your house. You might need to sell your home as soon as possible, such as having to relocate quickly for work, financial or health reasons. Whatever your reason is, an as-is sale is the go-to option if you need your house sold fast.
You won’t need to wait weeks or sometimes months to finish repairs or upgrades, so you can immediately begin selling your home to potential buyers. If you opt for this selling process, you might attract buyers who want to purchase your home with cash. If you sell your house as-is for cash, you can speed up most of the closing process, saving you more time.
Spend Less on Repairs
If you need to sell a home that needs extensive repairs, there are options for you to have a successful sale. Perhaps one of the best reasons for choosing to sell your house in its current condition is you are able to avoid the cost of repairs. Buyers will likely understand that purchasing as-is means specific aspects might need a little TLC or a few upgrades here and there. You can then save time and money on avoiding expensive repairs and upgrades to increase your home’s value.
You can instead choose to focus on more minor, less expensive upgrades to improve the house’s aesthetic or look. And if repairs are entirely out of the question, you can opt not to complete any improvements to save yourself the hassle due to time or financial restraints.
Get Out of a Tough Financial Situation
Selling your home as-is could also be an excellent option if you need to get out of a challenging financial situation. Sometimes, finances can plummet, and you may be in a new financial crisis that means you can no longer afford your mortgage or utility bills.
If you’re struggling to make your mortgage payments on time or at all, you may want to consider selling your home as-is so you can move out and make a sale as quickly as possible. Opting for this process can help you save time and money in the long run so you can avoid foreclosure and move to a new home that better suits your budget.
How to Sell Your Home As-Is
If you’ve decided to sell your home as-is, we can help with the next steps. You can follow a few steps to ensure you have a successful sale and get the best price.
Here are our top tips for selling your home as-is.
1. Set a Fair Price
One of the first steps to successfully sell your home in its current condition is to understand that selling as-is can affect the final sales price. If your home needs repairs and you choose not to complete them, you might make less on the transaction. This impact could mean you may want to consider whether selling as-is is the best option for you. Of course, this loss can vary depending on the nature of the repairs and your local real estate market or neighborhood.
One thing to remember is that by selling as-is, you should lower your expectations of what you can sell your house for. That’s the trade off with selling your home as is. You get the convenience of selling your home quickly without having to make repairs, but you might receive less than what you originally hoped for. The amount has to make sense for prospective buyers to take on the property as well.
2. Opt for Smaller Improvements
If you’re in the position to complete a few projects or improvements, aim to handle the highest-priority items, tasks potential buyers will care most about. If you’re aiming to increase selling price, you can opt for minor repairs and upgrades to increase your home’s value. If you cannot make significant repairs or upgrades, focusing on the little things that are faster and cheaper to do that can help improve the house’s overall appearance in order to help you attract more potential buyers.
Some smaller improvements you can make to the inside are patching any holes in the walls, making sure all doors and cabinets function properly, applying a fresh coat of paint where it looks bad, tidying the house, decluttering cramped areas, removing personal items. For the outside, you can focus on improving the curb appeal by making sure the lawn is mowed and tidying up any existing landscaping.
These minor improvements are less expensive and time-consuming than taking on larger projects and could be something you knock out over the weekend. If your time and budget allow, it’s always an excellent idea to finish some lesser upgrades to add a little value to your home.
3. Don’t Forget to Disclose
Though you are selling your house as is in its current condition, it’s important that you provide as much knowledge as possible to the condition of the house. That enables the buyer to provide the most accurate offer for your house and avoids delays.
It’s generally a good idea (and required in certain states) to complete a sellers disclosure detailing out the property condition to the best of your knowledge. It’s important to be as accurate as you can about the condition of your property.
If you are honest about the home’s condition, you can attract appropriate buyers who already know the house will likely need some TLC. Consider marketing your home as an excellent investment opportunity for those seeking a fixer-upper.
4. Speak to a Real Estate Agent
You can take several routes with an as-is sale, including deciding to work with a real estate agent. There are pros and cons to using an agent or realtor with an as-is home sale. So if you do decide to work with one, it’s best to search for an agent with experience as-is sales so they can help you market your home correctly.
Real estate agents will also understand your local real estate market and the prices homes are selling for in your neighborhood. They’ll help determine a realistic list price and set proper expectations while trying to get you get the best possible outcome. They can also advise you about all your options and help you determine what repairs, if any, would be the best choice in your situation.
However when selling with a real estate agent, it could possibly lengthen the home selling experience. The entire process could take on average of 30-90 days to get a buyer to purchase the home.
You can also expect to pay an average of 5% in real estate agent commissions, further lowering the amount you’ll receive from your as-is sale. Some agents are willing to negotiate down their commission since there can be less work in marketing the property. But if you are looking for a more guided and involved selling process, the agent commission could be worth it.
5. Connect with Cash Home Buyers
Another option for successfully selling your home in its current condition is to search for buyers wanting to purchase a home with cash off-market. Marketing your home to cash buyers is an excellent option if you wish to take on selling a house as-is by owner.
These buyers could be individual real estate investors, companies that specialize in buying as-is houses for cash, or those looking for a home improvement project who want the opportunity to build some sweat equity by fixing it up while they live in it.
By choosing to sell your house for cash, you can ask for a fair price for your home and connect with cash buyers who are specifically searching for as-is homes that need repairs or improvements.
By choosing to connect with a cash home buyer company, you can skip listing and marketing your home, forget the high costs of repairs and enjoy a quick sales process. These companies usually have the process down so that the offer is accurate and everything is done much more efficiently. An added perk of selling with HomeGo is that you normally don’t have to pay any closing costs, saving you thousands of dollars.
Cash almost always speeds up closing to take weeks or even months off the entire selling process. If you’re searching for a quick way to sell your home to buyers ready for a fixer-upper opportunity, selling your home to a cash buyer could be an excellent choice for you.
Sell Your Home As-Is With HomeGo
HomeGo is your No. 1 choice for an as-is home sale. When you choose HomeGo, you say goodbye to expensive inspections and repairs, endless listings, showings and the long wait. We can give you an immediate cash offer for your home.
Our expert agents ensure the smoothest real estate transactions by walking you through the entire process, taking care of closing costs, and closing the sale in as little as seven days.
Get in touch with us and learn more about our process to start your selling journey today.
