Did you know that there were 5.34 million existing homes sold and 682,000 newly constructed homes sold in the U.S in 2019?
There is always such a high demand for properties in the United States, and around the world, which means if you’re sitting on a house that you could sell, then you should because you could make quite a handsome profit.
Sometimes you don’t even need to do the properties up, so you can save time and money and just sell them straight away. Keep reading to discover how you can sell homes as-is.
How to Sell Homes As-Is: Everything You Need to Know
What does selling a house as-is mean? It means that the property you want to sell will be sold in its current condition. This means that you don’t need to do any costly repair work on the house.
Who sells properties as-is? Sometimes people might inherit a house from a relative but not want to keep the property so will want to sell it. However, you might not have any money to renovate the property, so a good option is to sell it as-is.
Other reasons you might want to sell a house as-is is if you want to make a quick sale from your own property or if you need to quickly move away. In these instances, you might not have the time or money to make repairs on your property but that doesn’t mean you aren’t able to sell it.
As-is home sales might put some buyers off, especially first-time buyers. But other people might want to purchase your house because they are keen to put their own stamp on it and invest in the property.
How Can I Sell My House As-Is?
Selling a property as-is is similar to selling any property. The first thing you need to do is put your house on the market. This means contacting a real estate agent or finding a company that deals exclusively with properties as-is.
For example, there are companies, such as buy my home for cash that can make selling your home as-is even easier and cheaper. That’s because there are no realtor commissions to cover, no closing costs, no repairs to make on your part, and you can sell your house on your terms.
If you choose to go with a real estate agent, make sure they have experience with selling homes as they are. But before you find a company to sell your property with or a real estate agent, you might decide to have some property inspections done. These are often known as pre-listing inspections.
Why Do I Need a Pre-Listing Inspection?
Pre-listing inspections can help you determine the condition of the house, which can help you get a better picture of how much the property is currently worth. The inspection should pull up any major and minor issues with the property, for example, electricity, plumbing, cracks, or mold.
You can then call in experts to give you estimates and quotes on the cost of repairs. This is useful for two reasons because you can see whether it’s worth doing the repairs yourself and because you then have the correct information for future buyers.
If you’re able to cover the costs of the repairs then it might help to sell your house quicker, especially if they are major repairs. These repairs might also add more value to your house, for example, getting the rood repair might cost $6,000 but add on $20,000 value to the house.
However, if you can’t cover the cost of the repairs, then you still know how much they will cost. This helps to inform potential buyers and ensure that the buyers don’t knock off too much money for the repairs needed.
3 Tips for Selling a Home As-Is
The first tip when it comes to selling a home as-is is to be honest. Potential buyers want to know what they’re going to purchase.
Honesty goes a long way when it comes to building trust with potential buyers, which is important for making the sale. That’s why you need to ensure the property is advertised as-is and where relevant include details of what repairs are needed and what is wrong with the property.
The second tip when it comes to selling a property as-is is not to undersell the property. Regardless of the improvements the house needs, there are sure to be positives that make it attractive for a buyer.
Make sure you include the positives in the marketing materials and listings. For example, you could focus on the size of the house if it’s particularly large or spacious, or you could focus on the location if it’s in a good place for transport links and has good schools in the area.
The third tip is to be realistic about the price of the property. That’s why it is advisable to have a pre-inspection, so you know what to expect in terms of price and offers. Overcharging will result in little to no interest, while undercharging will result in less profit for you.
Research your local house sale prices and make sure you look at the housing market too before deciding on your price. If you do some repairs in the property before selling, then make sure you get it re-evaluated before settling on a price because your repairs might have added more value than you’re aware of.
Get Cash for Your Property Quicker
Follow our guide on how to sell homes as-is to ensure you sell your home faster and have a smoother sale process. Remember to evaluate whether repair work will significantly increase the value of your home or not and take this into consideration before selling your property.
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