"Home for Sale As-Is". Ah... the easy way to sell a house–no obligations, no negotiations, No headaches! Many homeowners believe this is the no nonsense way to list their property. Some may even consider listing this way without a real estate agent, thinking that a potential "slight" doc in sale price may be worth avoiding "nit-picky" buyers and "expensive" agent fees. These assumptions couldn't be further from the truth and the seller may be losing thousands!
Here are 4 common myths about selling "as-is"
MYTH #1: If my home has some problems I am not responsible for them.
Not exactly. Though it may relieve some pressure regarding buyers expecting repairs, selling your home as-is does not relieve you from your obligation to answer questions honestly concerning any known defects with your home per your state’s rules.
MYTH #2: I don't have to deal with buyers wanting inspections or asking for repairs.
Wrong. When a property is sold as-is, it is being sold in its current state. Issues or requests for repair are generally not entertained by the seller. However, this does not mean that a buyer waives any inspection contingency rights. If an inspection uncovers a significant issue with a property, a buyer may request that the seller address it with an understanding that the buyer maintains the right to cancel if the seller fails to do so.
MYTH #3: I will break even if I sell "as-is" verses hiring a real estate professional.
Yikes, this is a big one. The reality is marketing your home as-is will scare away many potential buyers upfront, which will limit demand for the home (and offers). You can also expect buyers will assume that something is wrong with the property prompting them to submit offers that are far less than what you want or what your home is worth. Having a licensed professional on your side can help you save thousands by giving you current and expert market analysis on what your home is worth, helping you weigh offers and avoid costly mistakes, and talk to you about some ways to fix up your home before listing so you get the most potential return on the market.
MYTH #4: I don't have money or time to fix up my home, I have no choice but to sell "as-is".
This is our favorite myth to debunk! Working with your real estate agent, you will find programs that can help you get your home market ready without any up front cost. HouseAmp is a platform where agents provide an online solution for their sellers to manage pre-listing projects that improve the value of their home such as staging, deep cleaning, and landscaping, or make more substantial improvements to the kitchen, bath, or roof. HouseAmp helps sellers find service professionals (or they can use their own!) and they can apply for the capital to pay for the repairs or update without needing to pay back until closing.
There are certainly situations where "as-is" sales are appropriate, but we encourage sellers to review their options with a real estate professional to make sure they aren't losing thousands of dollars in equity on the sale of their most important asset–their home.
Thinking of selling your home but it needs some TLC? We make the pre-listing process easy.
Find out how HouseAmp makes getting homes move-in ready, Awesome.