Selling your house can be very stressful. This is especially true when the house you’re trying to sell needs a lot of work. If you need to sell the house right away and you don’t have time or money to make repairs, you might consider selling your house as-is.
Selling a house as-is means that the buyer knows they are getting the house in it’s current condition, with no repairs. To purchase a house as-is, the buyer will typically need cash, so you’ll want to find an investor like 800-Buy-Kwik who can make you a cash offer within 24 hours. Here’s some advice to get you started:
What you need to know to sell your house as-is:
- Many banks won’t loan for as-is houses with significant problems.
Depending on what is wrong with the house, buyers may have a hard time getting a loan for a house sold as-is. Lenders often require the house to meet certain structural and livability standards. You may be limiting your market to people who can pay for the house in cash. Fortunately, many investors and home-flippers come prepared to pay for a house in cash.
- Be honest about what is wrong with the house.
Your buyer will find the problems with the house when they have the inspection, so be honest with the buyer. If you’re selling the house as-is to an investor, you will likely by-pass many of the standard inspections completed during a typical home purchase.
- Clean up.
You might not think its worth it to clean up the house before you sell it. If it has holes in the walls, water damage, dripping faucets, or a multitude of other problems, you might think that some trash on the floor is the least of your worries. Clean up anyway. Buyers see the value of a house as being higher when its clean. Plus, keeping your house tidy will show your buyers that you are selling as-is out of necessity and not because youre just too lazy to fix it.
- Be prepared for low ball offers.
Most of the offers you will receive on an as-is house will be from investors and house-flippers. They are going to want to get the house at a price that will allow them to do the work necessary to make the repairs prior to putting the house on the market. Dont take it personally when you receive a lowball offer. Decide beforehand what the lowest amount is that you can afford to take so that you can make a counteroffer.
- Know the market.
Look at the other houses in your area that are the same size and have the same amenities. Now, consider the amount of work needed to bring your house up to comparable value. This should give you a good idea of how much you can expect when you sell as-is.
- Get it in writing.
Have the words œas-is in your contract. Make sure your buyer initials next to those words. You do not want them coming back to you and claiming that they did not know the house was being sold as-is.
At 800-Buy-Kwik, we’ve bought over 20,000 homes as-is since 2002. We will give you a cash offer for your house quickly. You can be out from under your house with cash in your hand in a fraction of the time it would take to sell through a realtor or by yourself.