If you’ve been thinking about selling your home, now might be the best time to cash in your equity and embark on your next adventure. In Massachusetts and many other parts of the US, the housing market is red hot. Most houses in Massachusetts are being sold for way over the asking price, even homes that require repairs.
In a different market, you may have needed to conduct repairs on your home before receiving offers. The reality of the market today is that there is not enough supply to meet demand. Therefore, many buyers in Massachusetts are willing to buy houses as-is. So, what does selling your home “as-is” entail?
What Does Selling a House As-Is Mean?
When you sell your home as-is, you sell it to a buyer willing to purchase the house in “as-is” condition. When you sell as-is, you are shifting the responsibility of repairs onto the new homeowner. Essentially, you are letting yourself off the hook and relieving yourself of the time, money, and stress involved with conducting the repairs yourself.
Is It Bad to Sell a House As-Is?
It’s not necessarily a “bad” or “good” thing to sell your house as-is. It does depend greatly on the housing market where you are located. If you list a home for sale as-is during a slower market, you will have trouble attracting buyers and may end up selling your home for below its market value. You may even end up needing to take the house off the market until you conduct the necessary repairs. However, if it’s a seller’s market where you live, you will receive offers regardless of the condition of your house.
How Much Do You Lose Selling a House As-Is?
The disadvantage of selling your house in as-is condition is that buyers might not be willing to pay your home’s full market value, which means you could be leaving money on the table. It’s also crucial to factor in the costs involved with selling, such as closing costs, realtor fees, and taxes. If you want to walk away from closing day with as much money in your pocket as possible, one solution might be working with a cash home buyer that doesn’t charge commissions or fees to buy your property.
Pros and Cons of Selling Your House As-Is
As mentioned previously, selling a house in as-is condition isn’t inherently good or bad, but there are pros and cons worth considering.
Pros of Selling a House As-Is:
- Save money on repairs: Maybe you’ve fallen on hard times and are unable to come up with the money for repairs. Or maybe you don’t want to deal with the hassle of hiring contractors and would instead prefer to pass the buck to the new owner. Either way, selling as is can be the right move for you if you’re looking to save on repair costs.
- Can sell right away: If your home needs a lot of work, repairs could take months. You can avoid a drawn-out process by selling as-is and putting your house on the market right away. Selling your home as is can also be beneficial if you need to move out of your house for financial reasons quickly.
Cons of Selling a House As-Is:
- You might get low ball offers: When buyers find out you are selling as is, they might assume you are desperate to get rid of your house and, therefore, might make offers that are below your asking price.
- Buyers might be suspicious: When selling as is, buyers might be concerned that your house has serious problems that will require extensive repairs. This might scare off some potential buyers, but there will always be willing buyers in a competitive housing market.
- You might attract fewer buyers: Your home might not get as many offers if you decide to sell it as is since many buyers are looking for move-in-ready houses. If your home only needs a few cosmetic repairs, potential buyers might be more willing to take a chance on buying your house as-is.
Can You Sell a House That’s in Poor Condition?
Selling a house in poor condition is absolutely possible, depending on the housing market where you live. If you’re in Massachusetts, you have a good chance of selling a house that needs extensive repairs due to the limited supply of homes available and the large pool of potential buyers.
Massachusetts is one of a handful of states that follows a legal rule known as “caveat emptor,” which essentially means “buyer beware.” Due to these laws, sellers don’t have to disclose defects unless asked. However, if you are asked questions about the condition of the house, you must answer honestly. According to Massachusetts law, sellers do have to disclose any known presence of lead paint in the home and the presence of a septic system.
Can You Sell a House As-Is Without Inspection?
In today’s housing market, it’s not only possible but common to sell your house as-is without an inspection. As mentioned previously, it will vary significantly based on where you live. For example, many potential home buyers are waiving inspections to sweeten their offers in competitive housing markets like Massachusetts.
How to Sell Your Home Fast Without Completing Repairs
Two of the most common questions people ask when they call us are:
- Is it possible to sell my house as is for cash?
- How can I sell my house as is fast?
If your goal is to sell your house as is fast, a great option is to work with a company like ours that can pay cash for your house. At PavelBuysHouses, we are a family-run company that specializes in providing custom solutions to home sellers in Massachusetts. We pay cash for homes in any condition, and we work quickly. Give us a call at 781-309-7085 for your free consultation to learn more about how our process works and discuss ways we can help make selling your home quick and painless.