We all know that selling your home is one of the most stressful times in your life – particularly as you are usually buying another at the same time or dealing with another major life change. Worse, the beloved home you’ve been living in happily suddenly doesn’t seem so wonderful – you see it through a buyer’s lens, and that means you notice every little fault.
When we live somewhere we get used to it and put up with things that, when looked at in the cold light of day, may put off potential buyers. A dripping faucet, an unreliable HVAC, a tired kitchen, faded decor – you can live with all of these, but they can put off buyers.
You know you ought to get them fixed but that costs time and money; time and money you might not have or want to spend. So is there an alternative? Well, you could simply sell your home “as-is.”
Selling a house as-is is pretty much what it sounds like – selling your home in its current state. It means a buyer can’t negotiate and ask you to fix things, and there is the implication that some work needs to be done (though how much varies). In a normal home sale, a buyer will usually have a home inspection, at which point they’ll negotiate with the buyer about anything they would like fixing before they buy, or how much money they want knocked off the price so they can get it fixed once they’ve moved in. Selling “as-is” throws this negotiation out the window.
Selling a home as-is seems attractive as it makes the process much simpler. But before you go down this route you need to look at the pluses and minuses of selling as-is.
The Pros of Selling a House As-Is
- No repair costs
Repairs and renovations can cost a lot of money. While fixing a leaky faucet may be something you can figure out with $30 and a YouTube tutorial, fixing a leaky roof isn’t. All houses need more involved maintenance from time to time, and unfortunately, they don’t pick convenient times to need it.
Even if you have the cash, you almost certainly won’t get a return on your investment – the ROI of most home improvements is way less than 100%, though you will find your property is easier to sell if it is pristine. And you are more likely to achieve the best selling price.
- Get to market faster
Selling as-is means you can put your home up for sale at once with no time lost getting repairs done.
- Reduced stress
Taking the as-is option allows you to relax a little more about selling your home because you don’t have to deal with all the problems yourself. If you are in poor health or have money worries, for example, the last thing you may want to deal with is renovating your property.
- A faster sale
A home offered “as-is” is more likely to receive a cash offer. That means no mortgage approval process and a much quicker sale. There should also be no renegotiation needed after the offer has been agreed upon. (Especially if you sell to a cash home buying company like ours.)
- Fewer potential buyers
Many people want a home they can move into right away, they are not looking for a project. This automatically reduces the number of buyers who will consider your property. If the property you’re selling needs a lot of work, you’ll exclusively be looking for a property investor who buys and flips homes.
- Difficult price evaluation
Evaluating the price when selling as-is is difficult, as you’ve got less on the market to compare it to. You don’t want to lose out on any money, but overpricing it will leave you stuck with the property months after you wanted to sell it.
- The buyer has time to walk away
In most states, an as-is contract gives the buyer time to reconsider. Should they decide that too much work is involved, perhaps their home inspection points out flaws no one was aware of, they are free to withdraw their offer. This could mean that your house is off the market for weeks and then has to be relisted.
- A lower price
When you sell your house as-is you are certain to get less for it than if it was in prime condition, the price you set has to reflect the work needed. But selling as-is will also attract low offers. People will assume you are willing to take what you can get for the property, and so you may have buyers offering far less than you need or want.
If you have the time and money to do all the repairs and renovations your house needs before you sell, and it’s in a desirable area, it can be a good idea to do so. It’s the only way your property will achieve its best price, but you’ll need to do your math and find out if you’ll get an ROI from all that work.
But life is often not so simple and easy. Sometimes you just need to move on and can’t find the money or enthusiasm to fix up your house. If you’ve inherited a home, selling as-is will allow you to avoid also inheriting all the house’s problems. Selling as-is may not be for everyone, but it may suit you and your particular circumstances.
If you do decide to sell your home as-is and the house is in Massachusetts, your first step should be to contact Pavel Buys Houses. We will give you our best cash offer for your home, regardless of its condition – no commissions, fees, or fixing up needed.
There is no obligation on your part to accept our offer, but if you do we can close as fast as 7-10 business days. It begins by filling in a simple form on our website. We will get back to you immediately and go through a few details about your home. Then we will use our market analysis along with those details to come up with a fair offer that you can accept or decline. It is a completely stress-free way of selling your home. To start the process or to find out more about how we buy houses, click here.