Are you thinking about selling your property as-is? Did you know there were 6.5 million homes sold in the US in 2020? No matter what the market is like, there is always some competition when selling your home.
However, there are both advantages and disadvantages to selling property as-is. Take a look at the pros and cons of selling your property without making changes and what you need to consider along the way.
What Does As-Is Mean?
When you sell your property as-is, it means you are selling the property without making any changes to it. Many sellers make the mistake of thinking that means they don’t have to declare any faults. That couldn’t be further from the truth.
Your property will still need to be inspected and as a seller, you will still need to notify buyers of any faults on the property. If you keep anything to yourself and the buyers find out at a later date, you could be liable for legal action.
There are many advantages to selling property as-is. It can be a less costly and more convenient way of selling. Take a look at some of the pros.
Avoiding Repair Costs
If you find that the repair costs are too much, you may have no choice but to sell your property as it is. If you decide to sell at a time where the market is low and there isn’t much competition in the area, you may get a quick sale. However, if you can’t repair the property it’s wise to assume you may have to wait a while before it sells.
There are lots of buyers who are willing to take on property projects for the right price. If you’re willing to sell your property for less than it’s worth to get a quick sale, you can guarantee you’ll attract buyers who want a bargain. It’s perfect for property investors and landlords.
There are lots of instances where selling a home and making repairs on a property can cause stress. Perhaps you have lost a loved one and it’s your responsibility to sell the home. If that’s the case, it can be less stressful to sell real estate as is and wait for a buyer to come along.
Avoid Fussy Buyers
It’s impossible to know the type of buyers you’ll get when you sell your property. You may get buyers who demand certain repairs after an inspection before committing to the purchase. You could be doing odd jobs around your property for months before selling but you avoid all that by selling on an as-is basis.
With pros must come cons and there are a few of them when you decide to sell your property as-is. Take a look below:
Buyer Can Cancel
Selling a property as-is gives the buyer a little more flexibility than normal. In most states, the buyer has an extended amount of time to cancel the purchase if they have second thoughts. If a buyer decides he doesn’t want to spend the extra money on repairs, he can pull out of the contract.
Many sellers put their property on the market on an as-is basis just for convenience. It doesn’t necessarily mean there’s anything wrong with the property. However, a buyer may see the as-is status as an indication that there is something wrong and therefore it becomes less appealing.
Buyers often see an as-is property as an opportunity to save some money. If you put your property on the market as-is, you can expect to receive some low offers. It doesn’t mean you have to accept these offers but you should be aware that you may not get the price you’re asking for.
Make a Compromise
If you’re selling your property but you don’t want to spend too much time and money on it, why not do the jobs that will get you the best price? You’ll be surprised what a fresh lick of paint can do. Declutter your home and put fresh flowers in each room whenever you have a viewing.
Sell for Cash
When you want to sell your home quickly, why go through all the fuss of putting your property on the market? At Smith Liquidations, we will visit your home in Wilmington, NC, and complete an evaluation. We will offer you a cash price for your home and you can choose the closing date.
We make things quick and convenient so you don’t have to take time out of your life to deal with real estate agents, viewings, potential buyers, and more. Let us take the burden off your shoulders and make the buying process hassle-free. Take a look at how we work today.
Selling Property As-Is With Us
Selling property as-is doesn’t have to come with complications. No matter what your circumstances or reasons for selling as is, we can help you. We will offer you a cash price for your property but there are no fees and no obligation.
There’s no waiting around for your house to sell or wondering what price you’ll be offered by a buyer. If you’re happy with the price we offer you, we can get started right away. Why not take a look at some of our testimonials from previous clients and get in touch for a quote?