Monty Schmidt, Nor Cal REI
Let’s be honest: These days buyers are getting more and more picky with the type of house they want to buy.
Which means houses usually need to be in tip top shape in order to get the highest and best offer. But what if your house needs repairs and you just don’t have the time to get it in tip top shape?
Luckily, their are a couple of things you can do to walk away from the house without having to deal with the hassle of making your house look perfect.
In this article, I cover the best practices for selling in it’s current condition or with minimal repairs.
Let’s get into it.
What exactly is an “as-is” sale?
It’s simple really.
Selling your house as-is simply refers to the act of a completing a house sale with the house in the current state that it’s in.
These days selling a house in it’s current condition has become increasingly popular for homeowners who don’t want to spend money to renovate their property.
But before you decide to sell as-is, there are a few things you need to be aware of;
a) You need to include it in the advertisement – whether you are posting your property on the market, selling on your own, or selling to an investor, You need to inform the potential buyer that your are selling the house in as-is state.
b) You need to give full disclosure- if you are aware that your house has any defects that were noted during a pre-inspection, you will need to inform the buyer about all these. Giving a full disclosure increases the chances of selling the house.
How to market your house in it’s current condition
All the basic principles of selling a house will apply even when selling an as-is house. Some things that will differ slightly include:
1. Marketing on the positives; the challenge with selling a house that has not undergone any major renovations is that you have to focus more on its positives. You will need to be very critical of this as it will form the basis of your entire marketing campaign.
If the biggest positive about the house is that it is close to the city centre, then that needs to be your major selling point. Make sure that the buyer gets interested in that.
2. Use keywords that sell; with the focus on marketing the positives of the house; it is important that the keywords being used are captivating and attention-grabbing. They should be punchy as well.
3. Pricing; pricing will be a critical point of your marketing campaign. Many buyers will want to know how your prices fair with the rest in the market. Here, you will need to do your housework and get to know whether you are dealing in a buyer or seller market before quoting a price for your house.
What are the attractive Benefits of selling your house as-is?
There are a ton of attractive benefits that come with selling your house as-is, some of them include;
1. It is a faster process
Selling your house as-is ranks as one of the fastest methods by which a house can be sold. The main reason for this is that the house is targeted to sell to buyers or investors for cash. When it comes to an as-is deal, you can demand a cash only sale since most institutions will not lend money on a home that won’t pass inspection.
2. Helps to avoid family problems
In the event that there is a family tussle, instead of spending so much time pondering how the house is to be shared, selling as-is offers an easier alternative. The house is sold off and the profits shared among the beneficiaries equally and thus avoiding prolonged family tussles.
3. Saves you money
You get money when you sell your house, but you also save money when you sell your house as-is. With this method of selling a house, you eliminate the costs that would have been incurred in repairs and also in hiring realtors to market the house for you.
For house owners that want to sell off their house without the hassle of repairs and renovations, selling as-is can be one of the best available options.
Upgrades That Can Be Made To Improve Chances Of Selling
As much as you want to sell your house as-is, there is a higher chance of you getting an offer faster if you make some important repairs.
Most of these can be done in under a day and at a minimal cost.
Some of these repairs include:
a) Termite and Mold Removal
If the buyer is an individual that wants to move into the house almost immediately, the presence of termite or mould will be a turn-off. It is best that you get it removed to improve the chances of selling.
b) Sorting out plumbing issues
Serious water leaks and sewer connection problems will deter any willing buyer or investor from purchasing your house from you. It is advisable to get a plumber to repair these two for you before putting up your house for sale.
c) Repairing the roof
One other thing that most buyers can be afraid of is a leaking roof. If you have noted that the house has any part of the roof leaking, get a workman to repair it quickly and then list the house for sale thereafter.
d) Repairing the electrical panel
The electrical panel is another crucial part of the house that all buyers will be looking out for. If you have the finances available to repair it, get an electrition to come out and repair it.