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Did you know it takes an average of just under 40 days to sell a home?
If you’re in the market to sell your home, this timeline might sound pretty attractive—but keep in mind that your outcome depends on the state of your property. Older fixer-uppers tend to sit on the market for much longer than their upgraded relatives, and they can often be more of a struggle to sell.
However, it’s worth noting that there’s another option available if you don’t want to remodel your entire property. Just sell your house as-is!
If you’re not familiar with the sale of as-is properties, there are a few things to keep in mind as you consider whether this method is right for you.
What Does It Mean to Sell Your House As-Is?
As the phrase suggests, selling your house “as-is” means that you’re offering the property in its current condition and won’t be making repairs. This means you’ll avoid the bargaining and negotiations that often come with real estate sales, as buyers won’t be able to request upgrades. In general, it also means that your asking price should be lower, as you won’t be investing money into necessary repairs or maintenance.
What Are the Benefits of Selling As-Is?
Right off the bat, there are a few key advantages to selling your house as-is: it can save you a lot of time and money.
As you might expect, renovating and repairing your home to prepare for a sale can involve a huge time investment. If you’re tackling these projects on your own, you’ll have to account for the time it takes you to complete the work. Even if you partner with a contractor to speed things up, most projects will take weeks or even months to complete.
When you sell as-is, you’re skipping all of these repairs, allowing you to sell much faster. Even better, because the cost of most homes in as-is condition is lower than it might be otherwise, buyers are more likely to be able to pay in cash, which can help you avoid the long process of waiting for loan approval.
In terms of financial savings, the benefits should be obvious. With no need to invest in repairs, you’re saving all of the money you’d have put into renovations you won’t even be able to enjoy!
What Are the Downsides to Selling As-Is?
On the flip side, there are a few downsides worth mentioning as well.
First and foremost, you’ll always have to work with a lower selling price when you’re selling as-is. In some cases, skipping the repairs may help balance the scales, but this isn’t always true.
You may also have fewer interested buyers knocking at your door, depending on your local market. As-is homes tend to attract a certain niche that includes house flippers, real estate investors, and buyers seeking a fixer-upper. However, a home in disrepair may scare away the majority of potential buyers.
What Are Your Options to Sell Your House?
There are two main ways to sell your house as-is.
First, you can sell using the traditional route by listing your home and selling it to a buyer.
Selling on your own can be difficult, especially if you struggle to price and market your fixer-upper, so partnering with an agent is often a safer bet.
Depending on your market and the condition of your property, your agent may advise you to include the term “as-is” in your listing to indicate that the buyer must take the house in its current condition. Alternatively, they may have you do a pre-inspection and disclose everything that needs repair—without the expectation that you’ll be making these repairs.
Your second option is to sell to a cash home buyer. These experts are used to buying houses in as-is condition, and they won’t expect you to make repairs of any kind—or even to clean the house. Because they’re expecting to repair and flip the home themselves, they’ll view the property as an investment.
If you’re short on time, cash buyers tend to be a safe bet, as some companies can offer you a quote in as little as 24-48 hours. You may want to shop around with multiple companies for the best price. For an example of a reputable agency worth considering, look here.
Note, of course, that a cash buyer won’t give you a price comparable to what you’d get if the house were in better condition, and you can often earn more money by waiting to secure the right buyer. However, if you don’t want to spend weeks or months wondering when you’ll sell, an instant offer can be the right decision.
How Can You Sell Your House Fast?
Again, if time is an issue, a cash buyer will often be your best bet. However, if you’ve opted for a traditional sale, there are a few things you can do to sell your home a little faster.
First, consider doing one or two high-priority repairs. While you may not want to tackle every project on your list, big-ticket items like roof or foundation repairs may help attract a few more buyers.
If you don’t want to spend a ton of money, even focusing on small cosmetic fixes can help. Simply giving the property a thorough cleaning—inside and out—can maximize your curb appeal and better your chances of a quick house sale.
Last, think about your price tag. If you’re hoping to get the house off your hands fast, lowering your price always helps. Take some time to think about the lowest offer you’d accept, and be prepared to make a quick counteroffer to save yourself time.
Prepare for a Quick Home Sale
If you’re hoping to sell your house as-is, you’ll need to prepare in advance. Take time to consider how long you want to spend on this project, including listing it, making repairs, and doing negotiations, and find the best selling method for your needs. With the right strategy, you can sell your home in as-is condition in no time!
Want more of the real estate and finance tips you need to know? Be sure to take a look at our other content for more helpful guides.
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