Home improvement can build equity in your house, but it can also be a time-consuming and an expensive construction zone hassle. Did you know there are other avenues you can pursue to sell your home as-is, even if you are in the middle of a project? Selling your home as-is comes with pros and cons, but it may be the best solution for your situation!
What Does it Mean to Sell As-Is?
Selling your home “as-is” means exactly that. Whatever condition your home is right now, you can put it on the market in that condition with the expectation that you do not want to be responsible for any repairs before the house is sold. This includes any needed repairs, midway home improvement projects, and more. Usually, selling your home as-is is the result of an unexpected financial decision, such as:
- Too many or costly repairs
- Impending bankruptcy
- A new job that requires you to move asap
- Divorce
- Inherited property
Pros
- Faster Sale - Ready to skip to the finish line? Being upfront with potential buyers about what they see is what they get avoids lengthy negotiations, usually inspections or appraisals (but can still occur), and going through the hassle of making your home look “move-in ready.” At WCC Properties, your home can be sold and closed within a week. It only takes 24 hours to offer you cash after they have seen the house, then quickly close in as little as 48 hours. Then, you can take as little or as much (up to 30 days) to move out.
- Save Money on Repairs - Home improvement is a never-ending cycle with houses. From routine maintenance to bringing parts of your house up-to-date to make necessary repairs, there is a lot to keep up with. Sometimes homeowners bite more than they can chew with a large home improvement project and can no longer afford to complete the project. Sometimes homeowners want to avoid sinking money into a repair they won’t see a return on investment in, like new siding if they don’t plan to live there much longer. Selling your house as-is will let you stop dropping money you don’t need to spend and move on.
- Attracts a Cash Buyer - While most buyers avoid as-is homes, there is a specific type of buyer that usually likes to hear the words… and they usually pay with cash! Cash buyers see the opportunity in an as-is house. They have the liquidity and means to take your house and turn it into a profit, hopefully. Plus, the bonus of a cash buyer taking on your less-than-stellar home means you usually can save time and money on repairs, prep work and staging, open houses, and additional closing costs and fees.
Cons
- Less Potential Buyers - “As-is” is usually a turn-off for most potential buyers. The term “as-is” signals to potential buyers that your house is going to require work and extra money. It can be difficult to put an offer in on a home that isn’t move-in ready for these folks. The people who will seek out your property will be house flippers, home-buying companies that have capital to invest in the repairs, or handy homeowners who see a vision.
- Lower Than Market Value Offers - If your house isn’t in pristine condition, then you shouldn’t expect a regular or above-market offer. Instead, you will likely get less than market value for your as-is home. Think about it. More than likely, if you are selling your home, but it needs repairs or there are unfinished home improvement projects, it will be hard to convince someone full price for the condition. Unfortunately, the risk here is being coerced into taking an even less-than-desirable offer from individuals or dodgy buyers. Luckily, reputable home-buying companies like WCC Properties will give you a fair cash offer every time.
- Other Considerations - If you pursue the “as-is” route, make sure you disclose any and all issues the house has. There are federal and state laws that require sellers to disclose any known problems with the house. This includes faulty wiring, on-and-off-again flooded basement, issues with the foundation, etc. Leaving anything out on purpose can lead to serious trouble later down the road. So, while selling as-is may be your Hail Mary, especially to get a cash offer and move on, it could come back and cause more harm. When you put your house up on the market as-is, make sure you think long and hard about its problems.
If selling your home as-is is the best option for you and your situation, then consider selling to WCC Properties!
