What to Know Before Selling a House As-Is: A Basic Guide
Getting ready to sell your home can be overwhelming, especially if you have a long list of repairs. Before you spend the time and money making your house market-ready, consider another option: selling as-is!
Over the years, our experienced home buyer has bought hundreds of as-is homes in the Greater Knoxville area. Find out what it means to sell your property as-is and what's involved with this type of home sale.
What Does It Mean to Sell Your House As-Is?
Selling a house as-is means that the homeowner isn't willing to make any repairs before listing. The home is priced so it sells quickly, and the seller doesn't have to worry about putting money towards upgrades.
As-is properties tend to be priced lower since the buyer will have to spend additional on fixing the house once it's sold.
Why Would You Sell Your House As-Is?
Selling as-is doesn't always mean extensive repairs. There are many reasons why a seller would list their home as-is.
Maybe you're facing foreclosure and don't have the money to pay off your debts. Or you're relocating and there's not enough time for contractors to finish home renovations. Either way, if you don't have the resources or time to spend on restoring your house, selling as-is is probably your best bet!
Should You Sell Your House As-Is?
If you need to sell your house fast and don’t want to make repairs, selling as-is is a great option! While you might sell your house for less than if it was fixed up, after spending all of the time and money to make repairs, you might still just be breaking even.
Still not sure if you want to sell as-is? Here are a few pros and cons of selling a house in its current condition.
Pros of Selling a House As-Is
- Close quickly - Instead of waiting for renovations to be completed, you can put your house up for sale anytime you want. There’s also a likely chance most interested buyers will pay in cash, which helps the closing process move faster.
- Save time and money - You won’t have to spend money on repairs or upgrades, which means less financial burden and fewer out of pocket expenses.
Cons of Selling a House As-Is
- Fewer offers - If you’re selling as-is, you might not see a lot of buyer interest. And even if you do, costly repairs may quickly change their mind. Additionally, some lenders won’t sign off on mortgages for houses with code violations. This could limit your buying pool to local cash home buyers.
- Lower sale price - You’ll save money by skipping repairs, but listing as-is also means you might sell for less than your home’s market value. However, in some cases, this ends up evening out.
How to Sell a House As-Is
1. Lower the Price or Offer Credit to Buyers
Listing your house as-is is comparable to a traditional home sale - except you won't have to stage your home for buyers. That said, you're still required to disclose defects and have an inspector look at the property before selling.
Additionally, you'll either need to offer buyers credit at closing or reduce your asking price. The difference should be enough to help the buyer cover any necessary repairs.
If you've decided listing your house is right for you, follow the tips below.
Even though you're selling as-is, you'll still need to disclose known defects to buyers. A disclosure report tells buyers about the property so they don't try to pull out of the deal later.
For example, if you're attempting to sell a house with water damage or cracks in the foundation, you're legally obligated to notify the buyer. If you don't, you could be held liable for future issues. Your best option is to be honest and make sure buyers know you're not planning on making repairs.
Tennessee homeowners are required to complete a disclosure statement before selling.
Hire a Home Inspector
If you're worried about Tennessee's disclosure laws, opt for a home inspection. Providing buyers with proof of inspection shows you have nothing to hide and may help your home sell faster.
Plus, once you know what needs to be fixed, you'll have an idea of what repairs could cost.
Set a Realistic Price
Now you know what repairs will cost potential buyers, set a realistic listing price.
Also, consider your home's size and location before deciding what you think your home is worth. This will help you come up with a price that won't scare away buyers, while you still earn your fair share of the bargain.
2. Sell to a Local Home Buyer
If you want to dodge the above-mentioned process, another option is to find a buyer that's less concerned with your home's condition and will pay in cash.
Yes, they exist! Here's how it works.
Request a Cash Offer
Say your house has major flaws, like foundation issues. Or you're trying to sell a house with unpermitted work because you can't afford to bring it up to code. Requesting a cash offer from a local home buyer is the quickest way to sell your house without having to totally restore it.
Cash buyers, like Reliant Home Buyers of TN, have years of experience buying as-is houses and can help you sell fast!
We Want to Buy House As-Is in East Tennessee
Ready to sell? Reliant Home Buyers of TN wants to make a FREE, no-obligation offer for your property!
Call 865-567-6391 or fill out a contact form to tell us about your home. We will set up a 15-minute walk-through of your property. If we're interested in buying, we'll make you a WIN-WIN proposal - it's as easy as that!
Here are a few reasons you should sell your home as-is to us:
- Skip the repairs - We won't ask you to make any repairs or upgrades to your property. Whether you're selling a house with a history of termite damage or a recently inherited home, we'll take it off your hands - just like that! Our fair cash offers are based on the condition and location of the house, as well as the price of newly sold homes in the area.
- Sell when it's convenient - There are no inspections or showings with a home buyer, so you can sell whenever works for you! At Reliant Home Buyers, we'll let you name your closing date so you can avoid double-mortgages and double-moves.
- Zero obligation to sell - You can rest assured, there's never any pressure to sell with us! Our expert home buyers will answer questions you have throughout the transaction. That way, you can make an informed decision.
- We're honest and transparent - As a Knoxville native, our owner Justin will answer your questions and speak candidly about your situation. With us, you'll never have to worry about hidden fees or closing costs!