What Is Selling a House “As-Is”?

So you want to sell your house and think the only way is to sell it “as-is”. It has lots of problems you don’t want to fix, or your got it when your parents passed away and you just want to move out and move on! It’s got a leaky roof, finicky plumbing, or maybe a 1950s kitchen with an ugly avocado refrigerator or aqua cabinets you really don’t want to fix. At SILT Real Estate and Investments, LLC, we get it! How do you know if it’s even worth the time and money it would take to fix up your home for buyers?

To make a confident decision on whether to sell your house “as-is”, there are several things to consider—like what “as-is” actually means, what the pros and cons are, and what’s involved with this type of home sale. Don’t worry, we’ve got the answers for you.

Read a little further to dive in!

What Does It Mean to Sell a House “As-Is”?

Selling a house “as-is” really means the property is just a fixer-upper that won’t be repaired or improved before it’s sold. It tells buyers: “What you see is what you get.” It’s a signal to let the world know that the home is priced and marketed for sellers to get it sold quickly without pouring any extra money into it, and for buyers to score a lower price.

Should You Sell Your House “As-Is”?

If you need to move pronto or just don’t want to make repairs to your home, selling it “as-is” is a great option. Sure, you’ll profit less money at the closing table than you would if you made the repairs. But it might be worth the convenience and ease in certain circumstances.

When you can’t decide whether or not to sell your house “as-is”, it helps to see a list of the pros and cons. Let’s take a look.

Pros of Selling a House “As-Is”

  • Save time: You won’t have to wait an eternity for repairs to be done before you list your home. Especially in today’s market where there are supply chain and labor issues. There’s also a good chance most interested buyers will pay in cash, so the closing process will likely move much faster (since you’d be avoiding the headache known as the mortgage approval process, which always slows things down). Sometimes in as little as 7 days.
  • Save money: You won’t have to spend money you don’t have or take a loan out to make major repairs or improvements, which can cost up to $150 per square foot. Imagine, just renovating a 100-square-foot kitchen alone might cost $15,000! Going into debt to fix your home is never worth the risk.

Cons of Selling a House “As-Is”

  • Fewer offers: The lower price of an “as-is” home might attract buyers. If it has been some time since the house has been renovated or maintenance performed, don’t be surprised if the repairs that need to be done send many buyers running for the hills. Besides, some lenders won’t even approve buyers for a mortgage on a fixer-upper and if they do, it’s under the most stringent lending guidelines.
  • Lower profits: Potential buyers will want to beat you up on price to make up for the cost of needed repairs—so don’t expect to be paid in gold. On average, recent move-in-ready homes sold for more than $250,000, while fixer-upper homes sold for almost $200,000—a profit plunge of 25%! Bummer. But hey, at least you won’t have to spend the thousands of dollars it’ll take to fix it.

Sometimes selling “as-is” just makes more sense mathematically than doing home improvements to boost value. Let’s work through an example. Take Kim. She needs to sell her home because she’s relocating to another area of the country. (Congrats on the big move by the way.) She’s trying to decide if she should sell the home “as-is” or fix up some of its features to sell it at a better price—which would include updates to the roof, exterior paint, carpeting, and some concrete work. (These are all common things most homeowners overlook while maintaining the house.)

“As-is”, Kim’s house is worth $180,000. If she made the repairs, it might sell for $200,000—a $20,000 bump! But a project like that could cost $12,000–14,000 (and maybe more depending on some product selections), which means the repairs would only add $6,000–8,000 to her pocket. Is earning just a few grand more worth all the trouble? Probably not. But that’s up to you.

If you don’t have the time or money to spend on home repairs, selling “as-is” might be your best bet to help you focus on your next adventures!

How to Sell a House “As-Is”

To sell a house “as-is”, you can pretty much follow the same steps as a standard home sale, you just won’t have to sweat the home staging part.

Sounds great, right? Who doesn’t want less work? Well, the downside is you have to show everything: flaws and all! Sometimes, that doesn’t matter. Other times, you’ll feel like you’re trying to convince a bunch of C-suite execs to order ground beef instead of filet mignon.

To get a handle on where to start when selling “as-is”, follow these tips:

Get Advice From a Local Real Estate Agent

You might feel strapped for cash, but working with an agent who eats, sleeps, and breathes real estate can be important. Why? First, they’ll help you set a realistic price. The good news is that we work with some of the best, and you can check them out here.

Seller’s agents do a comparative market analysis (CMA), which means they’ll find out what similar homes have sold for in your area and guide you through an expected sale price. That way, you can set a fair price from the start, and that keeps your home from sitting on the market for too long, just like a bunch of mushy bananas nobody wants to touch.

Plus, an agent gives you access to a multiple listing service (MLS)—a home-listing database that’s exclusively operated by real estate professionals. This makes it easier for you to get in touch with a greater number of buyers who are actually interested in purchasing an “as-is” home.

Just remember there is a cost for that and sometimes that cost doesn’t make up for the extra profit and you actually walk away with less.

Disclose Defects

Even though you’re selling your house “as-is”, you have to let potential buyers know what they’d be getting themselves into before making a deal by giving them a disclosure report. (Yes, even if you haven’t lived there.) This shows buyers all the problems with your house ahead of time so they don’t try to back out of the deal later.

Do a Home Inspection Before Setting a Price

So how do you avoid getting slapped in the face by your state’s disclosure laws? Get a home inspection done before you list your house. The typical cost of a home inspection is around $200–$500. That’s a small price to pay compared to losing a deal or getting sued for not disclosing a serious defect.

Here are a few examples of problems you might have to disclose to potential buyers:

  • Foundation damage
  • Plumbing problems
  • Electrical issues
  • Water intrusion
  • Mold

And remember, those kinds of things may scare off the average home buyer. It’s best to ask the agent your spoke with about the disclosure laws in Illinois, or any other state. I’ll give you a hint though, you must disclose in Illinois.

Set a Realistic Price

Okay, now you should have all the info you need to set a fair price for your “as-is” home. Lean on your agent to help you price appropriately and market the home, if you decide to list it on the MLS and with the agent. That’ll help you price it with confidence, instead of worrying about scaring off buyers or not earning your fair share of the deal.

Ready to Sell Your House “As-Is”?

Or you can just contact us to help you. Being licensed agents in Illinois also ensures that you’re getting all the info accurately, but with the option to sell your house quickly. You save steps and make it as easy and convenient as possible.

Give us a call now at (708) 415-3801 or
fill out the form on this website to get started.

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