If you have a home that you want to sell in as little time as possible, or don’t have the time or resources to make repairs and improvements, there’s always the non-traditional way of selling a property. For example, you can sell hour home as-is, which basically means selling the property in its current state.
Of course, this means that both buyer and seller must agree that repairs won’t be made and that the house will be sold with all of its current problems, if any.
Why Would Anyone Wish to Sell As-is?
Examples of scenarios that may compel homeowners to sell a property in its current condition include the home being an inheritance, a short sale, or a lack of interest to improve the property before listing. Each situation ultimately boils down to the following motivating factors.
1. Need for Cash
Depending on your circumstances, a cash buyer may be what you’re looking for. Sure, any amount you receive will usually be lower than the property’s fair market value after improvements, but with no bank hovering over the transaction, it’s easier, not to mention faster, for the home to change hands. Having a large cash reserve also lets you make a sizable upfront payment on your next mortgage, which will shrink its interest.
2. No Time or Money for Repairs
Repairs and remodeling are a great way to increase a home’s value prior to listing, but that depends on whether you’re making the right repairs and upgrades. And the older the home, the more money you’ll usually have to spend to make it inspection or sale-worthy. If you’re looking to buy another home, this may negate your efforts to settle your mortgage, leaving you in debt at a time when it’s the last thing you need. Selling as-is is a risk, yes, but it may be the smarter option if you have an older home.
3. Avoiding Realtor/Listing Agent Fees
Realtors and listing agents can charge a substantial portion of the property’s selling price in exchange for their services. If you’re not too keen on letting go of 6% as their commission, you can always list your property as-is on realty sites for a cheaper fee.
4. You Need to Close Right Away
Selling through a Realtor or listing agent can be a drawn-out process that keeps your money in limbo for weeks. In contrast, cash transactions only need a proper title search before the property changes hands. Realtors and agents typically have to go through several steps to complete deeds and escrows, which can include buyer inspections, appraisals, pest inspections, and roof certifications among others. Selling direct to a buyer or investor willing to pay cash cuts through the red tape, leaving you with the peace of mind to plan your next moves.
If you have a home you need to sell immediately and don’t have the time to look for a Realtor, sell it as is to an investor like Blue Hen Homebuyers instead. We buy all kinds of houses, regardless of their age or condition. Call our offices today at 910-802-2222 to learn more about how our services can help you.