selling as is

Selling “as is”

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Now that the market has changed at least a little bit away from the seller’s favour, home sellers have to put a little more effort into selling their homes.

Sprucing things up, fixing things up, and decluttering are typically done before a house goes onto the market. Things like painting and decluttering have excellent returns on investment.

But what happens if the seller only wants to sell. Maybe the seller doesn’t have the time or energy or money to take on even the most basic of fix ups or clean ups. Maybe the house is so out of date and out of style that they know that any potential buyer is going to take it down to the studs in a major home renovation. If any of those are the case then they will be selling “as is”.

If you would like your “as is” sale to go smoothly, follow these six simple rules:

Six simple rules for a successful “as is” sale

1. Pre-listing inspection

The buyer is going to want to know what he is getting. Without a pre-listing inspection, you are asking the buyer to take on a lot of risk or foot the bill for an inspection himself potentially before putting in his offer. Essentially, without a pre-listing inspection, you are limiting your buyer pool to contractors and the foolhardy.

2. Estimates

Home buyers, especially investors like the facts. They want to know what things are going to cost to fix. If you are selling as is, get estimates to share the potential buyers from licensed and well-known companies. This eliminate a lot of buyer apprehension. Also, buyers tend to overestimate the cost of repairs when they are calculating their offer price, so by providing estimates, you will likely receive more for your sale.

3. Repairs

Although doing repairs contradicts your “as is” goal of selling, some basic components should be repaired or replaced. The home should have a front door, a roof and a heating system.

4. Price

An “as is” house is a low-priced house, unless of course the location is to die for.

5. Material facts

Although you are selling the home “as is”, you are still required to disclose material facts.

6. Be flexible

The buyer might want to do another inspection or extend the closing date or negotiate something else. Be flexible and work with the buyer. He may be your only chance to sell.