Selling your home as is can have some large benefits as a seller, but it can also have some major drawbacks if handled improperly. Should you choose this option, there are some strategies involved that may help you avoid problems when you sell.
As is means exactly what is says, what you see is what you are buying. Basically the seller isnâ ™t planning any work to fix up, clean, or repair any damages that exist. There are many instances where selling as is is the best option. There are also times when a seller should rethink their intent for selling with such a title.
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If you are selling you home as is simply to avoid the liability of having to disclose the defects in a building before selling, you should seriously rethink. Sometimes shady brokers insist on this trick, run the other way!
You must understand as the seller that while selling as is means you get what you see, it doesnâ ™t mean the buyer gets what he canâ ™t see. Complete disclosure is still required. Selling as is doesnâ ™t interfere with the requirement of disclosure. Normally the words as is are written boldly in the sales agreement and are initialed by the buyer so no one can later claim they didnâ ™t know.
If you are selling your property as is it is important to understand that selling as is refers to warranty, not to disclosure. Simply, if you sell as is but fail to disclose all of the defects, you will likely be in hot water. You could end up paying for total repair of any undisclosed defects.
The major pro to selling you home as is is that the seller doesnâ ™t have to deal with a problem that is so overwhelming, or expensive. Another upside is that it attracts buyers from all angles, whether it is an investor looking for a fixer-upper, or a low-income family looking for a great deal.
Purchase an advertisement in the local paper and note you are selling your property as is. Also expect to receive many low ball offers.
Just as there are pros, there are also cons to selling your home as is. The main reason people invest money into an as is property is because they can usually expect to get a great deal on the home initially. You are almost never going to get the full asking price for an as is property; buyers want to be compensated for the fact that they wonâ ™t have any sellers insurance on the property.
There are a few sellers who will cover the crack in the wall with a little glue and paint, and hope it holds up. Be especially cautious for these types of sellers.
Buyers tend to be more suspicious of a home that is listed as is. They think there is something that you arenâ ™t telling them, and even after they buy it, are still looking for things to be wrong that they didnâ ™t see before.
In many cases you will save more money by fixing the problem before you put it on the market. The amount you spend on repairs is usually significantly lower than the discount you will be forced to give a buyer.
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Should you Sell your Property "as Is" ?