If a home requires a significant number of repairs, the seller has the option of selling the house as is. This can help alleviate the stress and costs of major repairs while preparing a home for the market.
While this strategy isn't right for every situation, understanding the process can be beneficial to your home sale.
What does it mean to sell "as-is?"
In real estate, selling a home as-is means you're selling exactly in its current condition - problems and all. This type of sale means the seller will not repair or improve the home before selling it, and the buyer cannot request any repairs or upgrade concessions.
Pricing is important when selling "as-is"
Real estate agents can create a comparative market analysis (CMA) to specifically target homes in similar conditions. This will help you find the optimal price for a home when selling as-is. You may also want to consider the costs of significant upgrades or repairs in your asking price.
What selling a house "as-is" is not
Unfortunately, many homeowners believe a sale in itself relieves them of any obligations associated with the normal sale process. However, you aren't allowed to simply move out of the house without showing it or having a professional inspection report.
Specific rules for this vary by jurisdiction, so make sure you understand the specific requirements for your real estate transaction.
Talk to your real estate agent
It can be beneficial to work with a real estate agent with experience in selling a house as-is. They can help you get your listing in front of more prospective buyers and real estate investors likely to buy a property as-is.
Selling as-is can be an excellent strategy in a tough real estate market. However, it's crucial to weigh the pros and cons before deciding to forego making major improvements or repairs to your home. Keep these factors in mind and consult a real estate professional to make the best possible decision for your home.
About the Author
Jamie Jamieson
Professional Association National Association of Realtors (NAR) New York State Association of Realtors (NYSAR) Hudson Gateway Association of Realtors/ Hudson Gateway Multiple Listing Service Education I hold an A.A in Italian Studies and an A.S in Accounting as well as being one of few students accepted into the Cambridge University International Student Study Program abroad as a returning student in 2011. Community Involvement I am proud to serve on the Home & School Board for St. Augustine School in Ossining and maintain the role of a Girl Scout leader. I am an active member of the community assisting in a variety of fundraising efforts. Personal I am a young and energetic agent who prides myself on providing personalized service with honest representation whether you are buying or selling your home. My expertise of the river towns, attention to detail and excitement for real estate are a few of the many assets I will bring to you. I will utilize my eagerness and market knowledge of the area to build lasting relationships with all of my clients that will extend far beyond the closing table. Be at ease from start to finish with my help. In my spare time, I love exploring the Hudson Valley with my husband, three children and our dog, Pippin. I love scoping out the infinite restaurants, farmers markets and other fabulous activities this exciting county has to offer. Experience Before joining William Raveis Legends Realty Group I started my career with Hudson Homes Sotheby's International Realty team. Prior to real estate, I had a remarkable 15+ year career in Restaurant Management/Hospitality including Ruth's Chris Steakhouse, Rivermarket and several establishments in Newport, Rhode Island. My experience in that field provided me with the foundation of excellence in customer service. Areas Covered All of Westchester County and parts of Putnam County.