Do you need cash in hand as soon as possible and want to skip the lengthy home selling process? Selling a house as is may be the best option for you. Reputable buyers will evaluate your home and send you an offer quickly, even if your home is in need of repairs. Even better, you often don’t have to repair the home before it’s sold.
Read on to learn everything you need to know about selling a home as is!
What is Selling a House As Is?
When you sell your house as is, this means that you’re selling it without making any repairs or upgrades. This means that buyers are going to see what they get, and the house may not be move-in ready at the time of purchase.
The house is priced with this in mind, so you won’t be getting as much money as you would if you went the traditional route of finding a realtor who could market it on the MLS.
Top Reasons to Sell As Is
If you’re still debating on whether you should sell your house as is or through the normal process, here are some of the most common reasons why. It’s important to do your own research and consider your expectations.
Saving Time
This is one of the top reasons people sell their homes as is. You won’t have to wait weeks or even months for repairs or renovations to be done in order to get the best price for your home.
Real estate investors typically purchase homes as is with cash because they’re just as eager to acquire the home fast as you are to sell it. You can completely skip the mortgage approval process.
Saving Money
If you don’t have a lot of cash on hand, selling a house as is may be your best option to save money for the short-term. This is because you won’t be spending it on costly repairs, renovations, and upgrades.
Flexibility
Along with saving time and money, you’ll also find that selling your home for cash is far more flexible on your schedule. For instance, if you need to close the sale before you move your new home, investors are usually willing to delay possession after they purchase your home compared to a normal buyer.
How to Sell a House As Is
If you’re wondering how to sell your house as is, you have a few options. You can completely skip the realtor and MLS route and sell it to a cash buyer.
You can also list the home yourself as a FSBO (for sale by owner), but you’ll need to research the price yourself as well as do all the marketing. If you want to sell your home as possible, we recommend going the cash buyer route.
However, not all cash buyers are the same, and we recommend reading reviews and testimonials to find the best in your local area. Real estate investment companies may include reviews on their website as well as homes they recently purchased in the area. They may also provide an FAQ section that details exactly how the process works.
Here are a few more steps to get you started:
Review the Offer
Once you’ve found a reputable buyer in your area and you’ve received your offer, you’ve come to the hardest step. Reviewing a cash offer can be complicated. First, you’ll want to see whether they’re willing to put down an initial deposit that is 3% to 5% of the purchase price.
You’ll also want to see if they’re willing to give you proof of funds. This can be as simple as a bank statement that shows they’re able to pay in full for your home.
Of course, you’ll also want to see if the price they’re willing to pay is worth the value of your home. You can do this by asking a realtor for a comparative market analysis or even schedule your own home appraisal.
Keep Requirements in Mind
It’s important to keep in mind that selling the home might be delayed depending on some unique requirements. For instance, if your home is part of an HOA, they might need a few weeks to a month in order to review the buyer’s application. Municipality lien searches may also extend the closing date, while some only take a week or two.
Signing the Purchase Contract
After you’ve accepted the offer, your next step is signing the purchase contract. At this point, the buyer may decide to purchase your home without a home inspection. They can also waive it or decide to get one and negotiate the price for any repairs needed.
At this point, you can choose to sign it and accept or have an attorney review the terms. You’ll find that once the contract is signed, closing the sale can take as little as two weeks. Selling a house the conventional way can take as long as 45 days!
Selling a House As Is: Avoid the Stress and Hassle
Selling a house as is enables you to instantly avoid all the stress and hassle of selling a home the traditional way. If you need to sell your home fast or need the cash, selling your home to a reputable buyer or investor is one of the best routes you can take.
They make the process easy because even if your home needs extensive repairs, oftentimes investors are willing to tackle those repairs on their own. Make sure that you have some basic contact and property information on-hand to make the process as smooth as possible. After an evaluation of your home, investors can quickly send you their offer.
Ready to start the home selling process as fast as possible? Contact us today to get started!