Selling Your Home “As-Is”
Thinking about selling your home but not sure you want to make needed repairs before listing it for sale? You’re in luck! These days, many homes are being sold “as-is” due to an ever-increasing lack of inventory.
An “as-is” home sale proposition releases home sellers from liabilities and repairs stemming from the home’s condition post-sale. That doesn’t mean a prospective buyer can’t request an inspection. It just means that the seller is not responsible for whatever the buyer discovers in that inspection. So if the inspection reveals issues, you can still sell your home.
Sellers are still required by Texas law to disclose all known defects. This would include items on the state promulgated seller’s disclosure and, if applicable, lead based paint disclosure forms. You would also need to disclose anything that might give a buyer reason to object to buying, such as the city acquiring adjacent property with the intent of extending the light rail line, or building a waste water treatment plant.
If the home in question is a foreclosure, home buyers may be able to negotiate repairs a little more easily with a bank, particularly as they relate to safety hazards.
However regular home sales or short sales are often a different story. Time is generally a motivating factor and multiple offers may speed the process. Home sellers offering a good price are not going to want to do needed repairs if they can sell the property “as-is” to an anxious buyer.
Call me to discuss state and local statutes and determine what you must disclose about your home, before deciding to sell. Failing to disclose known defects is the same as misrepresentation of known defects in the eyes of the law. That said, if you if you know your home needs work and you are unwilling or unable to make repairs, an “as-is” sale may be just the thing!
If you enjoyed this post, please consider sharing it with others.
Saved
