Should I Sell As-Is?
As one of the most difficult decisions in real estate marketing, the idea of selling “as-is” (without making any repairs, renovations, or upgrades) appeals to homeowners needing to sell quickly or that are cash strapped.
Can you do it? Yes.
Should you do it? Well…that depends on your market and how badly your home needs fixing, how much you owe on it and how much you need from it.
Buyers that lean toward purchasing a fixer typically fall into three main categories:
In each of these cases, you might benefit from a quick sale, freeing up cash for yourself. Just know that the buyer expects a discounted price that reflects the additional amount they will have to invest to make the property livable. Seeking these types of buyers in a hot market is more likely than in a slow market area.
Note: FHA has specific minimum property standards (MPS) required, so selling “as is” may reduce your buying pool by those wanting FHA loans if your property does not meet those standards.
What are the minimal fixes?
Fixing up your property, at least by bringing it up to code, will increase its value and bring you nearer to fair market value for your home. If you owe money on your home, this is an important consideration. Unless the investment to fix it up will cost more than the amount you might still owe if it sells low, you should figure out a way to fix it up. We can help you determine which items are important to fix, which can be concessions in your contract and which you can ignore.
Here is a short list of items to consider fixing if you can:
If you need to sell your home quickly, let your real estate agent know immediately so that they can best advise you on which items to repair, which to ignore, and which to offer concessions for.
Compliments of Virtual Results
If you enjoyed this post, please consider sharing it with others.