How to Sell a House As-Is When It Needs Repairs
Selling a home can be a long process. From hiring a real estate agent to closing on a final deal, selling a home is rife with red tape and detailed requirements. Yet while most buyers want a home that’s habitable right away and has little needed in the way of repairs, more sellers these days are putting their homes up as-is to skirt the need to fix up the place and still getting more than their asking price. (1)
Whether it’s because you’re in a pinch or simply want to get the most money out of your home if you’re looking to sell my house fast Tampa as-is and it needs repairs, here’s what you need to know.
Hire a Professional Real Estate Agent
It’s always a good idea to hire a professional real estate agent when selling a house, as they are experienced in the market and know what buyers are looking for. When selling a house as-is, a realtor can help you accurately calculate the property’s value and ensure you don’t overprice it.
A realtor can also help you negotiate a fair price and can help with paperwork and the legalities involved. Additionally, they can help you market the property and ensure it gets the attention of potential cash home buyers Tampa.
Note that you will need to pay a percentage of the sale price as commissions and closing costs and you will need to prepare for showings and vacate the property for open houses.
Have a Licensed Home Inspector Check it Out
Before selling a house as-is, it’s important to have a licensed home inspector come out and assess the condition of the property. While you may think you know what repairs are necessary, getting an expert opinion is always a good idea.
It’s also important to make the inspector aware that you’re selling the house as-is and that you don’t plan to make any repairs. The inspector can then make a report of all the necessary repairs and any potential problems that need to be fixed. This report can also help you set a fair price for the house.
Make Necessary Repairs
Although the house is being sold as-is, it is important to make the necessary repairs to make the house safe and habitable. This includes repairs which can help attract more buyers who may be willing to overlook the other repairs needed.
Remember that most homebuyers use a huge chunk of their money for a down payment, so a house that requires a lot of work may be out of their reach. But if you tackle the necessary improvements, you may be able to ask for a higher price and even avoid post-inspection price reductions.
Consider only the highest priority repairs, such as:
- Roof repair or replacement
- Updating the electrical panel
- Install a new water heater
- Address water damage or mold damage
- Pipes, sewer connections, or septic system repairs
- Update the HVAC system
Alternatively, you could focus on minor cosmetic fixes, which can improve your curb appeal and, consequentially, buyer appeal.
Disclose All Known Problems
When selling a house as-is, it’s important to disclose any and all known problems with the house. This includes everything from leaky pipes to outdated electrical wiring. While you don’t have to disclose every little thing, it’s important, to be honest about any major repairs that need to be done. It’s also important to disclose any potential health hazards or environmental concerns, as this will help protect you from any potential legal issues down the road.
Price it Right
When pricing a house as-is, it’s important to remember that Tampa home buyers are not likely to pay as much for a house that needs repairs. Generally, you should price the house at least 10 percent below the market value of similar homes in the area. This will entice home buyers Tampa and make them more likely to consider the house.
However, it’s important not to price the house too low, as that can make buyers think there is something wrong with it, and they may be less willing to make an offer.
Advertise the Home As-Is
Listing your home as-is may seem counterintuitive, but it can actually be a great way to attract buyers. Many buyers are looking for homes that need some work as it gives them the opportunity to add their own personal touches. By advertising the home as-is, you can clarify that it needs some updating but can still be a great investment for a buyer.
It can be helpful to make a list of all the repairs that need to be done. This list can be shared with potential buyers to give them an idea of what they may face if they decide to purchase the property. Also, ensure you focus on big selling points such as the location, lot size, and floor plan, and use keywords that buyers are likely to appreciate.
Consider a Cash Buyer
Cash buyers are investors who are willing to buy a house as-is, without any cleanings, showings, or renovations. They work directly with the seller on all aspects of the transaction.
Cash buyers typically offer less than the market rate, but they can often close faster than traditional buyers. This could be a viable option if you’re in a hurry to sell your home. Other benefits of selling to a cash buyer include the following:
- A faster fair offer
- Zero fees and commissions to sell your home
- Quicker and flexible closing time
The Bottom Line
Selling a house as-is is a great way to avoid the hassle of making repairs and still get a fair price for your home. You can ensure a successful sale by taking the right steps and being honest about the property’s condition.
Have a professional real estate agent help you out, make sure you have a licensed inspector assess the house, disclose any and all known problems, price it correctly, and consider a cash buyer if you’re in a hurry. This way, you can be sure to get a good deal for your as-is house.
Justin Setzer is a highly motivated entrepreneur with a passion for real estate investing. He is the founder and CEO of Home Options, a company that specializes in buying homes for cash. Home Options helps homeowners who are in difficult situations, such as facing foreclosure, needing to relocate quickly, or inheriting unwanted property.
Justin has several years of experience in the real estate industry and has helped many homeowners sell their homes quickly and easily. He is dedicated to providing exceptional customer service and creating win-win solutions for all parties involved.