Real Estate

Selling your home “as is”

I get calls from sellers who want to sell their home “as is”, sometimes. Maybe it needs more work than they want to put into it or they think “I live here and it all seems to work” or they don’t have the money to make repairs. I can understand all of those reasons.
But when selling a home we need to think about the person who is going to buy the house. I always say, “If you don’t know who is going to buy your house, how are you going to find them.” Meaning== are you Mr or Ms.. Seller, looking for a first time buyer, move up buyer or investor.
Most first time home buyers do not have the resources or the expertise or desire to make repairs to their first home. They are looking for a move in ready home. They are more likely to want the seller to make repairs that the home inspector suggests. As such, they may forego buying a listing that refuses to make repairs.
A move up buyer may be in a position to make repairs and may be willing to overlook some outdated items in the home or be willing to replace the carpet, but they will most likely take those repairs into consideration when making an offer.
If the property needs major repairs and the seller does not have the ability or resources to make the repairs but has equity in the property, then the best idea may be to sell the house “as is” and discount the property where a buyer would be willing to make the repairs. A buyer is not normally going to be willing to pay retail for a home that they are going to have to update or repair.
Keep in mind that depending upon the repairs the house may or may not be financeable. If the house is not financeable then the pool of buyers has just dwindled to cash buyers. And if I know anything about buyers, a cash buyer looking at a dilapidated property is looking for a deal.
It may be more beneficial for a seller to put a fresh coat of paint on the walls, clean or replace the carpets and do some touch ups before listing the property. And then be willing to make some repairs to the property. Regardless of whether you are selling the property or not a buyer has the right to inspect the property and if they find major deficiencies, they are most likely going to want adjust the price accordingly or they will walk away without buying it. In addition, the seller needs to disclose any property defects to potential buyers.
If you have questions about real estate, please feel free to call me at- 405-213-2992 or http://www.sandiwalker.net

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