There is a lot to consider when it comes time to sell your house. One question that pops up quite often is "should I sell my house as is?". This is a great question, but really needs some careful thought and consideration. You have to ask yourself how much are you willing to invest in your property, do you have the money you need to make all the repairs and lastly will you recover that money you invest getting your house in tip top condition. These are just a few of the things you need to consider. If you are wondering if you should sell as is - keep reading.
Who Will Buy Your Home As Is?
This is really important and depends on how extensive the repairs are that need to be done. The balance wrote an excellent article that covers some of this:
This is generally the case when you put your house on the market and are trying to attract your regular home buyer that is purchasing the property through conventional loans. But what if you don't have the 10k that is required to put a new roof on?
What If You Don't Have The Money To Make Repairs?
Unfortunately this is often the case for a lot of homeowners that are living from pay check to pay check. Furthermore you may be in a position where you need to sell your property very quickly. In this situation you can always sell your property to real estate investors. You can always go to the internet and perform a search like "we buy houses any condition" to find investors that will do just that, buy your property in it's present condition.
This is a good option for anyone that needs to sell quickly. But if you are not in a rush you can always list your property with an agent and market the property as "handyman special" or "fixer upper" to make sure you attract the right kind of buyer.
The next thing you have to consider is the cost of the amount of repairs that need to be performed on the property. You may actually end up spending more money on your property than what you will be able to sell the house for. Just because you have 150k in your house doesn't mean that it will sell for that, especially if all the properties surrounding you are selling for 100k. This scenario is another good reason to consider selling to an investor.
You Must Be Truthful When Selling As Is
The last thing we want to cover about selling "as-is" is what you have to be careful about. Selling your property as is doesn't mean that you don't have to disclose problems with the property. While a good inspector will pick up on many things for the buyer, you still have to disclose things like foundation issues and the like that you are aware of, or asked about.
This was emphasized in this article:
The writer of that article goes on to explain in more detail about disclosure, but for the state of Massachusetts. However Georgia has a lot to say about disclosure when selling your property:
We agree that it's much better to disclose any problems with the property that you are aware of to the buyer. In the long run it could save you a lot of headaches and a long drawn out law suit that could cost you thousands.
Summing It Up
There are a few factors that you must think about when it comes to selling your house as is. Really you are the only person that can decide if it's right for you. If you have the money to have the repairs made and have the time, then no - go ahead and have them done so you will bring a higher price for your property. But if you are short on cash and don't have the time, then selling as is may be the route you need to take.
via Blogger Should I Sell My House As Is