Does your house need a fix-up? Over time, many houses start to get various problems such as structural damages, mold and even scratched flooring. Unfortunately, all of this can happen while you still owe money for your mortgage. This can put you in a sticky spot. Not having enough money to pay off your mortgage and fix all of the damages leads many to wonder if there is a way out. Selling your as-is might be the answer you’ve been looking for.
With KM Home Buyers, there is a way out.
We buy houses—with cash—as is. We can give you a no-obligation offer on your house.
But what are the pros and cons of selling a house as-is?
Though this allows you to not have to worry about the damages, is it the best option?
We’ll help you make the right choice that will cause the least amount of stress.
Should You Fix Up Your House Before Selling?
Whether or not you should fix up your house prior to selling is a good question. This depends on many variables.
- What’s the condition of other competing homes that are for sale in your area?
- What is the likelihood of the return on your investment?
Often, when people try to fix their homes before selling they repair certain flaws that no one would have noticed or that people refuse to pay extra for.
On the other hand, if your home is so badly damaged and cannot be easily fixed then it might be best to sell it.
Luckily, many people look for homes to fix up. Here at KM Home Buyers, we are the most trusted cash home buyers in the Tampa Bay area. We have seen houses with all kinds of damage and have taken them on, helping out those who need an out.
Selling a home is all about the possibility of return on investment.
Why Would a House Be Sold As Is?
Selling a home as-is means that you are selling your property in its current state. This comes with an understanding that no repairs will be made.
Actually, “as is” has a legal definition. This means that paperwork will be done indicating what this exactly means. The buyer may have to sign paperwork stating that they understand what they’re agreeing to when purchasing the property.
Some people assume that selling as-is relieves them from the general obligations of selling a home. Meaning that they often think they do not need to disclose any issues with the home. This is not true, if you are selling your home to a realtor or as an owner to a potential buyer, you will still need to disclose issues such as termite damage, mold, structural defect, electrical issues, and more. This can be making it even harder to sell the home.
By using third-party sources like KM Home Buyers, you do not have to worry about the legal obligations that come along with selling the home to potential owners. We take care of all of this for you.
What Does It Mean to Sell a House As Is?
Like we have stated, selling a house as-is means that the property is going on the market in its current state. Whether that be with structural damage, mold, water damage, or whatever may be the issue.
The seller and buyer both understand and agree that no repairs will be made, and the house comes with any current problems. This can make it hard to sell a house to potential buyers, as they most likely don’t want to take on such a big project when it comes to getting new property.
There are upsides to selling a house as-is.
Firstly, you can sell your home quickly. Along with the expense, home improvements only prolong the amount of time you have to wait before you can sell the house. Even if you choose to do them yourself, this means more money and labor.
Secondly, people often inherit homes, this can cause unneeded stress and cost you more money as you try to upkeep a second home. If you need money, selling the house as-is can be the best option.
Thirdly, selling to cash buyers is much quicker than a typical sale. You don’t have to deal with realtors, or the fees associated.
Also, you get paid faster when using cash buyers with the expedited sales process.
Another benefit of using a cash buyer to sell your house as-is is the avoidance of legal issues since cash buyers assume all liability for the property.
So, if you have decided to sell your property as-is with all of its problems, then you may be wondering about how to even get started.
How Do You Sell a House As Is?
When you finally decide to take the financial stress off of you and sell your home as-is, it can seem daunting on where to even begin. It is always good to be as informed as possible before selling. By getting a pre-listing inspection done, you can identify everything that is wrong with the property before putting it on the market. This way you can be truly honest with any potential buyers.
After this, getting an estimate of the costs of the repairs is a good idea. This way you can get more of an accurate idea for how much the property may be worth and understand the work buyers will need to put into the property.
After all of this, you should look at other, similar homes in the same area to be able to set your property at a fair price. This helps you make a sale when buyers do come around.
How Much Do You Lose Selling a House As Is?
A big part of why you want to sell your home as-is is due to financial distress. It can be hard to get potential buyers for homes that need major repair as many buyers are looking for “move-in-ready” homes that they do not have to put a lot of work into.
When buyers do come around, you need to take extra steps to demonstrate as to why your home is worth paying for. Even then, buyers will attempt to low-ball you.
If you use a realtor, you are most likely out of more money because the realtor charges fees for the work they put in as well as taking a percentage of the sale price for their commission cut.
To avoid losing more money on your house, you should check with property investment companies. These companies buy houses, with cash, and work on them to fix them up and flip.
This is a good option for houses that need major repairs because they understand the work that needs to be put in and, most importantly, they understand the risk of buying these properties.
This way you can feel comfortable that you are selling your home in all honesty to people who are willing to take full responsibility and you get quick money, helping to take off the financial stress of your property.
If you want to learn more about selling your home as-is and receiving a no-obligation cash offer, then contact KM Home Buyers. We buy all sorts of homes from in and around the Tampa Bay area.
To get started, call us at 813-213-4884. We hope to hear from you soon.