What is an As-Is Sale?
Many homeowners are unfamiliar with an as-is sale. An as-is sale occurs when the homeowner sells their home exactly as it is, without making repairs, cleaning, or updating the home’s condition. The buyer will probably have the resources and time to make those changes, and purchasing the home for a slightly lower price allows them to do so. An as-is sale helps you sell your home quickly and without hassle, so you can get on with your life.
As-Is Selling Process
When you’re selling your home as-is, a potential buyer will assess the home and appraise its value. Based on the home’s value and any necessary repairs or changes, the buyer will make an offer, often in cash.
Once the offer is accepted, the closing process is easy. The buyer will be ready to pay right away, so you won’t have to wait for them to secure a loan or other financing. You’ll receive the agreed-upon amount, and your transaction is complete.
The buyer already knows the condition of your home from the walk-through, so there won’t be any surprises. They will take care of any repairs or updates after the home is sold, so you won’t have to worry about it. The amount you receive might be slightly lower than if the house was in perfect selling condition, but you escape the hassle of trying to prepare it for sale. Here’s a helpful offer comparison of a traditional vs. as-is sale if you’d like to know more about the financial aspect of an as-is sale.
You won’t need a realtor if you sell your home as-is, you’ll just work with the buying agent and can avoid realtor’s commission fees completely. The entire process will only take a week or two, and you can get started on whatever is next in your life.
What to Expect When Selling Your Home As-Is
You won’t need to make repairs.
Even if you spend the time and money to make the necessary changes to your home before selling, there’s no guarantee you’ll be able to make that money back in the list price. Selling your home as-is means you’ll have your money faster, and for a good value based on your home’s current condition. However, fixing major issues such as a leaky roof or a foundation concern may have monetary benefits.
You can sell your home fast.
The process can vary, based on the housing market and local competition, but the total length of the as-is sale process is from five days to two weeks. As-is sales don’t require multiple showings or inspections, which further cuts downtime before closing. Compared with a traditional home sale which can take two months or more, a quick as-is sale is very appealing.
You don’t need a realtor.
Realtors can be a hassle. They are often more concerned with their cut of the profits than what you as the homeowner will get out of a sale. Realtors aren’t necessary with an as-is sale. The buyer and the seller communicate to agree on an offer that best matches the home’s value.
You can unburden yourself from a weighty mortgage or fear of foreclosure.
If you’re feeling pressure from mortgage lenders or are in the foreclosure process, an as-is home sale can help you get out from under your debt quickly and painlessly, and free you of the worry of losing your home. Don’t let your debts sink you. You can take control of your finances by selling your home as-is for an instant economic solution.
You can move on quickly.
Most importantly, once you sell your home in an as-is sale, you can move on right away. Start the next chapter of your life in a new home, without having to cope with the stress of selling your old one. You can have the life you want, and an as-is sale might help you get there.
As-is sales aren’t right for everyone. If you have the time, money and skills to repair your home and prepare it for sale, entertain showings and negotiate with potential buyers, host inspections and wait for the sale to close, you might be more comfortable with a traditional sale. However, if you’re concerned repairs won’t have much of an impact on the sale price, or the hassle just isn’t worth it, or you need to sell your home fast, an as-is sale will put money in your pocket much faster.
If you still have questions about the process, or if you think an as-is sale is the right option for you, Hometown Development can help. Give us a call at 616-379-3090 or contact us online for more information.