Many sellers believe that selling a house as is will be easy and smooth, as buyers understand the condition from the beginning. However, the reality is that it can be quite complicated. There are rules regarding the disclosure of major faults, as well as complications in buyer’s getting loans for the property. Roy Dekel, from SetSchedule, advises that sellers who want to sell a house as-is should work closely with professional and experienced real estate agents to ensure they get the best price for their house.
Roy Dekel: Think twice before making that small repair
At SetSchedule expert real estate agents work with sellers who want to sell their house as-is on a regular basis. They also work with sellers who make repairs before showing their home. Often, a seller will make a repair to their home that will go completely unnoticed by the buyer. Or, the buyer may not believe the repairs warrant the high asking price. Before you make a repair, talk to your real estate agent.
In a seller’s market, it is easier to sell a home while making fewer repairs. However, the sale price will be lower when compared to what the home could have sold for if it was free of repairs. In a buyer’s market, the situation is reversed, and buyers may not even consider a home that needs repairs.
Real estate agents must disclose certain faults
“As-is” has a legal definition, one that needs to be fully understood and explained in the contract when selling a house as is. While a seller does not have to actively inform buyers of every needed repair or property fault, they must answer buyer’s questions regarding the condition of the property openly and honestly. Real estate agents are held to an even higher standard as they must disclose any information about the property that they believe may influence the buyer not to enter into a contract to purchase the property. Such examples include damage to the property due to termites, or electrical or water issues.
Repairs to consider
Many mortgage lenders will not agree to give a buyer a mortgage if the property they want to buy has structural, safety, or health issues. Even if you are planning to sell a house as-is, be sure to complete any necessary repairs to ensure that there are no code violations. Failure to do so will limit potential buyers to those that can pay in cash, and want such a property. In these instances, sellers will be offering a severely discounted price for the property.
If you would like to make minimal repairs, above bringing the property up to code, you should consider making the following repairs before listing your home on the market:
Patch all the holes and cracks in both the walls and ceilings.
Repair any leaky faucets
Replace broken windows
Repaint dirty walls with a neutral color. Do not choose white. Instead opt for a softer color such as a light tan.
Finally, prepare your property to be shown by clearing the lawn of clutter and junk and mowing the lawn. Inside the house, be sure to also clear the clutter and clean the surfaces and floors as much as possible.
Work with SetSchedule when selling a house as-is
Often, homes that are advertised “as-is” are viewed in a negative light by buyers, as they feel that the property would need many repairs that the seller could not afford to do, or could not be bothered to do. The right real estate agent can market your house and combat this perception among buyers. In order to ensure you get the best price when selling a house as-is, be sure to work with a professional and experienced team of real estate agents such as Roy Dekel and his staff at SetSchedule. They can advise you on which repairs are necessary in order to get the best price for your house without spending a small fortune in repairs.