Real Estate Investment 101: Getting Started

Need To Sell Your Home In As-Is Condition? Helpful Tips For Sellers

It's a fact that homeowners who take the time to properly prepare their house for the market are far more likely to get higher purchase offers and a faster trip to the closing table. But not every seller can take the time or spend the money required to properly prepare their home for the market. 

Homeowners who fall into this category usually end up selling their home in its current condition, a situation often called an as-is sale. If you are currently considering selling your home without making any improvements, the following information will help you understand what you can expect to experience during the selling process and what you can do to try and improve it. 

Offer something of value to prospective buyers

In order to sell your home in as-is condition, you must either own the property free of a mortgage or have an existing mortgage balance low enough that the lower sales price you net will still pay it off. As-is sellers who have an equity position in their home may want to offer prospective buyers some cash at closing from the proceeds they will net. This type of marketing works to attract buyers who may have the skill set to make the needed repairs or renovations, but lack cash to cover the cost of materials. 

Expect most interest to come from investor buyers

Homes that are marketed using the term as-is are a magnet for investor buyers who typically have the funds and resources needed to renovate homes. Sellers working with investor buyers are often offered a low cash price and the potential for a fast closing. While an offer from an investor will likely be significantly lower than one from a buyer who plans to renovate and then live in the home, sellers are less apt to have to deal with inspections or have the buyer default because of an inability to get loan approval. 

Market the property's best points

An as-is home is often difficult to market because it does not offer curb appeal and visual interest. Instead of traditional marketing, sellers of as-is homes should always strive to focus on the home's other good points, such as location, lot size, or favorable zoning for other uses. 

Selling a home in as-is condition will require expert negotiations to help sellers get the best possible price. Hiring a real estate agent can help you when the question of "selling my home" as-is comes up..