In the past the majority of “as-is” homes were primarily sold as FSBOs (for sale by owner) with no Realtor involved, or at an estate auction. Today it isn’t that unusual while checking out realtor.com to see agent listed homes being sold in their current state with no repairs offered.
While everyone wants to get top dollar for their property sometimes circumstances are such that the need for a quick sale ends up taking precedence over money. Here are some things to research if you are considering selling your home “as-is.”
- When selling “as-is” you must still be truthful to the best of your knowledge when completing the property disclosure form. This includes everything from termite damage to mold in the basement. Almost all buyers now do due diligence when it comes to home inspections; even more so when the sale involves an “as-is” property. If something turns up in the inspection that the seller had to have known about and failed to disclose, the sale could fall through and the homeowner could face legal ramifications.
- Comparisons of homes in the same condition in the surrounding area may be hard to find; but due diligence will still need to be done when it comes to pricing your property. In order to get realistic offers your asking price should reflect the cost of repairs and updating. If the potential buyer is working with a Realtor, they will be counseled to balance the cost of necessary improvements against the potential market value after the fact.
- Decide in advance if there will be any flexibility in the asking price. Often a buyer will come in with a decent offer but then after the home inspection ask for a reduced price or credit for certain defects.
Have your eye on an “as-is” property or are considering selling a property that needs some love? Let Carolina RES help you get the full picture. Call us today at 864-242-1099 and schedule a home inspection, radon inspection or indoor air quality test.