Risks of Selling As-Is
1. Time and Cost Savings: Avoiding costly repairs and upgrades can accelerate the selling process and allow you to move on to the next stage of your life more quickly.
2. Reducing Stress: In situations where the emotional toll of staging or repairing a home is too much to handle, an as-is sale may be for you. Eliminating the need for extensive renovations, financing updates, negotiations over repairs, and dealing with contractor hassles can save you stress and allow you to focus on selling and moving more quickly.
3. Attract Investors and Flippers: Investors and property flippers often look for homes in need of renovations. Selling as-is often attracts these types of buyers, sometimes leading to a quicker sale. Investors and flippers generally expect to handle some repairs and have experience buying homes that are not move-in ready.
4. Transparency: When you are listing a home, you are expected to provide a full disclosure about the condition of the property. Selling the home as-is is a possible solution when you do not have all of the information about the property’s condition. If you inherited a home, or are selling on behalf of a loved one who is unable to provide you with the history of the property, ask your Senior Real Estate Specialist® about selling as-is. Your transparency might build trust with potential buyers, free you from liabilities, and lead to a smoother transaction.
1. Lower Sale Price: One of the largest drawbacks of selling a home as-is is that you are likely to sell your property for a significantly lower price. Buyers typically expect a steep discount to cover the costs of necessary repairs and improvements and the additional liability they take on in as-is sales. Additional factors for buyers purchasing an as-is home:
- The buyer is usually paying their downpayment and closing costs and may not have the additional funds for repairs or improvements.
- The buyer may have concerns with unforeseen expenses they may have in the future.
2. Limited Buyer Pool: Homes in need of repairs or updates often have reduced market appeal. Selling a home in its current condition will limit the pool of interested buyers. This can result in the property sitting on the market for a longer period, delaying the sale and your ability to move on. Let's talk about market conditions in your area to understand if an as-is sale is likely to move fast or take longer to sell. Accurate pricing is the key to selling an as-is property.
3. Potential Inspection Issues: Selling as-is does not free the seller from the need to disclose known defects or issues with the property. Buyers are still likely to conduct inspections, and any significant problems discovered can complicate or even end the sale. Missouri and Kansas require the seller to disclose any known material facts about the property and sellers can be held liable for not disclosing previous or current property conditions.
Careful Consideration is Needed
Selling a home as-is is a decision that requires careful consideration, especially for individuals 55 and older. The choice has legal, financial, and personal implications, so it is advised that you consult with qualified professionals, including your local experts!
My husband and I meet with sellers to evaluate the needs of the home and advise you of potential items that could be found in an inspection. This process helps you to make an educated decision about selling as-is vs. selling to appeal to more buyers and a potential higher return.
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