Selling a house as is can be an excellent way to avoid spending money on a property that’s not up to your standards or may not sell. However, this option comes with its fair share of risks that should be carefully considered. This article discusses the potential losses associated with selling a home as is, the types of buyers you’ll attract, and the legal obligations you’ll have to meet.
As a homeowner, you’re likely accustomed to having your house valued based on its market value, the price of comparable homes in your area, and any repairs or renovations that are needed. However, selling a home as is means you’ll need to factor in repair costs when setting an asking price. Depending on the type of buyer you attract, this can have a significant impact on your sales price.
For example, if you’re selling to an investor, they will expect your home to need major work before they can buy it. As a result, they may offer significantly less than you’re expecting.
While you can minimize the risk of losing money by making minor repairs and updating your property before putting it on the market, this isn’t always possible. In addition, it’s important to clearly state that your property is being sold as is in all marketing materials, so that interested parties understand the risks involved. You’re also legally obligated to disclose any known issues or problems with your property, so be sure to have a thorough inspection done before listing your home.