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There may be a number of reasons why you decide to sell your home 'as is'. You may need to sell quickly or you may not have the time and energy to spend on doing up a home that has a lot of issues. You have a good chance of selling your home 'as is' because you will have to sell it for a lower price and this will always attract interest. There are also people that enjoy buying houses that need a lot of attention and working on them as a project. Before you try and sell your home 'as is' there are some things you should be aware of.
How Should It Be Listed?
It should be made very clear in the description that the home is being sold 'as is'. This will attract those that are looking for a bargain but will also help to deter people who don't want to put in the work from wasting your time. You will need to remember that the price of the home should reflect the fact that the new owner will need to spend some money on the home to bring it up to scratch. Your realtor will be able to give you a realistic idea of what price you will be able to achieve. You may also want to get some quotes for the work that needs doing so you know how much to knock off the asking price.
What Things Should Be Disclosed?
Selling a home 'as is' does not mean that you are able to not disclose things that you know are an issue. You are legally bound to disclose the faults that you know about. This does mean that if the house you are selling is inherited then you may not know all the things that are wrong with it. If you are found to be keeping back something that you were aware of, the buyer will have legal protection if something goes wrong further down the line. If you are unsure of the things that you need to disclose then you can ask your realtor for advice.
Will The Buyer Want To Inspect?
The buyer may still want to inspect the home before they are willing to come to any agreement. They may get their own home inspection carried out which they are more than entitled to do. If they decide not to buy, you will be required to inform the next potential buyer of the issues that the inspection discovered. The buyer may ask you to carry out some repairs before the house is sold but you are under no obligation to do this. However, you may choose to do these repairs in order to get the house sold.
Will The Buyer Be Able To Get A Mortgage?
Mortgages are available for homes that are being sold 'as is' but the mortgage company may want to send an appraiser out to inspect the property. Lenders will only lend the buyer as much as they believe the house to be worth and so this could be a problem if their valuation is less than the selling price. If the buyer has a large deposit then this may not be too much of an issue, but if not then they may ask for some repairs to be carried out so the value of the home will increase.
Your realtor will be able to give you their honest opinion about what needs doing to the property and what details you should include in your listing. They may also suggest that you have a home inspection carried out so that there are no surprises during the selling process. Another thing that your realtor may recommend is setting the contingency period for a short amount of time. This gives the buyer less of a chance to get second thoughts and pull out of the sale.