There are many reasons a seller might want to consider putting their home on the market in its current condition. They may not have the resources available to make repairs…maybe they’ve inherited the property and don’t have the time or inclination to get involved in those activities. There is nothing wrong with putting an “as is” on the market, but there are some considerations to take into account and ways to make the property appealing to the potential buyer.
#1 — Pricing. You are signaling to the buyers that they should be seeing a price variation from the “move in ready” and “totally updated” homes that have recently sold in the neighborhood. Your home might be rock solid, but it feels like you are walking back into 1967. There is nothing wrong about 1967, but make sure the list price makes sense.
#2 — Be buyer friendly…There is a lot of unknown in an “as is” purchase for the buyer. Make sure that it is stated that you welcome inspections, but for the buyer’s knowledge only as the seller won’t be making repairs based upon the results of the inspection.
#3 — Be even MORE buyer friendly…Consider having the property pre inspected from a licensed inspector. This would provide some insight into what items need repair. The seller could then get some estimates and have all of this material available for the buyer to review as they tour the home. This helps to avoid surprises when the buyer hires their own inspection. A pre inspection will also provide some direction regarding the list price. Note: In no way is a pre inspection a substitute for a seller’s property disclosure statement. This signed statement will require the seller to honestly disclose all known defects.
#4 — Make sure that the home is clean and show ready. Just because a property is being sold as is, it is not license to keep the home full of clutter or the lawn a foot high. Real cobwebs on the front porch do not count as authentic Halloween decorations. Hire a cleaning and/or lawn service if you don’t have the time to do it yourself. As always, we want to encourage the buyer to spend some time in the home on their showing and grown folks should not be afraid to walk into a bathroom on an active listing.
#5 — Don’t be surprised if the buyer asks for some repairs/concessions even though you’ve specifically stated that the home is to be sold as is. This is not uncommon so don’t worry that this particular buyer is being unreasonable. As the seller, you may accept, decline or negotiate as you wish.
Until next time, I wish you happy house hunting and don’t hesitate to contact me with any questions.
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