Like in any other real estate market in America, selling a property “as is” could be advantageous. It eliminates the need to do some repairs to attract buyers, expedites the traditionally lengthy process, and helps you get paid fast. Moreover, it’s a great way to beat a foreclosure or turn your fixer-upper into cash with little fuss.
Despite its benefits, though, there are best practices you ought to observe. Before you look for ads saying, “We Buy Houses in St. Louis, MO,” here are the important things you need to know:
Disclosures Are a Must
“As is” might mean “what you see is what you get,” but flippers wouldn’t buy properties without a complete understanding of their condition. While you may not have to tackle home improvements to impress anyone, you still have to confess any damage to your knowledge. The buyer may hire a home inspector to evaluate every inch of your property before drawing up the sales contract. Any problem you could have reasonably known yet refused to disclose may affect the negotiation.
Expect Lowball Offers
Under normal circumstances, sellers want to get the most money, while buyers want to pay the least amount. Don’t be surprised to get extremely low offers for your property. This doesn’t mean you shouldn’t be prepared to make counteroffers. As long as you know and capitalize on the value of your house compared with other properties on the market, you can negotiate a fair price.
Cleanliness is Attractive
Leaving holes unpatched is different from doing nothing to deal with the mess. Why bother? Well, cleanliness makes an impact. It sends a message that you’re selling “as is” not because of lack of home pride or laziness, but rather of practical or financial reasons.
Regardless of your motivation for selling “as is,” don’t do things that could sell your property short. Avoid anything that could compromise your position in order to get the most out of the sale.