There are many reasons why you might want to sell your house as-is. Sometimes we find ourselves in situations where we need to make a move quickly. You might need to move ASAP because of a new job or change in your family situation. Or a financial situation can force your hand in order to ensure that you don’t find yourself in trouble. Or there could be damage issues with the house that are just too much to consider fixing. Whatever the reason, selling as-is can be a good way to get out of a sticky situation.
Selling your house as-is means that you don’t need to put any capital into repairing or renovating the property beforehand, which is great. But depending on how you sell that doesn’t necessarily mean that it will be a stress-free process. So it’s important to know what selling your house as-is means and when it might work for you and when it might not. Here’s a guide on selling your house as-is in Memphis.
How to Sell a House As-Is
What Does Selling As-Is Mean?
Let’s be clear about what selling as-is means. It means that you are selling your house or property in the current state without any attempts to repair it before the sale is final. It’s also clear with the buyer that no repairs will be made and that all faults related to the house, be they structural or financial, are known.
“As is” is actually a legal term and the buyer will need to sign legal documents that say they understand the specific terms of the deal. When you buy a house as-is, all of the issues related to the house are spelled out in the purchase and sale agreement.
It’s important to understand that some people have misconceptions about an as-is house. Selling a house as-is doesn’t necessarily relieve the homeowner from general obligations related to the house. It still requires the seller to be upfront and honest about all the conditions. In Tennessee, a seller must provide buyers with a disclosure statement before a purchase contract is signed on any home sale. There are very harsh penalties that can be brought against any seller if the buyer discovers an undisclosed material defect after closing on the sale.
Real Estate Agent Requirements
If you decide to sell your house as-is on the open market, you’re going to want to hire a real estate agent who knows how to handle these kinds of transactions. Realtors and real estate agents are held to extremely high standards and legal requirements when it comes to disclosing home defects. They have to disclose any facts that could influence the buyer in either direction.
As you might imagine, there are potential pitfalls that come with selling an as-is house on the open market. There’s a reason many people end up making repairs or sorting out financial issues before listing a house. So you need to be aware of the issues that make crop up when you list a house in this condition.
The most likely one is that your house is going to be perceived negatively by many buyers. As-is has a negative connotation with many people who presume that it means there’s something wrong with the home. It doesn’t mean they won’t be interested in purchasing it but their assumption will lead to protracted negotiations, seller concessions, and a lower overall asking price. It could also make it really easy for them to walk away from the deal altogether and undercut your bargaining power.
It also means you’re probably going to have to work harder in order to compete with the other homes on the market that aren’t being sold as-is. You’re likely to get offers below your asking price and even below the value of the property. You’re going to have to go the extra yard and put in extra effort to convince some buyers to even come to the table, let alone start negotiating. You’re also going to have to work very hard to prove you’re not hiding something.
Plenty of Reasons To Do It
Even with those issues and concerns, there are good reasons you still might want to give it a go with an as-is house.
If you find yourself in a financial situation where you can’t really afford to keep your house and you can’t really afford to make repairs, it’s still a viable option to make a sale. Present your whole situation to a real estate agent and they might even be able to show some options beyond selling as-is. At the very least they can work with you on productive messaging.
Another good reason to sell as-is is if you just don’t think you can deal with the stresses of a protracted home sale process. If you have health issues or don’t feel like you’re capable of dealing with all of the negotiations or back-and-forth of home-selling, an as-is sale makes life a lot easier for you.
If you’re in financial distress and find yourself in a situation where you have to sell your house quickly, an as-is sale could be a lifesaver for you. Selling on the open market might not move quick enough for you so you can use this opportunity to contact a real estate investor like Fair Cash Deal.
They specialize in buying houses as-is and are very familiar with the situation you might be in. They buy houses in disrepair, with liens attached, and even if it’s uninhabitable. They’ll take a look at the property and make you a fair cash offer. Then, if you accept, they’ll close the deal on your timeline, even within a few days if you want. They are no fees and you don’t have to hire a real estate agent to get the deal done. You get to hand off your house quickly, you get cash in your pockets, and you get to walk away from the situation with a fresh start and nothing holding you down. So no matter what your personal situation, selling an as-is house is possible. It just depends on your timeline and what you’re looking for.