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The Benefits of Selling a House as is
Learn why selling your house as is can save you time, money, and effort
When dealing with a house that has lots of problems, it is sometimes easier to sell it as is. There is a lot of work that goes into fixing up and cleaning a home. Depending on what you plan to do with the house and who you plan to sell to, you do not always need to fix it up. That’s right! If you plan to sell your house to a cash home buyer, they typically buy properties as-is and flip them. This means you can avoid doing expensive repairs, or even cleaning the home, before selling it.
Depending on your timeline, selling a house as is can be a great strategy to save you time, money, and stress. Let’s dive into the benefits of this home-selling strategy, and how it applies to you.
What does it mean to sell a house as is?
This strategy means exactly what it implies. However, doesn’t it sound too simple? Can I really sell my house as is and walk away without fixing a thing? Yes, you can.
Selling a house as is in Philadelphia means that you, the homeowner, do not need to do any repairs before selling your property. Whether you plan to sell it on or off the market, it holds true either way. Typically, it is easier to sell your house in “as is” condition when working with a cash home buyer. However, both investors and owner-occupant home buyers are possible home buyer candidates for you.
When you sell a house as is, this means that the end buyer takes it in the same physical condition and financial condition that the property is in.
Can I sell my house as is with Code Violations?
Unfortunately, many households in Philadelphia, PA are fighting battles against the city with code violations on their homes. Certain violations are considered standard while others are more serious in the eyes of Philly. Regardless, you can still sell your house as is with code violations attached to it. The end buyer can usually handle dealing with the violations after purchasing the property.
Selling your house as-is with liens
Another huge benefit of selling a house as-is comes into effect when considering liens. There are many different types of liens that plague homeowners:
- HOA Lien
- Tax Lien
- Judgement Lien
You don’t have to worry about these when selling as is. It is typically up to you and the buyer to decide who covers these at settlement. However, if you are truly selling your house as is without any constraints, that means the end buyer will take care of any liens as well.
Have you been dealing with frustrating liens on your property for years? If the property is in an area that has appreciated over the past few years, you may be able to sell your house as is, and still walk away with a profit.
1. Timeline to Sell Your House
Time is probably the biggest advantage you get when selling your house as is. If you decide to sell your house on the market, you can disclose that you are selling as-is. Buyers who are shopping for properties online will read this and know what to expect. You can go into even more detail by describing particular repairs that should be completed later on while summarizing liens tied to a property. This helps the end buy know what to expect going into the purchase.
Do you need to sell your house fast, meaning within 30 days? That is still possible to do when selling property on the market. However, based on your timeline, you may be better suited for working with a cash home buyer. These types of home buyers are used to buying houses as is. They usually plan to renovate the entire house after buying it. Whether you decide to do repairs or not, it doesn’t make a big difference to them.
If you have a piece of property that comes with baggage (i.e. liens and damage), you can still sell quickly by selling your house as is.
2. Saving Money
By selling a house as is, you avoid the potential pitfalls of repairs. Repairs can be good and can improve the value of your home when you go to sell. In that case, it usually makes sense to do the repair so that you can make more money when you sell your house. This is, of course, if your timeline to sell your house allows you to do so. If you prefer a quick home sale, eliminating repairs and renovations can save you weeks of time. Additionally, it can also save you money.
I have been on both sides of this situation. It is quite easy to think that the more renovations you make to your property, the more it will be worth, regardless of the type of renovation. This is unfortunately false. Not all renovations add much value to real estate.
First-time home sellers often get trapped in the idea that they need make every single repair before selling their property. If they are not experienced, they might spend unnecessary money on renovations that don’t add the same return in value to their property. This can be disappointing when a homeowner gets to the closing table. By selling a house as is, you can avoid spending money on household repairs that don’t provide the same return back.
3. Less Marketing Efforts
When trying to market a house, it is easy to get carried away. Especially if you plan to put your house on the market, there is a ton of effort that goes behind spreading the word about your property. For example, you need to factor in time to complete the following items:
- Clean the property
- Take professional photos
- Stage the house
- Host an open house
It is difficult to know when enough marketing is enough. If you are wondering if I should sell my house as is, consider the amount of time you would save by not marketing it as much. You would save a ton of time! No investor, especially cash home buyers, expects the photos or staging of a house to be fancy if it is marketed as ‘sold as is’. Do your best to not get lost in the appeal of marketing your property too much.
What are your thoughts on the content for this real estate strategy? Click here to learn more information about selling a house as is. We are excited to share ideas and educate homeowners on this topic.