November 26, 2020By Alex Romanov
When considering your options for selling a house quickly, many sellers wonder how to sell their house as-is in its current condition. Everyone knows you should conduct a great deal of planning and research before you buy a house, but most people don’t really do enough when it actually comes time to sell.
Below, we will outline everything you need to know about how to sell your house as is.
To sell a house as-is, refers to selling a property without making any updates, repairs or improvements. Simply put, the house will be sold to a buyer in its current condition; even with bright pink walls, cars in the driveway, and stains on the carpet!
An as-is condition clause is what sellers include in the sales contract to let potential buyers know that the house is being sold as is, without repairs or improvements required. Sellers still must include known damages and defects, but refuse to make any repairs and let the buyers know through this clause.
Absolutely! In Seattle, there are many investors who will purchase your home as-is, including us here at I Will Buy House! Investors buying the house as-is expect to purchase it in the condition in which they saw it on the date of the contract signing.
Knowing your “price floor” (in other words, the lowest amount you’re willing to accept to still make it worth your while) will be important when it’s time to make this decision.
If you’re upside down on your mortgage, then you might not be able to afford below a certain amount unless it’s your last chance to stop foreclosure. If you’ve built a lot of equity then you can afford to be more flexible. Either way, knowing your “rock bottom” number is very helpful. Investors will typically ask you this question to find out if it can be a win-win situation for both parties involved, so it’s good to go into that conversation with an idea of how much you’re looking to get for your home.
This will help you discover several things: first, you’ll find out how long it’s probably going to take to sell your home. Second, you’ll get a sense of your best case scenario.
Business Insider offers a valuable, step-by-step process for evaluating the current state of the real estate market, both in your city and in your neighborhood.
Even when selling a house as is, the law requires sellers to disclose any defects of the house, including bad plumbing, leaking roof, sloping floor, structural damages, basement floods, etc.
Try to get quotes for each repair. At the very least, you’ll be in a stronger position to negotiate when buyers or investors come in to take a look at your home, or assess it through photos that you may send to them.
You have two options when selling a house as is: one is to sell the home through a traditional real estate agent, which can take 2 to 4 months in normal market conditions (and oftentimes much longer in abnormal situations, such as the Covid pandemic or an election year; both of which we are experiencing right now!)
The second option is to sell to a real estate investor who will take the house as is. This process takes 1 to 7 days, depending upon your needs.
Many sellers ask us, “how can I sell my house now?” If you’re looking for a quick sale of an as-is house, the best thing to do is connect with a local real estate investor and they will ask a few questions about your house, as well as answer all of your questions regarding an as-is sale.
I Will Buy House offers a no-obligation quote on as-is houses in as little as a few hours.
Call us! We’re happy to answer your questions and help you run the numbers to see if selling to an investor like us is the best situation for you.
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