Planning to sell your property as-is doesn’t necessarily mean the house is in poor condition. Selling a home “as-is” simply means you won’t be making repairs or improving the property’s condition. Potential buyers purchase the property in its current state. Most homeowners decide to sell their properties as-is due to several reasons. Below are some motivations behind selling a home as-is:
1. Take Advantage of Cash Offers
Most people sell their properties as-is primarily to attract cash buyers. These days, many cash home buyers are ready to pay for properties for cash. Most reliable buyers are local property investors or flipping firms looking to purchase ugly homes or fast-selling properties.
Sellers have also embraced cash purchases, since it shortens the home sale process. Property owners receive their payouts faster, which they can use to buy other properties, pay off debts, and other expenses. Reliable buyers, such as Cream City Homebuyers, come to the aid of distressed homeowners looking to dispose of their properties.
2. You Can’t Afford Repairs
Selling your house for cash can also become inevitable if you can’t repair or refurbish your home before listing it for sale. Instead of spending a lot of time, money, and effort to renovate the house, you can sell it directly as is to property buyers. Specific repairs, such as bathroom and kitchen renovation can guarantee an increase in property value.
However, painting the exterior walls, installing new household appliances, and other minor repairs may not guarantee better sale value. Selling your house in its current state is a good way of saving money that would have otherwise catered for these expensive repairs. Note that selling without renovations may reduce the property value. However, you can still get some profit from the deal.
3. You’re Selling Your House After a Divorce
Going through a divorce is undoubtedly the hardest emotional roller coaster, especially for married couples with joint properties. Divorcing couples might have co-owned various items, properties, or other assets and would want to immediately get out of this situation.
Unfortunately, selling a house previously shared by partners for years can be challenging. The house has years or decades of personal items to divvy, and arguments can happen anytime, especially if both partners want to retain the property. This is why selling to a neutral investor who can buy the property off-market is preferred.
Selling to cash buyers means no “for sale” sign in the front yard and no open house visits. Home buyers purchase these properties for cash, which speeds up the sales process, allowing partners to move on quickly. You won’t have to wait for bank financing or buyers to go through tedious sales processes.
You might also prefer selling your house as-is due to accumulating code violations, inherited properties, upsize or downsize, if you can’t afford mortgage payments and taxes to avoid foreclosure, or if the real estate market is working in your favor. Remember that even though you are selling the property to cash buyers, you must disclose all known defects.