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National Association of Realtors

Friday, August 23, 2019

6 Essential Tips for Selling a House ‘As-Is’

By Wendy Dessler
Selling your home without fixing it up first presents potential challenges for some homeowners. For others, it may open up different opportunities. Selling a house "as-is" can be a good thing. It all depends on your approach to selling it.
Here are six essential tips to help make the sale a smooth transition:
Flexibility Is the Name of the Game
Flexibility is really important when you decide to sell a house "as-is." You're asking buyers to purchase your property without making any changes to it. There may be serious problems that need to be corrected, so being flexible is definitely in your best interest.
In situations like this, people are looking to purchase a house inexpensively. For this reason, it's unlikely that you're going to find a buyer willing to pay the exact price you're looking for. However, you always have the ability to negotiate to try to get a higher price. 
Don't Be Afraid to Make Some Necessary Repairs
In certain situations, it may become incredibly difficult to sell your house without making any repairs. Sure, you'd love to sell the place "as-is," but that doesn't mean buyers are going to be interested if too many things need to be fixed.
Take a moment to really look over your home. Is it in rough shape? Does it need extensive repairs like a new roof, a new foundation, or worse? If you answered "yes" to any of these questions, it's likely time to consider making certain upgrades to make your property more appealing to potential buyers.
Obviously, no one is going to force you to make changes. However, it's sometimes best to give in and go against your wishes just to have a better shot at selling your home.
Know How Much Certain Repairs Will Cost
Even if you never intend to make any repairs, it certainly doesn't hurt to know how much it'll cost to fix some of the issues plaguing your home.
This is important information you can pass along to potential buyers. For example, if a prospect asks how much it'll cost to replace your old roof, you can supply them with an estimate from a local roofing company.
Openness and Honesty Is the Best Policy
Always be transparent with potential buyers about issues with your home. It's best to disclose everything to potential buyers right away because if they're serious about purchasing your home, they'll find out about existing problems as soon as they have the home inspected.
However, by the time a homebuyer has your property inspected, they may get upset if they believe you tried to hide something from them. If the repairs needed for your home are too major, they'll walk away from the deal anyway—so always be upfront about these issues.
Ask Your Buyers to Pay a Fair Price
It may seem obvious, but asking for a fair price is going to be critical to your success. If you try to sell your home for too high a price, many prospects will be turned off. Potential buyers might not even bother looking at your house if the price is set too high.
Instead, when selling your home "as-is," try not to get too greedy. Remember, the competition is thick and there are plenty of other homes on the market. So be sure to ask for a fair price and you should be fielding offers in no time!

Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate