Do you want to sell your house? But does it have problems like mold, crumbling walls, or a dilapidated roof?
Selling a house with problems presents you with a unique set of challenges. Ideally, you should work with a skilled Realtor® to sell an “as-is” property.
Here, we tell you all you need to know when selling a house “as-is”.
Make Sure You Really Can’t Afford to Make the Repairs
Before you seriously consider selling a house as is, you should be absolutely sure you can’t afford to make the repairs. There might be some options available to you that you haven’t considered.
For instance, did you know about the FHA 203(k) loan or the streamlined FHA 203(k) loan? These are refinancing loans which will give you a new loan for carrying out renovations. These loans come with some advantages and disadvantages. For example, a pro is they offer low down payments.
Before taking out one of these loans, you should weigh up the pros and cons carefully. There are also some other options available to help you with selling a house that needs repairs. You could try a home equity loan or you could also try a HELOC.
Tackle Some of the Biggest Problems if You Can
Can’t afford to fix the whole house? Then it might be a good idea to fix some of the bigger problems, if you can afford it.
Most buyers are ok with doing some minor repairs. Identify the problems with the property that are most likely to kill a deal and address those first. These problems will be things like cracked foundations, mold, or leaks. Other problems, like cracked paint, are less likely to turn off a potential buyer.
If the budget doesn’t allow for you to tackle these kinds of issues, you could consider doing as many cosmetic fixes as you can afford. This will dramatically increase the curb appeal of your property.
Do Home Buyers Want Fixer Uppers?
Many buyers will say they’re looking for a “fixer-upper” property. When people say this, they often expect to only deal with minor cosmetic problems. You’ll find there are significantly fewer buyers willing to deal with problems such as mold or a broken foundation.
You should be prepared to look outside of the conventional market. For example, you might want to consider selling your property to an investor. When you’re selling outside of the conventional market, you need to be prepared to do some research.
Of course, it’s a lot less effort to simply work with a professional throughout the process.
If You Can’t Avoid Selling a House As Is, Disclose Everything
You absolutely must include “as-is” in your listing when you’re selling a house with unfixed issues.
Make sure your agent fully discloses to any interested buyers that no repairs are going to be made on the property. You can expect potential buyers will want to request an inspection of your property.
You also have the option of doing a pre-inspection. You can then disclose the details of that report to potential buyers. When you’re selling a house “as-is”, you need to accept that you’re going to have to lower the price.
How to Market Your As Is Home
While you’ll have to lower the price when selling a home “as-is”, there are steps you can take to soften the blow.
You should enlist the help of the best real estate agency you can afford. Then, focus on working with a real estate agent who is experienced in marketing fixer-upper properties.
But what if you can’t afford to hire an agency? Here are a few tips for marketing a home you are selling “as-is”:
Focus on the Good Aspects of the Property
Obviously, you’ll need to disclose all the problems your property has, but there’s no need to focus on them a lot. Instead, turn the attention to the good aspects of the property.
If the house has some great curb appeal, you might talk more extensively about the appearance. You could also focus more on the location of the home or its size.
Use the Right Keywords
Advertising your home is like filling out a job application. You need to make sure you hit the right keywords. If you’re unsure of what sort of language to use, you should consider checking out the local listings for some inspiration.
Put the Right Price Tag On
You’ll need to make sure you give your property the right price when you’re selling a house “as-is”. Of course, this is much easier said than done.
Again, you should take a look at recent listings. This should give you a good idea of how much other sellers are getting for their properties. Try and match their price point accordingly.
You could also consider spending the afternoon looking at some of the other properties for sale in your area.
Focus on what needs to be fixed up and what doesn’t. This will give you an idea of what you can repair, if you can afford to. If you do fix up some things, then you can adjust your asking price as well.
Get the Right Price for Your Home
As you can see, getting the right price when selling a house as is is somewhat of an art form. If you try to market the property by yourself, you might find it very challenging to get a good price.
For the best results, you should consider hiring a professional real estate company. A qualified realtor with experience selling this kind of property is your best shot at getting a good price for your home.
If you can’t afford a realtor, it’s not the end of the world. Selling houses is still a seller’s market, so you should still be able to get an acceptable price without trying for too long.
Have you been thinking about selling your Colorado Springs house “as-is” and need some help? Get in touch with us today to get started!
