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Selling Your Home As-Is

Skip the Repairs and Get Straight to the Selling

Selling your home can be a huge hassle, especially if your property needs a lot of repairs or updates. Traditional buyers want your home to be move-in ready before forking over the cash.

However, before you resign yourself to extensive renovations, consider an alternative by skipping the repairs and selling your home as-is.

What Does “As-Is” Mean in Real Estate?

When you sell your home as-is, it means you’re selling your home without making any repairs, cosmetic updates, or staging. It doesn’t matter if you haven’t updated your kitchen in 40 years and there are cracked floors or if your roof is in poor condition and needs to be replaced before a new buyer takes over.

Selling your home in its current condition can save you, the seller, a lot of money upfront, as you don’t need to worry about making repairs to please buyer demands. From the get-go, buyers will know that it’s a “what you see is what you get” type situation.

One thing to note is that as-is properties often sell for a lower amount to compensate for the work that needs to be done by the new homeowner.

Should I Sell My House As-Is?

Even though profitability is paramount to selling a home, it’s not the only consideration. Sometimes you’re in a situation where speed is your primary concern, and you need to make a sale immediately. Alternatively, you might just loathe the idea of dealing with the traditional selling process and time-consuming showings.

Here are a few situations where selling your house as-is might be in your best interest:
  • You need to move for a job or family change.
  • Financial changes have come up due to a job loss or health issues.
  • A death in the family has rocked your finances.
  • You acquired the home through a family inheritance and don’t want to keep it.
  • You’re wary of embarking on expensive renovation projects.
  • You don’t want protracted negotiations during the selling process to bog you down.
  • Foreclosure or bankruptcy is impending.

Pros of Selling a Home As-Is

Selling your home in its well-loved condition has major advantages, including:

1. Saving Time

Home repairs can take weeks or months to complete, but if the damage is significant, these updates could be even longer! Waiting around for a contractor to get your home in tip-top shape might not be an option if you need to get out of your home soon.
With an as-is home sale, you can receive immediate offers despite the home’s condition. These buyers often pay cash, meaning you won’t have to wait for a lengthy mortgage approval process.

2. Saving Money

In some cases, selling your home as-is can actually save you money. In addition to not having to pay for repairs, you also don’t have to shell out additional expenses for things like new paint, decor, or realtor fees that come with selling a “move-in ready” home.

3. Avoid Credit Changes

The costs of repairing or updating your home can be expensive, and most people need to take out a loan to make those improvements. When taking out a loan, especially one as large as for home updates, your credit may be impacted due to credit pulls and new debts. This can impact not only your credit score but potentially change rates, terms and credit approvals for any future home purchases.
There are no upfront costs associated with the sale of your home in an as-is sale, so there’s no reason for you to take out a new loan and risk any changes to your credit history.

Cons of Selling a Home As-Is

An as-is sale isn’t the right option for everyone. Here are some disadvantages:

1. Lower Selling Price

There’s no way to get around it. A house sold in its current condition typically sells for a lower price than a comparable house in the neighborhood that’s been updated and renovated. This is because the buyers know they’ll need to put more money into the property after they take possession.

2. Fewer Offers

Most buyers are looking for move-in-ready homes. In fact, they often don’t have a choice. It can be extremely difficult to get a mortgage for a fixer-upper home, and the repairs typically cost more than someone can handle on their own.
So, if you’re selling your house as-is, you’ll likely receive fewer offers.

How Much Could I Lose by Selling As-Is?

Selling your home for a lower price seems scary, but it may actually be a good deal. Home repairs can easily cost tens of thousands of dollars. If you need to complete a massive renovation before you can sell your home to traditional buyers, going with an as-is buyer could make the most financial sense.
Selling a home comes with hidden costs so don’t forget to do your homework when comparing options as every home and market is unique. Here’s a list of some of the most common expenses to consider when selling your home:

How to Sell Your House As-Is

There’s more than one way to sell your home as-is, such as selling on the MLS (Multiple Listing Service) to a cash buyer, or to a company who buys homes in their current condition (like Really!). Some of these methods can take longer and pose more of a risk, while others have the convenience of speed and fair pricing. Make sure to do your research and fully understand what each option means before you decide how you want to sell your home. Below we offer a breakdown of the three most common ways to sell an as-is home.

Really

Can you sell your home as-is by yourself? Absolutely! With Really, you don’t need a contractor or a realtor. Once you schedule a consultation with our team, the process takes just three simple steps:

1. You’ll speak to a home specialist about your home, its condition and age, and your local market.
2. You’ll receive a no-obligation offer within approximately seven days.
3. Close on your terms with flexible move-out and closing dates.

That’s it! It’s really that easy.

MLS

If you’re interested in testing the market, or if you’d prefer to have help rather than selling by owner, you can list your property on MLS with the help of a realtor. Agents and brokers routinely scour MLS , so you may get more offers this way.

However, this is a viable option only if you’re willing to wait for the right buyer to come around. Finding a buyer on MLS could take time even if your house is in good condition. Selling a house on MLS as-is will typically take longer. If you are in a rush, this might not be the best option for you.

Cash Buyer

Finding a cash buyer yourself is also an option, but there are still many risks involved with these transactions. When selling to a cash buyer, it’s possible you won’t receive a fair price for your home. These buyers can usually complete the sale much sooner than traditional buyers, so they offer significantly less money and, in return, provide a quick closing.
Deals with these buyers can also be harder to negotiate. Cash buyers typically plan to make a few updates to a home and then resell it. The purchase is more of a business transaction than an emotional one giving little wiggle room for sellers looking to sell their home as-is.

Why Choose Really

Really takes the stress out of selling your home. We understand sometimes you need to sell your home as quickly as possible, so we’ve removed the hassle of repairs, updates, staging, and showings. Our offers are always based on the current state of your home and the local market, with absolutely no obligation to accept.

Learn how to sell your home quickly in its current condition with the Really team by contacting us today!

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