Published On: Mon, Sep 16th, 2019

3 Tips for Selling a Property As-Is and Fast

When your property is updated with the latest and greatest amenities, all it takes is the right price to sell it quickly. When your home is in disrepair, offloading the property is a little more complicated. Typical buyers don’t want a major project, and as they walk through, all they’ll see is dollar signs.

photo/ tkoch

That doesn’t mean you need to make all the repairs before putting it on the market. Sometimes, it’s better to try selling the home as-is at a lower price rather.

According to the property managers at Green Residential in Houston, selling a property as-is is a great option for homes that need repairs, but it must meet certain specifications.

“Typically, you have to disclose any and all of the following issues: structural defects to the foundation, the presence of mold, termite damage, leaky roof, high radon levels, legal issues with the title, and other potentially major problems that might not be readily obvious,” they write in an article on their blog.

With the right considerations and marketing, you can sell your home as-is for a great price. Here are a few tips to move the property quickly:

  1. Price It Right

In this respect, selling a home as-is is the same as selling one in good repair: You must price it fairly in order to sell the home. You’ll want to consider the current market with a deduction for the condition.

“Make sure you factor in the needed repairs when you’re pricing the house,” says a USAToday Classifieds article. “Don’t try to get more than the house is worth — buyers will see what you’re doing from a mile away.” 

It’s okay to price the home at a slightly higher price, knowing that you may receive lower offers.

“Buyers may still want to negotiate the price of the house with you, and you may have to make some concessions in order to get the house sold.”

  1. Target Investors

Certain types of investors love a good as-is investment. They know they can get the property for a lower initial investment and can follow it up with a resale for a higher price.

The types of investors you’ll want to target are wholesalers and fix-and-flip investors. Wholesalers look for properties that are priced well below market value and sell them to investors. Selling to this category of buyers can broaden your network of interested buyers.

Fix-and-flip investors also like as-is properties. They can often make repairs for more affordable pricing than you can, so they can fix the property and sell it for a profit.

An article from the National Association of Realtors indicates several huge advantages of selling to investors, including rapid closing, more flexible arrangements, and a willingness to overlook major structural errors.

However, the article warns that you may not get the best deal for your property with an investor. “Most investors only buy properties that are below market value, while a buyer might pay your asking price,” the article reads, instructing sellers to be wary of making a bad deal.

  1. Offer to Pay Closing Costs

When you’re trying to sell your home fast, it’s always a good idea to pay all or a portion of your buyer’s closing costs. If your home has been sitting on the market for a month or so, start advertising that you’ll pay closing costs, and you’ll likely get more interested buyers on the traditional market.

“Offering or at least being willing to pay your buyer’s closing costs increases the number of potential buyers for your home,” writes Justin Pierce of the Washington Post. “There are a lot of home shoppers out there who are struggling to come up with down payment, moving costs and closing costs. Offering or at least being willing to help with closing costs could increase your potential buyer pool by 25 percent or more depending on your location.” 

Unless you’ve already advertised that you’re going to pay closing costs, however, don’t advertise to investors that closing costs are included. Most investors are happy to pay closing costs, reducing your financial loss.

Selling a property as-is features many unique challenges, but it’s not beyond your abilities. With these simple, helpful tips, you’ll be able to walk away from a property with minimal losses.  

Author: Anna Johansson

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news, offering commentary for years, beginning professionally in 2003 on Crazed Fanboy before expanding into other blogs and sites. Appearing on several radio shows, Brandon has hosted Dispatch Radio, written his first novel (The Rise of the Templar) and completed the three years Global University program in Ministerial Studies to be a pastor. To Contact Brandon email [email protected] ATTN: BRANDON

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