A home listing with an as-is status can instantly bring to mind there is something wrong with the property, that it is in serious need of large repairs. The truth is a home in any condition can be sold under an as-is condition. Even one that is in peak condition. All the words “as is” mean that the seller will be letting go of the property and will not be making any repairs or upgrades.
A home sold under an as-is status means that the seller will make no guarantees on the condition of the home including its major systems to be in proper working order. This frees the seller from any requirement of disclosures unless mandated by local laws. This most often also comes with a lower than market value price tag.
If you’re considering selling your home under the as-is condition the low inventory of homes may be to your benefit to be able to sell more successfully.
Here are some reasons you might want to consider selling your home as is
You are in a hurry to get the property sold
You may be moving to an entirely different location and have a time crunch on your hands or you might have an investment property that you need to get rid of while we are still in a hot seller’s market.
As mortgage rates are on the rise, and the number of buyers is slowly beginning to dwindle, you want to get in on being able to sell quickly while inventory is low and there are still enough buyers interested in homes. Listing your home as is could help you to be able to get around selling further down the road after fixing it up when mortgage rates are much higher.
You own the home outright
Maybe you inherited a home from a loved one that has passed away and there is no mortgage or lien on the property. If you have no use for the home or cannot take on the property taxes and maintenance you may be eager to sell it and put the money to better use for you personally.
Or maybe you have lived in the home for several years and have paid off the mortgage. As property values have risen you could make a nice profit even if your home is in good condition, but you do not plan to update it.
You are unable to spend money on renovations
Not everybody has the financial means to be spending hundreds of dollars to get their home in top condition. And right now, it is even more difficult with inflation of prices on products to renovate. Supply chain issues are also causing home projects to take much longer and cost much more.
As home prices rise significantly you may have plenty of equity to enable you to make a tidy profit on your home without doing any work to it.
There is an emotional burden tied to the property
Life can get messy and unexpected and there are many reasons that can lead us to the unexpected need to sell our homes. Maybe you’re in the middle of a less than pleasant divorce. Maybe someone you love has passed away. Or maybe one of the homeowners has taken an unexpected and expensive toll with a significant health issue.
While you may not make a top profit selling your home as-is, there could be certain scenarios where it would be more beneficial to go ahead and sell your home without doing any work. Communicating that you will not be doing any work to the property unless legally bound to do so.
For more information on real estate in St. George and surrounding areas please contact me anytime.