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When you need to sell your house fast, withdraw your equity, and move on quickly, selling your house as-is for cash is your best option. This means that you are selling your property in its current condition.
Buyers who want this type of home expect it to come without improvements, repairs, or renovations completed. The buyer receives the house as they see it, and the seller does not need extensive work. For a seller, this is the easiest way to sell a house.
Here are some helpful tips for selling a house as-is for cash.
List Your Property As-Is
Make sure you list your property as-is to attract the right type of buyer. Specify that you want to sell house as-is for cash.
Just because a house is sold as-is does not mean it lacks positive aspects. Accentuate your property's unique features, location, and advantages. Paint the most appealing picture of your house, capitalizing on its strengths.
Set the Right Asking Price
Look at your neighbourhood and see what similar units sell for. Note your house's advantages: more bedrooms, square footage, proximity to road noise, and more. Consider any damage to your property and the cost of repairs or renovations. Price accordingly.
A lowballer may use sales tactics to close the deal, such as, "Nobody will buy your house in this condition except me" or "This is my only offer, and it expires at the end of the day." If you feel unnecessarily pressured, don't bite. Reject the offer and move on.
Be Honest When You List
In your discussions with prospective buyers and in your listing, be transparent. If there are significant foundation issues, the roof needs to be replaced, or there are plumbing issues, mention that upfront. Don't leave those surprises to interested parties.
Real estate is so valuable that even if your property has severe problems, you can still close a sale if it's priced to sell. Don't overprice your house. Be honest about the issues and the estimated repair costs.
Clean Your House Before Viewing
If someone is looking at your property, have your house cleaned beforehand. A house as-is can still appeal to buyers. If there's a pet smell or mould, dirty and stinky carpet, chipped paint, or cluttered furniture, these issues should be resolved before a potential buyer arrives.
Be Ready to Move Fast
The #1 advice for selling a house as-is is to prepare to move quickly when you receive an offer. They're buying your house for cash and as-is. This means less paperwork and wait time. If you're available, you may be able to sell your home in a few days.
Real Estate Agent
Some companies buy houses for cash. A real estate agent isn't needed to help you sell your house as-is, and you will only get a commission for doing very little. This type of real estate transaction can be completed entirely by the owner.
Know Your Buyer Pool
First-time homeowners and most buyers would rather pay a higher price for a house that requires minimal work. They aren't your target market for selling a home as-is. Reach out directly to companies and investors who buy houses as-is for cash. Make them your priority and avoid uninterested buyers.
Home Inspection and Renovations
Even though you are selling as-is, a buyer may still want a home inspection. Allow them. This will provide them with a clear understanding of your property's condition.
It is wasteful to spend time and money on a renovation. No fresh coat of paint. No updating fixtures and hardware. Let your house be your house as it is. Don't cut into your sales profits by investing in renovations that won't change your offers.
Have an estimate for your home's repairs done. Know what it will cost to make your house livable so that you can correctly price or negotiate the property. Hire a professional to provide these estimates.
Be Prepared to Negotiate
A buyer may make an offer with contingencies despite the as-is clause. Don't be surprised if you have to negotiate slightly to complete the sale.
Offers should be carefully considered. While you will receive lower cash offers for a house than traditional real estate transactions, some may try to lowball you. They may offer to buy your property significantly below market value. Be careful about what you're willing to accept in terms of cost.
