Oct
12
Is it a real risk to sell property as is?
By
I really dont have the means or patients to fix up my home to sell. I need carpet and paint bad. Some of the closet doors are broken also. Any advise?
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12 Comments
October 13th, 2009 at 12:32 am
The risk is that the buyer will lowball you.
October 14th, 2009 at 8:46 am
It’s alot bigger risk to BUY a hose as is.
October 15th, 2009 at 2:10 pm
Offer a rebate to the buyer. That way you don’t have to come up with the cash, it comes out of the closing costs.
For example, if the selling price in your neighborhood is 100K. Sell your house for 100K with a 10K rebate that allows the buyer to purchase the carpet color of their choice. It should also be enough to paint and replace closet doors.
The idea of a rebate is attractive. The buyer can do some of the work themselves if they choose to keep most of the 10K.
Lots of homebuyers repaint anyway to achieve the look they want. Discuss this option with your realtor. They will give you the selling price and the rebate amount that will work for your area.
October 16th, 2009 at 2:27 pm
If you don’t have the money for repairs, then sell as is. As long as you make a little profit, you’re ok.
October 17th, 2009 at 10:47 am
yes it is ……and you won’t be able to get as much for the house as you’d like to
October 19th, 2009 at 2:24 am
selling as is , you may not get the monies you want because many things could be wrong and the buyer will have to fix it up and be an added expense to them… I think its more of a risk to the buyer because buying as is normally means site unseen in some cases… and as you stated .. many things need fixing.. If you have the monies to invest in an asis homes then it may be worth it to the buyer!
October 21st, 2009 at 12:31 pm
chances are you will get a lower offer. it might be worth it to have a neutral carpet put in and put a fresh coat of paint on. then just add the cost to your house. otherwise the only people interested are the ones looking to do that same work and flip your house on the market.
October 23rd, 2009 at 4:33 am
What risk? You just won’t get top dollar.
October 26th, 2009 at 1:11 am
Most sales are as is, unless you’re offering a warranty. When you get an offer and the buyer comes back with a inspection list, don’t fix it. make sure your price reflects the condition.
October 27th, 2009 at 12:57 am
There is no additional risk selling as is, but don’t assume that because you are selling as is that you no longer have to disclose known defects — that does not change just because of the “as is” clause in the contract. “As is” normallly means that you are not willing to fix anything that is wrong with the property.
Pricing property being sold as is can be a challenge. On one hand, many buyers will try to lowball their offers and that can be an issue if you have already priced the property reflecting any known repair and deferred maintenance costs. You and/or your realtor should be prepared to discuss how you arrived at your asking price, taking into account all comparable sales and then discounting for repairs.
In the current market, buyers are either looking for pristine properties or bargains. If you don’t fit either category, it could take a while to sell your property.
October 30th, 2009 at 5:37 am
No not a risk but you will take a loss most people nit pick a house when theyy are thinking of buying it
October 31st, 2009 at 11:22 pm
There are plenty of folks out there looking for fixer properties, you just will not receive a great price for it.
You can sell as is, give the buyer a repair allowance, or price appropriately for the amount of work needed.