1. What does it mean to sell “as-is”?
An “as-is” sale means that the property owner is selling or promoting a house in its current situation, without making any further improvement, renovation, repairs or enhancements to it. Conversely, buyers should be aware of this, and should assume that they will need to make some considerable enhancements to the home before the sale if they hope to make a solid return on their investment.
Moreover, the seller will not invest in any pre-sale home improvements, and the buyer should not expect any requests for repairs to be agreed to. The prospective buyer will receive the house with all its faults and issues intact. If a purchaser requests that repairs are made, they will be typically be denied and the sale rate will not be adjusted through further negotiations after a home inspection.
2. Why sell your home "as-is"?
While there are numerous reasons why you should sell your house as-is, likely the most obvious reason is because it is the cheapest, fastest, and overall easiest way to sell your home. Perhaps the owners don’t have enough money to fix all of the house problems that needed to be repaired, and they recently inherited the home and wish to get it off their hands quickly so they will not be responsible for paying taxes on it. In addition, it may also make sense if people need to move quickly, and do not want to wait for their house to sell on the market. Therefore, the individual in these scenarios would likely elect to sell their home as-is, so that they would not have to spend any more time or money while they wait for the house to sell. Fortunately, due to the fact that an as-is house can be sold easily, contacting a home buyer, such as Congressional Home Buyers, can be a helpful resource to accomplish this.
3. Who buys homes "as-is"
While there are certainly people out there looking for a permanent home, far less are looking to buy a home that needs significant improvements and repairs. For that reason, “home buyers” embrace these types of houses, as these types of investors are more interested in buying houses quickly and at an affordable price. Moreover, someone who is purchasing a home as-is should assume that they are inheriting a property that requires fairly significant improvements, renovations, and repairs.
As a result, home buyers will typically present the seller with a list of questions to develop a better understanding of the property’s condition, as well as request to walkthrough the property and take pictures and video. Furthermore, if the potential buyer feels there may be significant problems with the property that are not immediately apparent, they may request a “study period” so that they can further inspect the home to determine its condition and value, which may delay the sale by several days or potentially weeks. This, of course, may be an issue if the seller needs to sell their house ASAP. Therefore, it is best if the seller is honest about the condition of their home, as a failure to disclose them properly may result in heavily delaying the sale, which could lose them money also.
4. What to know before selling your home "as-is"
First and foremost, selling your house as-is is a great option if you don’t have enough time or money to spend fixing your house’s problems, or if the you are finding it hard to manage the property and you just want to sell it quickly.
While selling your house as-is should require minimal effort, there should be some preparation you should take before agreeing to sell it. The seller of the home should at least be aware of the problems within the house and tell it to their potential buyers, because if the sellers do not disclose information about the houses problems, they may be held liable if there are problems in the future. Moreover, here are some common problems to look out for, which could exist in your home:
· Foundational damage
· Plumbing problems
· Electrical issues
· Water intrusion
5. Why choose Congressional Home Buyers?
·Congressional Home Buyers is a local Washington, DC area home buyer unlike many other companies you might find on your web search when you are looking to sell your home. Dedicating to providing best in class service, competitive offers, and unmatched local market expertise, we strive to make our sellers satisfied. From making the process fast and easy to being transparent and offering great perks to sellers – those who are looking to sell their home in the DC area will not find this level of dedication to service elsewhere.
Start today if you are interested and see what we have to offer!