There are three important considerations you need to keep in mind before trying to sell your home as-is.
If you’re thinking about selling your home as-is, there are a few things you need to keep in mind before making a decision.
First, consider your home’s price. Most homebuyers, especially first-time homebuyers, want a home they can easily move into, and they’re often willing to pay more for that opportunity. Unless your home is priced low enough to compensate buyers for its needed repairs, it may sit on the market. If your budget can tolerate a very low listing price, then you’ve passed the first challenge of selling as-is.
Second, remember that lenders have their preferences too. If you find a buyer who’s using a VA or FHA loan, their lender will have a thing or two to say about your home’s condition. Typically, it’s “Fix it or we won’t loan the money to the buyer.” Considering the VA grants more than a half a million mortgages per year and the FHA loan is the preferred program for first-time homebuyers, that’s a lot of people to exclude from the buyer pool.
Finally, you need to have a strategy. It’s understandable that some expenses are just too costly for some sellers to manage, so you’ll want to consider how to deal with the very low offers you’ll receive. The mere mention of the words “as-is” acts as a magnet for investors and flippers. Know the lowest price you’re willing to accept and remind yourself to keep your emotions in check and don’t take a low offer personally.
Even with these challenges, there is one sure way you can boost your home’s price, and that’s to ensure it’s always clean. When a home is neat and tidy, both inside and out, it sends a subliminal message to potential buyers that someone actually does care about the home.
If you have any more questions about selling as-is or you’re thinking of buying a home in our area, don’t hesitate to give us a call. We’d love to help you.