Should I Sell My Home As-Is?

Written by Wena Roeloffze, REALTOR and Lifestyle Expert, owner of Realty Club 74, brokered by Coldwell Banker Realty.

The decision to sell a home is not always to move for work or relocate for family. Life happens and you lose a spouse, get too frail to maintain your home or inherit property that has been in the family. And then you are faced with the question: should I sell the home as-is?

There are many reasons why that would seem very attractive:

1. You need to sell - and soon! There are many situations where there is a time crunch to sell the home as quickly as possible.

2. Repairs are more than you can afford. A home always need maintenance and upgrading, but let’s face it, not everyone has the time or money to keep a home in tip-top shape for IF you need to sell, right?

3. Minimizing the emotional load. A home carries memories and making changes to a home with sentimental value is not an easy task.

4. You are not familiar with the home’s history. A personal representative with no knowledge about the home would fall into this category.

5. The home is paid off. It might make sense to let the home go as-is if there is no debt or liens on it.

6. Convenience is more important than profit. You just want to be done with it.

   Preparing your home for the market is a lot of work, and it requires time, money and emotional energy. So there are ample reasons why selling as-is may look enticing. However, there are some downsides to selling as-is, including a limited buyer pool, smaller profits and potential inspection issues. Let’s look at these drawbacks:

   1. Limited Buyer Pool: Statistics show clearly that homes in need of repairs and/or updates have reduced market appeal. While investors, wholesalers and home flippers are always on the look-out for a home, they make out a very small percentage of potential buyers. This will result in your property sitting on the market for longer, delaying the sale and increases the probability of damages and more repairs.

   2. Lower Sale Price: Cash buyers and investors are always looking for a bargain and for ways to recoup their investment. Typically they will expect a steep discount to cover the costs of repairs and improvements of the property.

   3. Potential Inspection Issues: Selling as-is does not free you from disclosing known defects or issues with the home. And moreover, buyers, including investors are free to conduct home inspections. And if any significant problems are discovered, this can complicate, delay or even cancel the agreement of sale.

Selling a home as-is is a decision that requires careful consideration, especially for individuals 55 and older. The choice has legal, financial and personal implications, so it is advised that you speak to us about your goals and needs. We can go over the advantages and disadvantages for your specific situation so that you can make an informed decision about selling your home.

Other considerations: RealVitalize is a great program offered through Coldwell Banker Realty to improve and update your home so that you can make more profit on the sale of the home, without lifting a finger or any upfront costs. Read my blog here and send me an email to get the RealVitalize brochure for free. Why sell for less if remodeling wouldn’t take up your time or eat into your profits?

Here are the 5 things we know that will sell your home for more:

• Junk removal and declutter

• Deep clean of the home

• Fresh coat of paint

• Minor improvements and repairs

• Landscaping and curb appeal

Best of all, we can manage and do all of that for you. To learn more about what we do, schedule a call here. You can also fill in the form below and tell me more about your situation. Every home and situation are unique and we are here to help you with information so that you can make the best decision for your situation.