Older homes or fixer uppers often have a certain charm to them. They have history and a story to tell. However, they also have a lot of problems that can sometimes deter buyers. It is the homeowner or the real estate agent’s job to focus on the compelling aspects of the property — and to paint a picture of what the home could be.
To sell your home “as is,” you’ll also need a good strategy in place. Here are three pathways to consider, depending on your goals for the property sale.
Scenario No. 1: You just want to offload the burden of a house that needs major repairs.
In this case, you might complete a pre-inspection before listing your property on the market. A pre-inspection would entail having a home inspector come to your property and do an objective assessment of the current condition of the house. They would look for things like foundational issues, mold or leaks, for example. Then, you might list the house “as is” on the market and disclose any issues from the inspection with serious potential buyers. When you list a house “as is,” it essentially means that what the buyer sees is what they get. No major repairs will be made.
Selling the house “as is” on the market may also mean that you have to settle for a lower sale price. However, it’s a good option if you just want to offload the burden of managing an older property, like an inherited house.
To avoid having the “as is” house sit on the market, price it appropriately, based on other recent home sales for similar properties. Additionally, read other “as is” listings and find ones that do a good job of focusing on the positives of the house. Use that as a framework when writing your own.
Scenario No. 2: You want to get a good asking price and can afford to take care of the major issues.
You may be willing to spring for some of the major repairs, in order to list your house at a higher ticket price. Some of the items to consider fixing before you sell your house “as is” are things like foundational issues, mold or leaks. Anything that might be deemed a deal breaker for buyers should be addressed if you’re trying to get the best price possible.
On average, foundational repairs can run roughly $4,530. The cost can range greatly, however, depending on the extent of the damage. Mold is another hazard that you’ll definitely want to take care of before putting the house up for sale. There are a variety of factors that influence the cost, including the type of mold, location, size of the problem, and the solution necessary to remedy it. The typical range for mold removal is $1,120 to $3,325. Finally, leaks are another problem that could be taken care of to get a better asking price for your “as is” home sale. The cost of the leak repair will depend on the location and the severity of the problem. Minor leaks may run roughly $630, but major leaks — like a foundation slab leak — can cost an average of $2,280, according to Angi (formerly Angie’s List).
At that point, you’d have to weigh the cost of the repairs and the amount you would actually recoup in the “as is” house sale. If the repair would allow you to list the property at tens of thousands of dollars more, it may be worth it. If it would only increase the sale price by a few thousand, it might not be.
Scenario No. 3: You want to sell your house “as is” quickly — without listing it on the market or making any major repairs.
There’s also a third option, which allows you to forgo listing your house on the market or footing the bill for costly repairs. A professional home investment company, Meridian Trust pays cash for properties “as is” in Florida, Georgia and Texas. When you sell your house to us, you don’t have to update or repair anything. You can also receive payment as quickly as 10 to 14 days from when we receive your signed contract. No inspections, closing costs, or brokerage commissions. You don’t want to jump through hoops to sell your property and we don’t want you to either.
Call us today for a free, no-obligation cash offer: (954) 807-9087.
Note: This guide is for informational purposes only. Meridian Trust does not make any guarantees about the sufficiency of the content in or linked to from this blog post or that it is compliant with current law. The content within this blog post is not a substitute for legal advice or legal services. You should not rely on this information for any purpose without consulting a licensed lawyer in your area.
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