Selling your house as-is allows you to basically walk away from your home with much less responsibilities. However, caution must be used because to truly sell your house as-is, means the cash investor or buyer will not ask you to do any repairs. This also means that any inspections will be for informational purposes only. We buy houses in VA Beach as is because it’s easier for you, the seller and it’s a much faster experience.
Cash Offers vs. MLS Listings
How are as-is cash sales different from listing your home for sale as is? It depends on a few circumstances. If you are listing your home for sale with a listing agent and state that it’s an as is sale, this can be vastly different from an as is cash offer. Certain criteria must be met in order to sell your house as-is to a buyer obtaining a mortgage. For instance, the appraisal still needs to be ordered and a termite and moisture inspection needs to be performed. The termite and moisture report needs to be free and clear of all termites, fungus, water, etc. and the appraisal needs to be at value with no repairs as well. Due to the additional underwriting necessary for most common mortgages, some repairs might be required by the lender in order to close. Oftentimes an as-is home sale is not truly an as is home sale. However, when speaking in terms of a cash offer, an as-is sale should be extremely straight forward. The obvious difference here is how long it takes to sell your home and with a fast cash offer, there are fewer unknowns.
Determining The As-Is Value
This part requires the ability to know construction costs for both material and labor, access to very thorough property records and recent sales, and a solid understanding of Virginia Beach real estate market conditions. One of the first questions you should ask yourself: Is it a sellers market or a buyers market? If it is a sellers market, your as-is value might be slightly more. However, if it’s a buyers market, the value could be substantially less. At the end of the day it’s also about your bottom line or the amount you walk away with from the closing table.
Choosing To Sell Your Home As Is
When should you think about selling your house as-is? The old saying, “Location, Location, Location” is very important in the real estate world. The other most important aspect of a real estate transaction is, “Timing, Timing, Timing.” If you are in a rush and time is of the essence, choosing to sell your home as is will allow for a much faster sale if your home is accurately priced.
A lot depends on the condition of the home. Is the roof at the end of its useful life? Are there any structural defects? Has the home been updated at all in the last 10-15 years? It is what it is sometimes. The fact that you are able to let another buyer handle all the issues with the house will mean they will factor that into the offer. Generally speaking, you will receive less with an as-is cash offer than you would if you were to fix the home up. Oftentimes, having to make repairs and become a glorified project manager is a negative in and of itself and when you need to sell your home fast, having to fix it up increases the timeline.
Benefits When Selling As-Is
Negatives When Selling As-Is
We Buy Houses As-Is (HERO UNIT)
Call us today to schedule a time to preview your home. If nothing else, we can give you a very calculated as-is value based on many variables. It won’t take more than 30 minutes. We are looking forward to hearing from you soon!