If you have a questions about anything, you check out Google or any other search engine. The internet is full of suggestions for making your house more attractive to buyers and getting a quick sale, but there isn’t really much on the pros and cons of selling your home as-is. Continue reading below to learn if selling your home as-is the best for you.
As many homeowners know, improving the curb appeal of your home always pays off. For example, landscaping can increase the value of your home by around 5 to 20%. Other tips and tricks include replacing your roof and windows or painting your house in the latest trending shade. Of course, these things cost money and if you don’t have the money to do so, it might be a little harder to sell on the MLS and with a Realtor. Let’s dive in and see how it works.
What Does ‘As-Is Mean?
To put it bluntly, “as-is” means “what you see is what you get.” It’s not quite that simple, though. To sell your house in its current state you need to expose all the gory details to prospective buyers, no matter how embarrassing they are. Nevada has its own requirements regarding the things you must disclose. These usually refer to aspects of health, safety, and structural defects. Unfortunately, to get a list of all the defects, you will have to pay for a certified home inspector. Even though it is a small inconvenience, you would have to do it anyway if you were selling your home the traditional way.
Benefits of Selling Your Home As-Is
Even though the home might be in disrepair, selling the home as-is can still a good option for many homeowners. Here are four main benefits to selling a home completely as is.
1. A Quick Sale
Selling your home as-is in Reno takes time and time is one of the biggest motivators. Ninety-nine percent of people want to pay as little as possible for things, especially a house. That’s why the more expensive a house is, the longer it stays on the market. Most buyers hang in there hoping that the seller will become desperate and drop their price. On the other hand, the longer a house stays on the market, the more convinced prospective buyers are that the price will eventually come down. There are many good reasons you may want to get rid of a home quickly, such as;
- You’re Moving: If you have found a new property and you want to sell your house to make a down payment on the new one quickly.
- Divorce: A quick sale can help wrap up the divorce and you can move on with your life.
- An Unwanted Inheritance: If you have inherited a house that you are not going to occupy, you may not want to deal with the upkeep… Unless, you are prepared to handle the maintenance, repairs, and administration involved with renting the house out.
- You Need The Cash Quickly: We understand that life happens and sometimes you get into a bind. Selling the home as-is can give you the cash you need to cover the expenses.
2. Avoiding Costly Repairs
Most people in the Reno area who want a quick and easy sale, normally don’t want to put forth the effort of a lengthy renovation process to attract buyers. There’s no guarantee that these modifications will work out to get you the best bang for your buck. Spending money on improvements will increase the value of your home, but until you have an offer you won’t know how significantly. It’s impossible to predict how much to spend in order to get a specific return. If you simply can’t afford costly renovations or even basic repairs, you should seriously consider selling the home as-is.
3. No Real Estate Agents Commission
Real estate agents can be most useful in finding qualified and willing buyers. They will also take care of advertising your house and showing it to clients. However, all this comes at a fee. Usually, agent commissions are around 6% of the total sale price. That can add up quickly. You rarely need a realtor when you’re selling the home as-is. Click here to read this blog about selling a house yourself. Honesty is the best policy for this kind of sale. Being as transparent with prospective buyers as possible can save you a lot of hassle down the line.
4. Skip the Staging
Apart from ensuring that your home is neat and clean when buyers come to see the home, you don’t need to put on a show when they arrive. They don’t expect your house to be perfect. This saves you a lot of time, effort, and anxiety trying to get it to look like something out of an HGTV show.
The Downfalls of Selling a Home an As-Is
There a very few downfalls when it comes to selling your home as-is in Reno. In many cases, it’s worth the risk. These are the major negatives associated with this kind of sale. These include;
- It Creates a Negative Impression: When potential buyers see the home is for sale as-is, they may just breeze past it without much thought. But any buyer that is looking for a good deal, they may stop and look. Showing a home that needs to work opens the door for them to look for faults in an attempt to negotiate a cheaper price.
- You May Come Across as Desperate: Many potential buyers will assume that you are desperate and may give you a low-ball offer. Be prepared to have a counter-offer. Of course, keep your bottom line price in mind. You can expect offers that are less than what the home is worth or even below what you want to get.
- Limited Market: Just like anything, there are certain people that you will attract when you’re selling your home as-is. Some people like fixer-uppers and some that don’t. Not everyone has the foresight to see the potential that isn’t in the greatest condition. And even fewer people have the patience, funds, or time to take on renovations. Sometimes, a low purchase price can’t make up for the time stress or effort needed for the repairs or renovations.
- May Have to Settle for Less: When receiving offers for your house, and time is not on your side, there may not be any other option but to accept the offer… Even if it’s much less than expected, especially if you need a quick sale.
There Is Another Way
The safest and best route for selling your Reno house as-is to offer it to an investor that buys houses in any condition for cash right here in the Reno area. Of course, there are the pros and cons of going with a home buying company, here some to name a few;
The Pros of Selling to a Cash Investor
- Investors that buy houses as-is will make an offer without all the back and fourth negotiating
- They have the cash available (or a hard money lender) to close on the property quickly and not having to jump through all the hoops like traditional buyers.
- The cash buyers rarely if ever request formal home inspections or appraisals to seal the deal. This saves you time and money. Some home buying companies will buy your home without even seeing it in person. At Envy Property Solutions, LLC we usually will come out and look, however, due to coronavirus we can utilize technology to look at your home (via zoom, or google hangouts, etc)
The Cons of Cash Investors
- The only negative is that investors have their own costs to consider and are likely to offer you a below market value. If you have no emotional ties to the house and no other offers, this can be the quickest and easiest solution for you.
As long as you do your homework finding a reputable company that buys houses for cash, selling a house in Reno this way is often a win-win situation.
Are You Looking for a Fast Cash Sale?
If you’re located in the Reno area and area thinking of selling your house as-is quickly, you’re in luck. At Envy Property Solutions, LLC, we buy houses completely as-is! And we are looking for new investments and people to help in and around the Reno area. We can assure you of fast and friendly service, fair prices, no pressure what-so-ever, and of course, the peace of mind you deserve. Reach out to our team right away if you want to start the process of selling your home as-is for cash. (775) 391-5236