In 2021, over seven million homes were sold in the U.S, many of which were sold on an ‘as is’ basis. Selling as is comes with its advantages and disadvantages, from streamlining the buying process to not getting enough interest in your property.
But there are other ones that you may be unfamiliar with if this is your first time selling. Perhaps you’re hoping to broaden your knowledge and want to know the balanced argument before making an informed decision. Sounds like you? Luckily; you’ve come to the right place.
Here are the pros and cons of selling as is.
Before selling your home, it’s important to acknowledge the benefits. Although each process is unique, these are the most common ones. For example:
No Repair Costs
Selling your home ‘as is’ is one of the best ways to sell your home as there are no repair costs involved. This is useful if you can’t afford to invest in major repairs. But this doesn’t mean you can sell a home when it’s inhabitable, as it reduces the chance of a sale. If you want to get the ball rolling, look here for more information.
Another benefit of selling in this way is that it’s less stressful. The buying process can be drawn out and frustrating, which isn’t ideal if you want to sell the property quickly. Instead, contact a real estate agent to handle the process for you.
Avoid Financial Problems
You should consider selling for cash if you’re struggling with financial problems. It could be because you want to sell a home you’ve inherited or secure money for your next house. Whatever it is, reap the benefits by selling your home as is.
Although selling a home as is sounds attractive, there are downfalls. Make sure you consider these before taking the plunge. For instance:
Buyer May Walk Away
You may have found a dream buyer, but it isn’t set in stone when you’re selling as is. In most states, buyers are given a contract where they can withdraw their offer within a specific timeframe. Because of this, it could prolong the process and put you in a difficult situation.
Another problem is you may only attract low offers. This is because buyers assume you’re desperate to shift the property and will make an offer accordingly. If you’re not careful, you could sell your home well below market value.
When you sell your home as is, there can be less interest in your property. Buyers may think you’re selling because it’s a poor property and doesn’t want to take the risk. Because of this, it can take longer than traditional methods.
Pros and Cons of Selling as Is
Hopefully, armed with this information, you can decide whether it’s worth selling as is. There are many benefits to take on board, such as the lack of repair costs and zero stress. But it’s important to also consider downsides like only attracting low offers and the potential for buyers walking away. Did you enjoy this read? Then, check out the rest of our blog.