Sell My House As Is Fast: Advantages of Selling Your Home Quickly
By Johnathon Case
Selling your home as-is means that you sell it in its current condition. The buyer understands that you’ll not complete any repairs and the home is sold without any additional expectations.
When would you want to sell a property as-is? If you need fast cash, selling your property in its current state may be your only choice. However, there are plenty of other reasons to sell your home without completing any repairs or fixes.
Why Should You Consider Selling Your Property As-Is?
Why should I sell my house as-is? Selling your property in its current conditions allows you to avoid repairs and the extra difficulties that they bring, such as:
- The repairs may take too long to complete
- The cost of the repairs may exceed your expectations
- You may end up owing more than the house is worth
- You may still struggle to sell your property
- You cannot afford to complete any repairs
- You don’t want to deal with the stress of repairs
Repairs and renovations rarely go as planned. The repairs may take much longer than you planned. For example, the contractors may discover an issue that results in a delay or added costs.
Added costs occur during almost every renovation. The estimate that you receive before work begins is rarely the same as the final price.
By the time that you complete the repairs, you may end up owing more on the property than its worth. Selling the property may result in a loss after you pay off the mortgage and any loans that you took out to complete the repairs.
Even after completing the repairs, you may struggle to sell the property. It may not be the best time to sell a home in your neighborhood. If there isn’t a lot of demand for properties, your newly remodeled home may simply sit on the market.
If you can’t afford any repairs, then selling your home as-is may be the only option. This is more common when you’re dealing with costly repairs. For example, if your furnace recently died or you’ve discovered roof damage, you may need to spend thousands fixing the issue.
You may also want to avoid the stress of repairing your home. The unexpected timeframe, costs, and outcome of the repairs are stressful.
Avoiding the hassle of renovations is also necessary if you’re seriously ill or not able to handle the challenges of getting your home ready.
Besides these reasons, you may simply need to sell your property as-is due to your financial situation. You may be facing foreclosure, mounting debts, or costly medical bills. Selling your home as-is may help you resolve these financial problems quickly before they become even more of a burden.
Why Sell Your Home for Cash Instead of Listing It?
After deciding to sell your home in its current state, you need to decide how you plan to sell it. Selling it yourself or working with a realtor allows you to sell to potential buyers and negotiate a sale price.
However, these options also bring may added tasks, expenses, and fees. Before choosing to list your home on the open market, you should understand what this involves:
- Preparing the property
- Open houses and showings
- Potential buyers
- Drawn-out sales process
- Real estate agent fees
- Expensive closing costs
If you plan to list your house on the open market, you need to get it ready. Getting your house ready may involve more than repairs. You may need to deal with cosmetic issues, such as replacing carpeting, repainting walls, power washing the siding, and cleaning up the yard.
After you make your home presentable, you then need to arrange open houses and showings to let prospective buyers explore your home. These showings take time out of your day. They also occur continually until you’ve found a buyer.
Dealing with buyers is one of the most frustrating parts of the home-selling process. You may deal with people that seem interested in your property before disappearing.
You may also find yourself dealing with potential buyers that can’t make up their mind. They go back and forth about wanting to buy your property only to find a different home.
When you try to sell your home, you’ll face endless questions and interactions with these prospective buyers, until you finally find someone that makes an offer.
Finding a buyer is just the first part of selling your home. You still need to deal with the lengthy, drawn-out sales process. The closing date is often two months away. In some cases, you may need to wait three months.
As part of the sales process, the underwriters need to determine everyone’s fees and the total closing costs. Realtors often earn 6% commission, which is based on the total price that your home gets sold for. The closing fees may cost an additional 1% of the purchase price.
If you sell your home for cash, you don’t need to worry about these fees. You also don’t need to worry about frustrating buyers or repairs.
How do I sell my house as-is for cash? You contact a home buyer that specializes in cash offers, such as the team at Sell My Old House. We have years of experience helping individuals get out of their properties quickly.
We have a streamlined process designed to make selling your home more convenient. You don’t need to prepare the property, deal with open houses, or talk to other buyers.
When we purchase a property, we simply require a visit to assess the house. We then provide you with a cash offer. If you accept, you may have your cash within a couple of weeks.
Situations Where Selling Is More Cost-Effective
Selling is often more cost-effective compared to dealing with extensive repairs. If you’re currently dealing with any of the following, you should think about selling your property for cash:
- Neglected rental properties
- Unsellable inherited properties
- Homes damaged due to disasters
If the property has been neglected or damaged due to horrible tenants, you may not want to deal with the repairs. You may also need to wait until the repairs are completed before you can find new tenants.
During this period, you’re not collecting any rent while continuing to pay your mortgage, taxes, and insurance on the property. By selling the rental property, you can cut your losses and move on to the next rental property.
Receiving an inherited property that requires renovations can be a challenging situation, especially if the property still has a mortgage.
After taking ownership of the property, you need to start making payments. In some situations, you’re not allowed to keep the existing mortgage, requiring you to sell the property or pay off the mortgage in a matter of months.
When you inherit a property, you may end up with a home that is in great condition. However, it’s also possible that the home will require extensive repairs. If you don’t want to address these repairs, you can consider selling the property in its current condition.
You can also sell homes damaged due to disasters and accidents. Homes that have become unlivable due to fires, floods, and natural disasters may never sell on the open market.
At Sell My Old House, these are all situations that we’ve dealt with countless times. Homes that are difficult to sell on the open market can remain on the market indefinitely. We offer an alternative by buying your home for cash.
Conclusion: Should You Sell Your Home As-Is?
Deciding to sell a home is a major decision that brings many additional decisions, such as whether to fix up the property or sell it in its current condition.
There are advantages and disadvantages to selling your house as-is. If you plan to list your house on the open market, selling as-is may limit the number of buyers interested in your property. Most buyers don’t want a property that isn’t move-in ready.
Buyers will also present low offers. You’re unlikely to get anywhere close to market value from buyers that see your property as a fixer-upper.
These drawbacks also cause your home to sit on the market longer. In the end, you may struggle to sell your home to anyone.
There are also advantages to selling as-is. When you sell your home in its current condition, you don’t have to repair it or get it ready for buyers. You also don’t need to face the stress of planning the renovations and carrying them out.
By selling your home for cash, you can enjoy the benefits of selling as-is without the drawbacks. You get to avoid dealing with buyers and their lower offers. You also avoid waiting months to find a buyer and the extra two to three months that it takes for the closing date.
When your home is not in the best condition, you don’t have to repair it before selling it. You can sell it now and avoid spending weeks or months getting the property into better shape.
If you want to eliminate the headaches that come with home renovations, consider selling your house for fast cash.