Selling A Home As Is? When Homeowners Should Consider This Option
Posted on: 28 April 2019
When homeowners plan to sell their home, the most commonly dispensed advice is to make sure the home is completely prepared for the market, including all needed repairs and renovations. While this is sound advice for the majority of homeowners planning to sell, it may not be feasible for some. Homeowners who sell without making repairs or renovations, even if they are needed, are said to be selling in "as-is condition." If you are interested in whether or not you should try this type of home sale, here are four potential situations where an as-is home sale can be beneficial to the seller.
When you have inherited a home you do not want or need
If you have inherited your parent's home after their death, it may be a mixed blessing. While you understand their desire to pass down something of value, you may not actually want or need to keep it. Since many of the homes acquired in this manner may have become outdated or rundown during their parent's later years, the cost to bring them up to marketable condition can be a financial hardship for the new owners. In addition, it may not be feasible to expend the time to obtain permits, hire contractors, and oversee extensive renovations before selling, especially if the property is not close by. Therefore, selling my home as is, for a lower price, may make the most sense.
When you co-own a home that needs to be sold quickly
Selling as-is can also be a good choice in cases where you and your siblings inherit a home and one or more of you would rather have cash than the potential burden of a piece of shared real estate. Another example is when a divorce requires a home to be sold quickly so that the proceeds can be split between both parties.
When your home is impacted by a weather or natural disasters
Homes that are damaged due to flooding, earthquake, wildfire, and other natural disasters pose a challenge for their homeowners. If the structure is repairable, the cost and time involved in doing so may be difficult to justify. Once the insurance has settled the claim, a quick, as-is sale may be the best way for the homeowner to move forward after this type of devastation.
When financial circumstances call for the fastest possible sale
Homeowners who are facing foreclosure or other types of financial issues may find that selling their home quickly, in as-is condition, can help them begin to rebuild their financial lives. If you are facing one of these four situations, or another that you feel may be best addressed by selling your home as quickly as possible, consider seeking the guidance and advice of a trusted real estate professional.
Share