What to know about selling a house “as is.”
What does selling a house “as is” mean?
In real estate, selling a house “as is” means that you are saying you will not make any repairs or enhancements before selling. Prospective buyers will buy the property exactly as it is, whether it needs simple cosmetic updates or has significant issues such as a bad roof or cracked foundation.
Many people sell a house “as is” due to time constraints, financial difficulties, or the fact that they just don’t want to go through the hassle and cost of renovating the house.
However, selling a house that needs a new coat of paint and some small fixes is quite different to selling a house with structural issues or more substantial problems. In order to sell a house “as is,” the house has to meet Minimum Property Requirements (MPRs) in order for the buyer’s loan to be approved and to meet government standards when selling your house on the open market.
What are Minimum Property Requirements when selling a house?
MPRs are standards which must be met to ensure that a house has a certain level of safety and livability. These standards vary some by location. Many include:
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Structural soundness
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Plumbing standards
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Fire safety
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Electrical system standards
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Direct accessibility
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Efficient septic system and drainage
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Good ventilation and air quality
When selling a fixer-upper, be sure to check your local MPRs with a checklist from your local government website. Having a pre-home inspection is a smart move to ensure that all problems are identified when selling a house “as is.” In most states, it’s the law that the home seller discloses any defects to potential buyers. Not doing so can potentially lead to serious legal problems and financial consequences down the road.
How to sell a house “as is”
If your house only needs cosmetic improvements and passes the pre-home inspection checklist, it’s time to figure out the asking price of your fixer-upper house based on the housing market in your location, then subtracting in the amount of money it would take to fix the problems. Getting quotes from several contractors is an easy way to figure out the price of updates and repairs.
Although your asking price will be lower than the surrounding market value, and the pool of potential buyers may be smaller, you could be surprised at the creativity and willingness of some people who would love to dig in and work hard to create a lovely home out of your fixer upper. Your house may also attract investors and house flippers.
When selling a house “as is,” stress to possible home buyers the potential of the house, and point out its good qualities in your listing. Does your house have hardwood floors? A finished attic or basement? Mature trees? A great front porch?
If you’ve had great ideas for the house, share those ideas with interested buyers to open up possibilities for them.
Legal aspects of selling a house “as is”
When selling a house “as is”, it’s prudent to consult with a real estate attorney so that you thoroughly understand the ins and outs of selling this way, and what contracts you should use when closing. Also, it’s important to cover all your bases and use an “as is” addendum in the sales contract. This will add a layer of legal protection for you.
How can you sell a house "as is” for cash?
Sometimes you can’t find a buyer for your fixer-upper house quick enough, or your house may not meet the MPRs and any interested parties may be refused loans. Is there a way around these dilemmas? Fortunately, there is a solution! You can sell your house “as is” to We Buy Ugly Houses® because MPRs don’t matter to us. Houses with termite destruction or fire damage don’t deter us—we love to renovate houses. We’re your go-to cash house buyer.
Closing fast is one of the benefits of selling to We Buy Ugly Houses, along with fair cash offers, no commissions, and no hidden fees. We even pay typical closing costs. And our property specialists are experts in their local housing markets, so they know how to make fair offers and navigate around red tape.
Simply contact us for a free, no-obligation consultation. Our friendly, local property specialist will meet you in person at your house, answer your questions, and explain the streamlined process. We can often give you a fair cash offer on the spot. If you accept, you’re on the fast track to a quick closing, often in as little as 3 weeks.
Our business has been operational since 1996, and we’ve bought over 150,000 properties since then. Our happy customers rate us with a high 95% rating, and we’re honored with great reviews.
Contact us to find out more about selling your house “as is.”
