Selling a House As-is In South Florida
What are the pros and cons of selling a home as-is in South Florida? This is a question you may have thought about if you’re planning on selling a home. Sometimes when you are selling a house that has some issues, selling it “as is” may seem like the easiest course of action.
Most homeowners assume that selling a home as-is means they will not have to make any repairs to the property (which is true) and that selling as-is will be practical and involve the least amount of stress (which may be far from true).
Before you make the decision to sell your home as-is, you should be aware of what selling as-is entails. There are some significant downsides to selling as-is. Once you understand your options, you may decide that there are better ways to sell your home that will lead to outcomes you can be truly satisfied with.
Pros of Selling Your Home “As Is”
Real estate market trends in 2020 support a seller’s market in Florida, which can make affordable homes hard to find. This high-priced, competitive market makes buying a fixer upper a more attractive option to many buyers. Though selling a home “as is” will drive down the price, it won’t make as big of an impact when affordable homes are hard to come by.
NO REPAIR COSTS
When you make it clear that you’re selling your home “as is” in South Florida, it’s generally understood you won’t be making any repairs. If your home needs a new water heater, roof, or other expensive repairs that simply aren’t in your budget, you don’t have to figure out how to afford them. Though the costs of repairs will drive down the sale price of your home, you can still profit from the sale.
EASIER SELLING PROCESS
Selling a home “as is” takes a lot of responsibility off the seller. If you’re not able to take on pre-sale inspections, repairs & renovations, staging, open houses, and other preparatory stages, selling your home “as is” can make the process easier.
Cons of Selling Your Home “As Is”
LOWER SALE PRICE
A lower sales price is the biggest drawback of selling a home “as is”. Obviously, the home won’t get the same sale price as the fully inspected, fully repaired and remodeled competition. The severity of the damage will determine how much lower the sale price ultimately is. A real estate agent can help you lower your home’s list price fairly if you’re not sure.
Sellers are required to disclose problems, but buyers know that not everyone follows the law. That means some buyers will expect damages that aren’t there and will lower their offer based on problems that don’t exist. Getting past this distrust is possible, but it can be a significant barrier.
Fixer uppers attract buyers ready for a project, but many other buyers won’t be interested. If the necessary repairs are significant, the condition of the home might make it difficult to get financing, which will drive away all but cash buyers.
Seasoned home flippers make a business out of selling fixer uppers, and these industrious buyers will probably make an offer as low as possible. With buyers starting at low-ball prices, you’ll have to bring sharp negotiating skills to the table to keep the buyer interested and still get a good price. If you’re not sure about this step, bring an experienced real estate agent into your corner to help.
Selling a home “as is” isn’t the best option for everyone, but it can make the home selling process easier in some cases. If you’re not sure whether to sell your home as is or pursue a traditional sale, ask a realtor. Experienced real estate agents have worked with all types of home sales and can point you in the right direction based on your home and your needs.
Reasons For Selling A Home As-is:
1. You really cannot afford to make any repairs.
You may be in a financial situation where repairs – any repairs – are just not feasible. If the property has defects and you have no way to repair them, you may have no other choice but to sell as-is.
However, try to keep an open mind and talk to your Realtor before you make a hard decision on selling as-is. Your Realtor may be able to come up with some creative solutions that will allow you to avoid selling as-is, or at least avoid putting it in your listing right from the beginning.
2. You can’t handle the stress of a home sale
Sometimes homeowners find themselves in situations where they have to sell their home, but they are truly unable to deal with the stress that a drawn-out sales process entails. If you are seriously ill or otherwise incapacitated and do not believe you are capable of dealing with the selling process, you may decide that selling as-is makes the most sense.
Again, make sure to explore all your options before making a final decision on selling as-is. If you can get help from friends or family, or if your Realtor offers to take care of all the stressful aspects, you can probably get a better price for your home if you avoid selling as-is.
3. Financial Distress.
Sometimes an owner will find themselves in serious financial distress and needs to sell their home immediately in as is condition. One viable option in this scenario is contacting an investment company like We Buy Houses In South Florida or another one like them. These type of companies are perfect for those distressed sellers who need an immediate sale.
Disclosures when selling as-is?
When Selling your House in Florida as-is the seller must disclose facts known to seller that materially and adversely affect the value of the property, which facts are not known to or not readily ascertainable by the buyer.
We Buy Houses in South Florida and specialize in buying houses in Miami-Dade, Broward, and Palm Beach Counties.
We have bought hundreds of properties from homeowners just like you, right here in Florida.
Looking for a buyer? Still have more questions? Want to know how much your home might be worth in cash?
We can help. Feel free to reach out to us to get started on the process – we’re happy to answer when you say, “sell my house fast for cash in Florida!”