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If you are looking to sell a home “as-is” in Las Vegas, this guide is for you. You may have inherited a home or you may have had your existing home listed for sale with another real estate agent and had no offers, but an offer to buy “as-is” — that is, the buyer assumes all responsibility of repairs.
We had a client recently sell their home “as-is”. The home was in disarray due to many unfinished projects around the house. The house was also older, and they knew that repairs simply weren’t in their budget.
They understood that they would be selling their home for much less than they could get for it by listing it as-is. The house actually sold in a matter of days, they didn’t have to make any repairs, and the buyer got a great deal.
Everybody in the transaction felt like they came out a winner.
There are several things to know before listing your home “as-is”.
1) You may not be able to get the asking price if it’s clear the house needs work. The market will have a lot of bearing on this. If it’s a limited inventory market, people are more willing to buy a fixer-upper than when they have a lot of choices.
2) Selling as-is might take longer costing more to hold the property than to make repairs on your own.
3) The Seller is still required to provide a Sellers Real Property Disclosure which will disclose all material defects.
4) Generally, in an as-is sale, the buyer agrees to purchase the home without asking for repairs. This doesn’t mean that they have to waive the right to an inspection.
5) You can still use a real estate agent.
6) Banks may decide not to finance your home because of problems they find, which means you could end up losing out in terms of profit and exposure for more reasons than just needing repairs done. Finding a cash buyer is an idea if you are selling your house “as-is”. Your real estate agent can choose cash-only financing in the MLS description, although this will limit your buyer pool considerably.
If you want to sell your house in “as-is” condition and are willing to potentially take less money in order to avoid repairs, this might be a good solution for you. You will still be required to disclose material defects, and the buyer still has the right to an inspection. Some loans will not be approved with certain conditions left unrepaired. A cash buyer is often preferred in an as-is transaction.
If you would like to discuss selling your house, please call Lori Ballen Team at 702-604-7739.