Selling your house can be a major life transaction and as such, it’s critical to approach it from the point of being informed. There’s a chance that you’ve either sold or know about selling the conventional way — listing and using a real estate agent.
Now, selling your house as-is is a whole different ball game. Of course, the basis of both is getting your house sold, however, there are certain areas in which they differ. So, if you’re curious, here’s a guide to selling your house as-is.
Decide You’re Ready to Sell
Sometimes, emotions get in the way of transactions and mainly manifest as indecisiveness. There’s a chance that you’re emotionally attached to the property you want to sell — say, for instance, it’s the home that you grew up in.
Understandably, letting it go can be a lot, however, it’s the first decision you have to make. You must first decide that you’re indeed ready to sell, and more importantly, ready to help the process move along as fast as possible.
Similarly, there’s a chance that you’re not the sole owner of the property — such as in the case of an inheritance. In such a scenario, the other parties involved would have to agree to the sale. Since the ownership is split, you do not have the sole power to move for a sale.
This stage is entirely concerned with clearing encumbrances that may hamper the transaction and cause it to be delayed. Now, when you (in the case of sole ownership) or you and the other party(ies) reach a decision, it’s time for the next point.
Explore the Various Buyer Options
There are several options that you can explore when you want to sell your house — the two main options are using a real estate agent, selling by yourself, or For Sale By Owner (FSBO). Note that this is for the traditional sale process.
However, if you’re looking to sell as-is — which implies that you’re selling your house in the exact state that it is in, your options are more limited. This is why it’s imperative to explore them to the maximum.
You could choose to sell to either rehabbers — people who rehabilitate houses. You could also choose to sell to professional investors — they work similarly to rehabbers and are usually on the lookout for properties with potential.
Now, there’s a third option that could be regarded as either of the two options highlighted — a local cash buyer. A local cash buyer is usually within the same vicinity as you (which could be a missing element with the initial two), and objectively, could offer you the best deal.
Reach Out to a Local Buyer
When reaching out to a local buyer, you have to first of all do your homework concerning the particular buyer you’re contacting.
- First, review their website to see how they operate and what other people they have dealt with have to say about them.
- See whether you can put a face to the business. Businesses where the owners are more than willing to reveal their identity is an indication of genuineness
- Next, review the offer on their website. A local cash buyer would typically detail how they handle purchases like yours, so you know what to expect
- Ensure that your property falls in the category of those that the buyer typically purchases. For instance, we buy houses in any of the following conditions:
- Too many repairs needed
- Fire, mold, and water damages
- Tired of being a landlord
- Financial distress
- Relocation or downsizing due to retirement
- Sudden or unexpected life events
- Structural issues with the house
- Inherited a property you can no longer keep
- Ensure that the local buyer is indeed local. For instance, if I want to sell my house fast SF Bay Area or sell my house in the San Francisco Bay Area, I want to ensure that the buyer is indeed active in this area.
- Note the timeline for closing. For instance, closing is between 7 and 21 days with us, and this can either be sped up or slowed down depending on your preference.
Negotiate
The negotiation process when you’re selling a house as-is is pretty fast. This is one of the major perks of selling following this route. A local buyer would likely make you a cash offer, and while this might be tempting, you need to confirm that you’re getting the right value for your property.
So, you should work with a local buyer who’s evaluating your house on the basis of the after-repair value (ARV). It’s not enough that they tell you ‘We buy houses for cash’ or I know that I can sell my house quickly. Getting a good deal is non-negotiable.
If a buyer refuses to show you the breakdown of how they came about the price they’re offering, then they’re not being upfront with the deal. In such a situation, consider exploring some other local buyer. We are very upfront and plain about how we come about valuing your house because we understand that being transparent is critical.
Wrap Up the Sale
Unlike regular sales, when you sell as-is, there are no further expenses like transfer taxes, escrow fees, or real estate commissions to be incurred. You don’t have to pay any of those. You don’t even have to clean up the place or remove stuff that you deem worthless. That’s for the buyer to take care of.
All you have to do is receive your cash, sign over ownership, and go ahead to do whatever it is that you want. So, you don’t have to deal with a protracted closing process, and even better, you don’t have to deal with several parties since the transaction is between you and the local buyer.
Final Thoughts
The process of selling your house as-is is a pretty straightforward one and is perhaps the most straightforward of all house sale options. If this is your first sale, ensure you follow the tips highlighted above, and you’ll be well on your way to enjoying a seamless transaction.
