How to Sell Your House As-Is
As long as you disclose all defects and set a realistic price, you can avoid the hassle of getting the house market-ready by selling your home as-is. The bonus? A quicker sale.
Thinking about selling your house as-is? Perhaps you’re pressed for time and need to get out of the home quickly, or maybe the house needs expensive repairs that you can’t afford. Here’s what you need to know about how to sell a house as-is and whether it’s the best move for you financially.
How to sell a house as-is
An as-is sale typically means forgoing the traditional market and choosing not to list it on the Multiple Listing Service (MLS). Instead, you’ll seek out a cash buyer who will buy it in its current condition and close the deal quickly. Some steps to take:
- Set a realistic price. Consider what other houses of a similar age, square footage, property features and location are selling for in your local market. Based on that, set a realistic asking price and decide ahead of time how low you’ll go and how much you’re willing to negotiate.
- Check for defects—and disclose them. In most states, you are legally obligated to disclose all known defects to any potential buyer. From mold problems to foundation issues to a leaky roof, if you don’t disclose, you could be held liable for misrepresenting the property. Spending the $300 to $500 for a pre-listing home inspection is worth it so you can be sure you don’t miss anything.
- Market your house, making it clear that you are selling as-is. When you sell your house as-is—whether or not you enlist the help of a traditional real estate agent—you’ll need to take photos and list or market your house. Be sure that any marketing makes it clear that no repairs will be made.
- Keep it as clean as you can. You may not be investing in any repairs, but keeping the house as tidy as possible can help. Things like mowing the lawn, putting the dishes away and keeping the beds made take minimal effort and can increase appeal.
- Choose an offer to accept. If you’re selling your house on your own, you should be extra vigilant about predatory off-market buyers who will try to take advantage of you for a good deal.
Working with Sundae can provide peace of mind and help streamline every step in this process. Most important, Sundae will vet offers from a trusted network of cash buyers so you can choose the best possible one.
Risks to selling a house as-is
Deciding to sell a house as-is involves a tradeoff. In exchange for a fast, simple and direct cash transaction, the seller typically accepts a lower price than in a traditional sale. In 2022, the median price for a fixer-upper was $225,000, which is 45% less than a comparable turnkey home. That’s a big difference, but the actual price difference will vary greatly depending on your location.
Let’s say you have a house that’s worth $200,000. In Springfield, Illinois, a turnkey home costs about 18% more than a fixer-upper, meaning you could make the necessary repairs and sell for around $236,000.
But let’s factor in the cost of repairs:
- Replace the old roof: $9,000 (national average)
- Paint the exterior: $3,000
- Install new carpet: $1,700
- Update the electrical panel: $1,200
And then once you pay your real estate agent their 6% commission ($14,160), you stand to make an extra $6,940 at closing.
By calculating what your net proceeds would be, you can figure out whether the repairs are worth the investment. It will cost both time and money to renovate, so it really depends on your situation. Major updates such as a new roof or having to deal with foundation issues are costly and take months to fix.
If your house only requires minor repairs such as replacing a kitchen sink or installing new cabinets, you may want to address those issues and then list it for sale.
|Project||Average Cost to Repair|
|Replacing ducts and vents||$500–$2,100|
|Installing new flooring||$500–$14,750|
|Small kitchen remodel||$5,000–$30,000|
|Replace a roof||$5,700–$12,300|
*Average Pricing Source: HomeAdvisor
Why sell a house as-is
There are many reasons homeowners may want to sell their home as-is. Typically, these boil down to a combination of life circumstances and a lack of time, money or renovation expertise. The death of a family member, divorce, bankruptcy and foreclosure may compel a homeowner to sell their home as-is. And while the reason may not always be happy, there are also some notable benefits to selling as-is:
- Save money: You won’t have to fork up a lump sum of cash to make expensive repairs. You also won’t pay agent fees, transaction costs, and holding expenses.
- Save time: You won’t have to spend time and effort coordinating with contractors and getting repairs done, which may take months. You also bypass the time taken by showings, cleanings, open houses, and other steps in the traditional listing process.
- Avoid stress: Putting your house on the market the traditional way means you need to wait for a buyer to view your house and then make an offer. Selling as-is means avoiding the uncertainty of waiting, negotiating and navigating a complex process.
If you lack the cash or time to make repairs and get the house market ready, selling as-is provides a convenient, worry-free alternative. At Sundae, we connect homeowners to the largest network of trusted investors who will compete to get you the highest possible price for your home.
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