How to Sell a Home in As-Is Condition
Sometimes circumstances require a homeowner to sell their house as quickly as possible without investing in repairs or upgrades. Whether you’re dealing with a divorce, facing foreclosure, or if you’re looking to pay back creditors by selling a home in probate, it’s often more practical to sell the house in its current condition as a distressed property.
What is a Distressed Property?
A distressed property is a property that is at risk of foreclosure or already is. Most of the time, a property becomes distressed when the owner cannot continue to make payments on the mortgage. This could be due to financial issues or unforeseeable life circumstances.
Property is also considered distressed when a buyer owes more on their mortgage than the home is worth. This is known as an underwater mortgage. That puts the homeowner in the undesirable position of paying down a home that has little to no equity.
If you find yourself in foreclosure or struggling with an underwater mortgage, consider selling your home as-is to a cash home buyer. Selling helps to relieve your financial stress and take the pressure off your situation.
How to Sell a House As-Is
If you are wondering how to sell a house in as-is condition, there are a few things to consider. One option is to list the property yourself. Selling the property independently requires time, research, and further interactions with inspectors and banks. It may also mean you pay for minor repairs or accept a low offer. Another option is to work with a cash home buyer specializing in buying homes in as-is conditions.
Listing the Property Yourself
If you list the property yourself, there are several details to consider during the process. These include:
- Listing the home in “as-is” condition and preparing yourself to receive low offers
- Performing a pre-inspection and disclosing everything found during the inspection
- Spending money on high-priority issues like repairing a furnace, addressing mold or water damage, or replacing the roof
- Spending money on cosmetic fixes like paint, carpet, caulking, light or sink fixtures, or replacing burnt-out bulbs
In addition to spending the extra money to repair elements that may cause a safety concern for potential buyers, if you list the property yourself, you need to think about how to attract buyers with your listing in order to sell your home. This is tricky as you want to highlight the positive aspects of the property without misleading buyers.
To create a marketable listing, bring attention to the best features of your property, such as its location, floor plan, and lot size. Make sure to price your home appropriately by researching the recent selling price of similar homes in the area. Finally, use exciting, relevant keywords in your listing that represent your home accurately and attract buyers.
Using a Real Estate Agent
Another option when selling a distressed home is to work with a real estate agent. Real estate agents are experts in preparing a home for buyers and can offer you helpful advice on how to get the highest offer, which can be challenging for a home that is visibly in need of repairs or an update. They’ll be able to help you stage the home to maximize its appeal and highlight the best features the property has to offer. However, real estate agents charge a commission for their services, which cuts into your profit on the sale of your distressed home.
Working With a Cash Home Buyer
If you choose to work with a cash home buyer, the process of selling your distressed home is much more straightforward. In a few easy steps, you can sell your home quickly with minimal effort on your part.
First, reach out to a reputable cash buyer. They will speak to you about how the process works and ask you about your property. If you decide to move forward, the cash buyer will give you an estimate and schedule a walkthrough of your home. During the walkthrough, the buyer assesses the home’s value and makes you a fair offer within a few hours of the visit.
You get to review the offer under no obligation, and if you decide to move forward with the sale, the cash home buyer takes care of all the closing paperwork for you. The cash buyer works on their end to ensure that the sale goes smoothly and at a pace that you are happy with.
Why Consider a Cash Home Buyer?
If you’re selling a house in poor condition, it’s worth considering a cash home buyer like Meli Homes. While there are several scenarios where it might be possible to sell your home on the open market without carrying out repairs, like a hot real estate market, most of the time, a traditional buyer or their lender will require a professional home inspection as a condition of sale. Any non-visible issues that these inspections turn up will likely need fixing at your expense before the closing date.
When your home is distressed and is visibly in need of repairs or an update, it can be challenging to find a regular buyer who’s willing to pay your asking price without any of these renovations. However, a cash home buyer can take an unwanted property off your hands quickly without you investing thousands of dollars in inspections or repairs.
By selling to a company like Meli that purchases homes in “as-is” condition in Lakeland, Daytona, Cocoa Beach, and other central Florida cities, you alleviate the stress and hassle of showing your home and negotiating with buyers.
At Meli Homes, 85% of our deals close within 30 days from the time you receive our quote. If you’re looking to unload a property quickly without putting any money into it first, a cash home buyer company may be a great option for your circumstances. Meli even works with you to resolve tax liens, and you don’t need to worry about real estate commission or other hidden fees.
Work With Meli Homes
If you’re a Florida homeowner looking to sell your home in as-is condition, Meli is the solution. To learn more about the process, or to get started, give us a call at (407) 338-4183 or fill out our online form. You can expect to hear back from a representative within 24 hours.
This article is meant for informational purposes only. This is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.
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