What to Expect When You’re Selling Your Property As-Is
Have you been putting off selling your home because you’re dreading the process or don’t think the house is fit for sale? If you haven’t got the time or money to make improvements to your property before putting it on the market, selling it as-is could be a viable option.
But what exactly does selling property as-is involve? And how will you know if it’s the right choice for you and your family? Let’s take a closer look at what to expect when you sell as-is.
What Does it Mean to Sell Your Property As-Is?
It’s common for people selling a property to do some renovation work prior to listing to achieve the highest possible price. In some cases, potential buyers who are interested in the property will request that the owner make certain repairs as part of the negotiations.
In an as-is sale, however, the buyer agrees to purchase the property in whatever state it’s in, without the homeowner having to make improvements. In these sales, if the buyer does request some things are fixed, the homeowner has the right to refuse.
Legal Obligations to Disclose Defects
What details a homeowner legally must disclose about their property to the buyer vary from state to state. In Florida, the seller is legally obliged to inform the buyer of any defects, restrictions, and obligations the property has, even if you’re selling as-is. If you don’t reveal these issues and answer the buyer’s questions honestly, you could be liable.
Your specific disclosure obligations depend on the type of property you are selling. For example, those selling a coastal home must divulge any potential for erosion and construction restrictions, while people selling homes in communities with homeowner’s associations should inform buyers of the association’s rules and any mandatory fees they will be subject to.
Reasons For Selling Your Property As-Is
The speed and ease of selling property as-is make it an attractive option to homeowners for many reasons, including:
- Needing to move quickly, for instance, because of a job offer or after a divorce.
- Your house has been on the market for a long time without receiving any offers.
- If economic instability makes paying your mortgage (or other debts) impossible, selling as-is can help you avoid foreclosure.
- Other issues in your life mean you need to sell in the most hassle-free way possible.
- You don’t have the cash to make repairs before selling. This is common in cases where people inherit homes in poor condition.
- You are unable to finish building or remodeling a property, perhaps due to a lack of funds.
How Long Does it Take To Sell Your Property As-Is?
Selling a home on the open market can often take months, and selling property as-is can take even longer. Real estate experts often recommend investing in repairs and renovations to make your home appeal to buyers and secure a quick sale. If you leave a property untouched and put it on the market, you may be waiting a long time for a buyer unless you significantly drop the price.
The best way to sell property fast is to work with a cash home buyer like Meli. With Meli Homes, you could close on your house within 30 days of receiving your offer. This impressive speed is undeniably helpful for those who need money to make next month’s financial obligations or who have a rapidly approaching moving date due to a job relocation.
How Does Selling Your Property As-Is Affect Its Price?
When an interested party makes an offer on a property, they take into account all the work they’d need to do to make it work for them. Even if a property is in excellent condition, a buyer is likely to try to get some money off the asking price to make up for moving costs and any cosmetic changes they’d like to make.
Because of this, expect that you will receive offers lower than the market value when you’re selling property as-is. The offers will also vary depending on the specific property and its condition. For instance, if a house is in a particularly desirable location, the physical condition may have less impact on the offers.
Concerns about having to accept a low offer on their home are one of the issues that put people off selling property as-is; however, when you sell to Meli, you will always receive a fair price. At Meli Homes, we also don’t charge fees, meaning you won’t need to pay closing fees from your sale.
Sometimes accepting a lower offer now, instead of holding out for months for a better offer or shelling out for renovations, can actually save you money in the long run.
The Process of Selling Property As-Is to Meli Homes
Selling a house can be as stressful as getting a divorce or starting a new job. Given that it can involve a substantial emotional and financial upheaval, that’s no surprise. Selling property as-is to Meli Homes is a much less stressful experience all around. Our straightforward process involves four clear steps:
- The initial contact: within a short time of you reaching out to us, we can give you all the information you need, including an initial estimate.
- The walkthrough: after we’ve established mutual interest in proceeding with the sale, we will schedule a walkthrough of the property, during which we will appraise the value. You will receive an official offer from us on the same day.
- The selling process: once you’ve accepted the offer, we will begin the selling process. We will clear up any liens, title issues, or judgments and work hard with our partners to meet your desired schedule.
- Receive your money: you won’t pay any fees so, as soon as the sale has gone through, you’ll receive every penny of the offer.
Ready to Take the Plunge?
For many people selling property as-is is the ideal solution. The speed and ease with which a sale can be completed are unparalleled, so choosing this option gives you time and energy to focus on other areas of your life.
If you decide that this is the right option for your Florida property, the highly experienced team at Meli Homes is here to make your sale run as smoothly as possible. With our network of realtors, attorneys, and investors, we can help you sell your home in under 30 days.
For more information or to request an initial estimate of your home’s value, call us at (407) 338-4183.
This article is meant for informational purposes only and 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.
Image Credits
https://www.pickpik.com/house-abandoned-vacant-vintage-grunge-empty-81227
https://p1.pxfuel.com/preview/124/461/307/new-home-for-sale-house-estate.jpg
