When you head on to Facebook’s Marketplace you go in knowing that what you’re looking at is used and can have a few scratches or dents. When buying a home you expect the opposite. You want to look at a home as if it is brand new. But throughout your search you might come across a property that is “selling a home as is” and those homes tend to show a lot more than scratches or dents.
While some buyers might consider this a red flag others might consider it an opportunity. To fully understand what selling a home “as is” really means let's break down some common myths.
Myth: Sellers are hiding known issues
Fact: Homes that are selling “as is” can still be subjected to home inspections. These homes tend to have issues but throughout the process, they will be brought to light. Even if a seller does not disclose information or is aware of a problem, a good home inspector will be able to find the problem areas. You might just need to pay them for a few extra hours.
Myth: Sellers who sell “as is” are lazy or cheap
Fact: Needless to say there are a lot of homeowners who are lazy and cheap but not all of them sell a house “as is”. One of the most common reasons a home is sold “as is” is because it was part of a deceased relative’s estate. Many families choose to sell the home of their loved one “as is” to relieve the burden of keeping it.
Another important correction to make is that some homes that sell “as is” aren’t even in bad shape, they might just be outdated. Some homeowners just cannot afford to make the upgrades or renovations necessary to appeal to the picky buyer, so selling the house for a lower price will save them the trouble.
Myth: You always present a lowball offer on an “as is” home
Fact: If the real estate agent who is representing the “as is” house has done their job correctly they appraised the house honestly. At the end of the day, they still want to make sure their clients receive the best they can get from the sale of the home. Do not look for an “as is” home to bully someone out of their home's worth. Negotiating with them respectfully will get you a lot further.
Selling a home “as is” can have its benefits, such as a quicker closing date or a potential cash transaction. As a buyer, if you are looking for a home to flip or a fixer-upper, “as is” homes in sought-out areas are a great option. Whether you’re selling a home “as is” or buying one you still need a real estate agent on your side to help you negotiate the best deal possible for you. If you need any help in a similar transaction please contact us today. We’d be happy to help you every step of the way.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!