How to Sell a House ‘As-Is’
If you decide to sell your house ‘as-is’ because it needs repairs, the process itself is actually quite simple. Firstly, you might opt to add ‘as-is’ to your property listing. This immediately shows potential buyers that there are issues with the property that will require some work. Your asking price should of course reflect this, as buyers will be unwilling to pay full price for a property that will cost them further down the line.
Some sellers choose not to use the wording ‘as-is’ in their property listing, and that’s because it deters buyers. You should expect this, however, as not everyone is interested in purchasing a fixer-upper. But if your estate agent – or yourself if you’re selling privately – markets the house effectively, you can still find a great buyer.
By omitting ‘as-is’ from your listing, you are not getting out of providing full and transparent information about the property; you will be required to disclose details of your house’s condition during the conveyancing process.
Disclosing Important Information
As we have already mentioned, you can’t hide information about the state of your property in a bid to secure a buyer. By law, you need to disclose all the relevant details and be as transparent as you can.
If you want to speed up your sale and prevent buyers changing their mind later on, we always recommend being as upfront as possible. Your estate agent should make potential buyers aware of issues, like a faulty boiler, structural problems or water damage – after all, a good agent will market to the right buyers and sell the house based on its potential.
During the conveyancing process, you will be asked to complete a property information form (TA6). This is where you detail everything a buyer needs to know before deciding to buy your house, including past building work, outstanding issues relating to safety and quality, and even any grievances you’ve had with your neighbours. You need to be open and honest when filling out this form. Make no mistake, any missing information or falsehoods will be followed up on by your buyers and you may be prosecuted.
Should I Just Carry Out the Repairs?
Selling a house ‘as-is’ when it’s in need of repairs has a number of downsides. Firstly, you need to consider the fact that you won’t make as much money, and secondly, you’re probably looking at a more lengthy sale process. Finding a buyer isn’t likely to come easily, and this might cause you to think should I just carry out the repairs myself?
This really depends on your personal circumstances. Not everyone can afford to spend hundreds, if not thousands of pounds on repairs only to sell their house. Most major repair work takes a long time to complete, and throughout that time, your property might not be liveable. You might just want, or need, to sell your house fast, so it’s often better to sell the house ‘as-is’ and refocus your energy on the future.
Sell Your House Fast, ‘As-Is’
Selling a house to a fast cash buyer is the easiest way to sell a house that needs a lot of work doing to it. These sorts of houses don’t typically do so well on the open market, but with a fast property buyer like Zoom, you have a guaranteed buyer who won’t be put off by problems like water or fire damage, structural problems, faulty boilers or mould and mildew. Here at Zoom, we are happy to buy any property, anywhere and in any condition.
To find out more, give our experienced team a call on 0333 880 4362 or head to our website to complete our online enquiry form.