Opportunities Come In All Forms
Just because you’re in a position to sell a home or other property “as-is” doesn’t mean you have to completely lose out on the deal. Now granted, you are going to lose some potential revenue. In almost all situations, a little refurbishment and a concerted effort at selling can produce results which cover the cost of repair. However, what can’t be recovered is time
You don’t always have time to spend a year or two repairing and selling a property—this can happen for a variety of reasons. In situations of divorce, the home often is flogged off swiftly. Sometimes you need immediate cash capital for investment in a lucrative transaction. In these scenarios, going the as-is route will save you time, and expand your opportunities.
Here’s the thing: you’ve got to weigh the pros and cons, and make a choice that’s measured and well-considered. There are plenty of situations where the entrepreneur understands selling a house is better than sitting on it, or trying to fix it. Sometimes this is because of the neighborhood. Sometimes the city is crumbling—like in Detroit’s case.
Whatever your specific situation, selling as-is doesn’t necessarily represent a loss, even if you’re leaving money on the table. What you’re looking at is opportunity cost. Does keeping the house reduce lucrative future opportunities? Then sell it as-is. Is it the other way round? Well, you might want to repair. Get consultation. Also, consider the following suggestions.
1. Acquire Attorney Review
There are multiple agencies who offer to buy your “as-is” property fast. You likely won’t be able to get the sale done inside a day, but within a few weeks or a month, you can definitely get the property moved. In fact, there are “go-getter” agencies out there where you could get the job done in a day—but be careful. People playing fast and loose tend to lie.
Get an attorney available to review varying sales agreements before you contact any “as-is” agency, or before you list your property on a site like Craigslist. The attorney can help you make the agreement properly, legally binding, and assure sneaky phrasing doesn’t cut you out of due assets.
2. Consult Friends, Family and Professionals
You’ve got friends and family, in all likelihood, who have been through this. Some did well, some realize they were undermined only after the fact. In either case, your friends can help you know what to look out for, and how to conduct yourself. Family also will give you effective, reliable advice.
Beyond friends and family, use the internet as a digital adviser. There are plenty of sites who offer information you can use in a way that provides you leverage, and helps you maximize the sale. Definitely inform your strategy using resources such as this guide, selling a house as-is basics by ISoldMyHouse.com.
3. Give Preference To Cash Buyers
Some as-is home buyers won’t do a cash transaction with you. Well, that doesn’t necessarily disqualify them; but it’s not a good sign. When a buyer has cash on-hand, you know they are able to truly come through on an offer. Such agencies, if they’re doing well, are regularly in a situation where they buy or sell property. A trustworthy agency will have cash on hand.
You’re a lot more likely to have a successful sale if you’ve got a true cash buyer. Also, closing time will reduce substantially. You’ll additionally avoid contingencies which are often cleverly worded to undermine you. Financing is an option full of contingencies. Inspections, varying appraisers—the list goes on.
An as-is buyer is just going to take your property and either rebuild it as cheaply as they can with their existing business infrastructure, or tear it down and do something else. Sometimes the land is worth more than the home on it, but even so the seller of that land has no use for it. As-is home buyers can find a way to make that work. Cash buyers are especially savvy.
Maximizing The Potential Of An As-Is Property Sale
An as-is property sale can put cash in your pocket very quickly. It’s possible to see that money the day you list the property—it’s not likely, but it’s possible. Even if you don’t see it that fast, you’ll see it quicker than through conventional sale. Just get the right advice from the right friends, family, and professionals. Seek out cash buyers also, and find an attorney.