Home sellers often like to sell their home in "AS Is Condition." Selling a home in as is condition happens because the home seller doesn't: - have the money for repairs or upgrades
- know how to fix broken feature
- have time because of moving pressures
- lacks desire to work on the home because of personal problems.
If you're thinking about selling your home in as is condition, think about your bottom line. If you sell a home in less than perfect condition, you most likely will sell to a rehab investor who will only pay you about 70% of your property value. That's a steep discount for selling your home in its current condition. Sell to home buyers who want to live in your home and you will make more money. Most buyers make up their minds the minute they walk inside a home. Your curb appeal and living room are more important than the bathroom. However, if your home is for a first-time home buyer, they usually have little money set aside to do repairs. These buyers don't have experience owning a home so they get turned off by defects. Move up buyers look for luxury and upgrades. These buyers, usually working professionals, don't have time to make repairs and expect perfection. Exceptions to this occur in desirable areas with older homes. If you see many nearby houses being remodeled--almost torn down--then you might be able to sell your home based on location and property value alone. You will sell your home for more money and quicker if you make repairs. Check and see if you have a ReStore near you. (http://www.habitat.org/env/restores.aspx ) The volunteers who manage Habitat for Humanity's thrift store often have a working knowledge of construction and can guide you through the process. I've found the volunteers extremely helpful. Also, home improvement centers have free printouts on how to make repairs and replace fixtures. If you go at a time when they're not too busy, the sales staff will help you with the supplies needed and do it yourself directions. Many unseen problems can be fixed during escrow and paid for from the sale proceeds. You can also disclose the problem to the buyers and let them live with it or fix it themselves. Offer a home warranty with your sale so the buyers feel protected in case of future problems. Home buyers choose the house that "feels most like home." Take a look at the type of buyers moving into your neighborhood and create a buyers' "dream home." Spending a little time and money can make a difference in your closing check instead of selling your home in as is condition. Copyright 2006 Jeanette J. Fisher |
