Can You Sell a House That Needs Repairs?

Now that you understand what selling your house as-is means, it is time to discuss how you can make the process extremely seamless as possible.

Selling your house that requires repairs might be much less work than coordinating renovations and home repairs; however, you should note that it will take a bit of time and maybe some money. 

The ultimate aim here isn’t to simply save money and time; it is all about finding the perfect home buyer. If you are interested in selling your home that needs repairs, ensure you follow these steps to sell your home that requires repairs.

Get Your House Inspected

Getting a home inspection is essential for every sale procedure, whether you renovate your home before selling or simply sell as-is. Since you intend to sell as-is, you need to include a home inspector in the process as quickly as possible. 

While you might have an idea of what needs to be repaired in your home, getting a proper inspection can give you further insight into any issues the house might have.

You need to remember that disclosing the status of your home to prospective buyers isn’t simply being polite; it is actually required by the law (Colorado doesn’t legally require home inspections during a sale). 

Issues and penalties tend to vary by state; however, you could end up getting into legal problems if you sell the house without proper disclosure. With an official inspection, you ensure that you are legally clear. It can also help you find the right home buyer.

Focus on the Positives When Marketing Your House

While you are selling your house as-is, that doesn’t mean that your house doesn’t have great things about it. To sell your house is to market it well. You need to market your house to your buyers, highlighting the features you believe they would be interested in.

For instance, if you have recently remodeled the kitchen or rewired your home, you can highlight these features as prospective buyers will know they are getting updated features. Adding some minor positives alongside your description might be the key to getting a sale.

Just because your house is not in great condition doesn’t mean it doesn’t have positive qualities you can talk up to an interested buyer. If your house happens to be 10 minutes away from a major transportation hub or is located in a great school district, you can highlight these features. Additionally, if your house makes the perfect tear down, you shouldn’t be afraid to say so.

Ensure Your List Price Is Realistic

When setting your list price, you must ensure that you conduct your research. Find out how much comparable homes are being sold for in your area. You should also find out how much as-is houses were sold for, including those that received a fair cash offer.

When comparing, ensure you compare based on factors such as square feet and the number of rooms. Alternatively, you can head to real estate sites for particular properties to discover how much the listing prices have changed on such a property.

Having a real estate agent to help you can also be a great idea. A real estate agent will have detailed knowledge of the nearby housing market and comparable homes, which can help you set a realistic price for your home.

Know the Type of Buyer You Want to Attract

Since you understand the condition of your home, you need to determine the type of individuals you want to market it to. When selling your home as-is, there are three major prospective buyers you need to market to:

Remodelers

These buyers are a combination of home investors and deal hunters. They essentially have the resources to purchase a house; however, they want just the right house to become available. If your house requires slightly more work, it could appeal to these individuals, as they don’t mind the effort. Furthermore, a real estate investor is willing to purchase a home in a location they love.

Deal Hunters

Deal hunters are interested in living in a particular location or neighborhood. They might even want to enroll their children in a particular school system. However, most of the properties they find are out of their price range. These individuals are on the lookout for a great deal and aren’t afraid of putting some work into some home improvement projects after purchasing.

These types of buyers are great for home sellers that have homes that require minimal repair. Since these buyers are already on a limited budget, they might not want to purchase a home that needs significant home repairs.

Home Investors or Flippers

If you’re thinking, “I want to sell my house for cash,” these individuals are a prospective buyer typically interested in conducting extensive needed repairs and renovations on purchased properties. They aim to buy low and sell high after repairing the house. 

Since they will end up putting a lot of money into the home for extensive repairs, investors always search for a great deal to get a return on their investment.

These buyers are great for those selling their home as-is since they purchase homes that require work, be it minimally or a complete renovation.