Sometimes circumstances require a homeowner to sell their house quickly and without making updates or repairs. Whether due to financial difficulties, a job relocation, or other reasons, listing the home “as is” might sound like an appealing solution.
If you're thinking of selling “as is,” you're likely looking to save them time and money on the sales process. But selling quickly and recouping good value for your home is very difficult.
If you want expert advice on how to sell your home in any condition, a licensed realtor who knows the Delaware market can help.
Reach out to get connected with an experienced real estate agent near you who can help market your home to meet your financial goals.
If you want to know more, read on for the fundamentals and the pros and cons of selling your house “as is.”
What does selling a house “as is” mean?
Selling your Delaware home “as is” means you are listing it in its current condition. You won't be making any repairs or improvements before it goes to market. “As is” homes are usually not in flawless condition.
The buyer is aware that they will need to make all repairs on their own, and they will factor the cost of these fixes — and then some — into their offer. When selling a home “as is,” you and the buyer will sign a purchase agreement acknowledging both parties understand the condition of the property being sold.
Selling “as is” does not mean you can intentionally hide flaws from the buyer, however. In Delaware, you are required to answer questions about the property's condition, and you could face legal problems if anything is misrepresented.
Typical Reasons for Selling a House “As Is” in Delaware
Homeowners often consider selling “as is” because they are facing financial or personal hardship, and can't afford or don't want to spend the time or money on costly repairs.
The seller might be facing foreclosure or accumulating debts on the house. They may have inherited property from a loved one, or might need to relocate for work unexpectedly.
Whatever the reasons for doing so, the main draw of selling your home “as is” is getting a quicker offer for it without putting money into fixing it up.
Potential Drawbacks of Selling a House “As Is” in Delaware
While selling “as is” can seem like an easy way to wash your hands of a property quickly, it has some major disadvantages.
An “as is” listing stands out like a red flag to the much of the traditional home buying pool. The buyer's perception will be that the home could have serious problem, or that you're desperate enough to take a lowball offer.
While there are viable ways to sell quickly, like selling to a cash buyer, you'll be giving up a lot of equity for the convenience of a fast turnaround — up to 50% of the home's market value.
You'll also need to work even harder to combat the negative perception cautious buyers will have. This is where an experienced realtor who knows your market can advise on a sales strategy.
How much do you lose selling a house “as is”?
The amount you will lose selling your house “as is” will vary, but you can get a ballpark estimate.
For example, let's say you decide to sell your home quickly to a cash buyer, such as We Buy Ugly Houses. Companies like this know you are eager to get a sale done quickly, and will offer about 30-50% than your home's fair market value.
In Delaware, the 2019 median home value is $236,400. That means if you sell to a cash buyer, you could be losing out on as much as $70,920 to $118,200.
Should you consider selling to a Delaware cash buyer?
Known mostly from their roadside ads reading “We Buy Houses for Cash,” cash buyers are investors who will buy your house regardless of condition or location, and yes — will pay cash for it.
There is a steep price for the convenience of working with a cash buyer. While they can make an offer quickly, it can be as much as 50% less than market value.
Before you sign off on a sale to a cash buyer, consider talking to a local real estate agent to find out if you would be able to get a better price elsewhere.
Are there any required disclosures when selling a house “as is” in Delaware?
Delaware sellers are required to complete a disclosure form before selling their home. The Seller's Disclosure of Real Property Condition Report asks more than 100 questions about the property's condition and history, including such issues as:
- Asbestos-containing materials
- Lead paint
- Leaks and flooding
- Termite infestations
- Foundation issues
- Plumbing and water issues
- Roof problems
- Electrical system issues
- Structural damage
If you know of any of the defects listed in this form, you must disclose them. This doesn't necessarily mean you will be held responsible if an unknown issue crops up after the sale, but with this report, you must make a good faith effort to disclose known problems.
To make sure you're following disclosure laws and to avoid potential problems down the road, consult a real estate agent.
5 Steps for Selling a House As-Is Quickly in Delaware
1. Find a Great Delaware Real Estate Agent
Getting a good return for your “as is” home is not easy. An experienced real estate agent will give you a great advantage. They know the nuances of your market, and can advise strategically about how to price your home to appeal to as many potential buyers as possible — regardless of its condition.
2. Get a Pre-Listing Inspection
A pre-listing inspection will identify issues with the condition of the home so you'll know exactly what to disclose to buyers and how to better price the home.
If any issues turn up, you might consider getting estimates for repairs so you know how much lower buyers' offers may be.
3. Consider Making Some Low-Cost, High-Impact Repairs
Even if you're set on selling your house fast without making repairs, you might find some small improvements can really make an impact on buyers' impression.
Inside the house, spending a few hours cleaning will go a long way. You might consider a fresh coat of paint and replacing light bulbs to give rooms a bright, fresh look.
If you have time, you might have a plumber to take care of any leaks. Anything you take care of before the sale is something you won't have to worry about as a potential ding on your sale price.
4. Set a Competitive — But Fair — Price
If you want to sell quickly, the price will need to be attractive to buyers. This doesn't mean you need to completely sacrifice on your financial goals. You'll need to find a price point that is realistic for your market, but maximizes your chances of getting a fair return.
Working with a knowledgeable real estate agent who knows the market and can attract buyers will make your life easier.
5. Have Realistic Expectations
With a limited buyer pool, you will likely get offers well below the market value of your home, and you may have to wait for one you find competitive.
If you're willing to consider making some concessions, this might entice more buyers to work with you and help get a sale done quickly.
Next Steps: Find a Top Delaware Listing Agent
If you're ready to sell your home, talk to an expert realtor who can guide you through selling your home “as is” quickly and get you the best return on your sale.
Clever Real Estate connects sellers with top-rated local agents across Delaware. Clever Partner Agents come from major brokerages like Century 21, RE/MAX, and Keller Williams. Best of all, they charge a flat fee of $3,000, or 1% if your home sells for over $350,000, saving you thousands on commission.
Top FAQs About Selling a House “As Is”
What does it mean to sell a house "as is?"
Selling “as is” means that you are listing your home in its current condition. This means you won't be making any improvements or repairs before it goes to market.
What renovations add the most value to your home?
The top issues most buyers look for relate to the structure and systems of the home. If you can fix up any problems with your roof, air conditioning, heating, electrical, and plumbing, you'll add a lot of value to your property.
Of course, people selling their home “as is” usually don't have the time or funds to take on these kinds of projects.
There are some easier improvements you can make to improve your home's appeal, including painting, landscaping, and simply swapping out hardware on cabinets. Any renovations you can make in kitchens and bathrooms especially will go a long way.
What is the fastest way to sell a house?
If you want to sell your house as quickly as possible, a cash buyer will make you an offer and complete a sale quickly — but at a high cost to your equity.
Working with a professional real estate agent who knows how to price and sell properties like yours is the best way to sell quickly and get the most you can from the sale.
> Reach out to Clever to get connected with a top-rated agent near you.