Selling your Florida home “as is” can have many advantages, but it's not the ideal scenario for everyone. In this guide we’re discussing what selling your Florida home “as is” means, and who should do it.
Sometimes circumstances arise and you need to sell your home quickly, whether due to a last-minute employment relocation, financial difficulties, or a personal issue. If you need to sell your home but don’t have the time, funds, or simply the motivation to make repairs, selling your home “as is” could be the ideal solution.
Selling your home “as is” saves you time and money, but it may not get you the optimal selling price on the open market.
Talking with a local real estate expert can help you make the best decision for your situation. A top agent can tell you how long it will take to sell your home and the price it will fetch.
If you’re thinking about selling your home “as is,” but are unsure how to do it, here’s what you need to know about selling “as is” in Florida.
What does selling a house “as is” mean?
Selling a house “as is” means you are listing the property in its current state, without making any repairs or renovations before going to market. When a buyer makes an offer on an “as is” home, it reflects the work they think they’ll have to put into it, resulting in a lower price.
When negotiating an “as is” contract, homeowners can deny buyer requests for repairs. However, they are still legally obliged to disclose any known facts that could affect the material value of the property.
In certain states, such as Florida, part of the “as is” home selling process requires the seller to truthfully complete a seller's disclosure, which acknowledges any known faults the property has.
Also, selling your property “as is” does not relieve you from your legal obligation to honestly answer any questions that prospective buyers have. It is crucial that you reveal any existing problems with your property with the buyer or the buyer's agent.
If you're not sure what the legal requirements are in the state of Florida, contact an experienced local real estate agent who can advise you appropriately.
Typical Reasons for Selling a House “As Is” in Florida
Selling your home “as is” presents many benefits for sellers. For example, if you have been relocated for your job or take another job far away at short notice, you may not have the time to make any repairs or renovations on your home. In this instance, it is more beneficial to sell your home “as is” and save yourself the hassle of coordinating repairs when you aren’t there.
Another reason you may want to sell your home “as is” is if your financial situation changes and you can no longer afford your mortgage payments. In this scenario, selling your home “as is” can help you avoid paying for repairs and going into foreclosure.
In some cases, people may inherit property that’s in a state of disrepair. Often it makes sense to sell these homes “as is” to avoid the hassle and inconvenience of renovating the house to put it back on the market.
Regardless of the reason you choose to sell your home “as is,” the advantages remain the same — you save time, money, and stress by selling a home without repairing it for market.
Potential Drawbacks of Selling a House “As Is” in Florida
Selling a home “as is” requires you to be comfortable getting less than market value. Buyers’ offers will reflect the current condition of the home meaning you trade an optimal sales price for convenience.
Unfortunately, a home listed “as is” may also cause buyers to assume the worst about the property, such as there being irreparable damage to the structure. This can drive buyers away or lead to even lower offers.
Buyers who won’t shy away from an “as is” property are typically investors, which limits the potential buyer pool on an “as is” home and mean it takes longer to sell.
How much do you lose selling a house "as is"?
How much money you lose selling your home “as is” depends on the type of property it is and where it’s located.
After the 2008 financial crash in Florida, the market was inundated with “as is” homes, significantly lowering sales prices across the board. Although the Florida property market has strengthened considerably since then, you should still expect to receive less when selling your home “as is.”
It is difficult to put an exact number on how much you might lose selling your home “as is,” as there is very little data, however, according to Zillow, as of 2019, the median home value in Florida is $237,000. It’s highly unlikely that selling your property “as is” will net you market value, as your home will be in direct competition with other move-in ready homes in your area.
Should you consider selling to a Florida cash buyer?
Cash buyers offer a lot of benefits when it comes to selling your home “as is,” such as a faster transaction closing and no uncertainty regarding their financing. Cash buyers are also less likely to be afraid of the condition of the property. However, the trade-off for this convenience is often a lower sales price.
It’s important to differentiate between traditional cash buyers, who tend to be investors and flippers, and iBuyers, who offer a cash buying service to sellers. Most iBuyers shy away from homes that need extensive repairs, and require the owner to fix the repairs or credit the iBuyer for the value before the sale is finalized.
If your home is particularly distressed, an iBuyer may not be suitable for you, and a local real estate investor or house flipper could be a more promising option.
Are there any required disclosures when selling a house “as is” in Florida?
Florida sellers must complete a disclosure detailing the current condition of their home and any known defects that could affect the material value of the house.
For example, if you are aware of any leaks in the home that aren’t immediately visible to the naked eye, you have a duty to disclose this detail. Similarly, if there was damage caused to the roof and you are aware of it, it is your responsibility to let the buyer and their agent know so they can make an informed decision.
If you fail to disclose any information and the problem is discovered after closing, you could be held liable for the damages.
5 Steps for Selling a House “As Is” Quickly in Florida
1. Find a Great Florida Real Estate Agent
A local real estate agent will give you advice on whether it’s appropriate to sell your home “as is” and how to go about it. It’s especially important to consult an experienced agent who understands the nuances of selling a home “as is” in your area and how to combat any negative connotations that potential buyers may have.
2. Get a Pre-Listing Inspection
Having a pre-listing inspection can give you a clear idea of the condition of your home and identify any faults it has. This enables you to be entirely transparent with the buyers and helps to protect you against liability.
3. Consider Making Some Low-Cost, High-Impact Repairs
Although you may have your heart set on doing nothing at all to your property, even just a few simple repairs could have a significant impact on the sales price and how quickly you get an offer.
The climate in Florida can cause mold and mildew to turn into a significant problem. Ensuring all plumbing components are tightened and no leaks are present can go a long way in making sure an expensive damp issue doesn’t arise in your home.
Likewise, Florida weather can be harsh on your roof, so consider replacing any missing or broken shingles to make your home more attractive to potential buyers.
4. Set a Competitive — But Fair — Price
Effectively pricing your “as is” home is crucial and will dictate how long it stays on the market — and whether it sells at all. Your list price should reflect the condition of your home and be attractive for buyers who are happy to spend some money fixing it up.
Pricing a home is an art, not a science, and depends on various factors. The advice of a local and experienced real estate agent is integral to accurately price your home, as they can use their knowledge of the current market to ensure that your price is competitive and enticing to buyers.
5. Have Realistic Expectations
Understand that unless you’re willing to list your “as is” home significantly under market value, it is going to take longer to sell it than a home that is completely move-in ready. Simply put, the potential buyer pool is a lot smaller. Be prepared for your home to spend a little longer on the market, or to take a hit on the sales price.
Next Steps: Find a Top Florida Listing Agent
Clever Real Estate connects buyers and sellers with local, top-performing real estate agents. Clever Partner Agents are flat-fee realtors that can save you thousands of dollars in commissionsand can guide you on the best way to sell your home “as is” for the highest sale price possible.
If you sell your home “as is” with a Clever Partner Agent, you can expect to receive a full-service listing experience with a quick sale that only costs a flat-fee of $3,000 (or 1% on homes over $350,000).
Top FAQs About Selling a House “As Is”
What does it mean to sell a house “as is”?
Selling an “as is” house means that you’re not completing any repairs or renovations, and are selling the property in its current condition.
Should I sell my house "as is" or fix it up?
The answer to this depends on how many repairs your home needs, and whether you have the time and funds to complete them. Selling your home “as is” may make sense if you want to sell quickly and not spend any money on preparing your home for the market. It’s important to note that “as is” homes often sell for less than move-in ready homes.
How do you sell your house fast as is?
Pricing your home realistically is the best way to sell it quickly "as is." You could also consider selling it to an iBuyer, however, be mindful that iBuyers often require sellers to complete repairs, or credit them for the amount of the repair, therefore this may not be suitable for distressed houses.