Sometimes you need to sell your home quickly. If you don't have the time or resources to make costly repairs, listing your home “as is” could be a solution. You can find a buyer without have to pay for repairs or worry about inspection contingencies to kill a sale.
But selling “as is” has big drawbacks. Traditional buyers are skeptical of properties with flaws, and your market will be limited. How you approach the listing and sales process will be paramount to how much your sale nets you.
Working with an experienced real estate agent will save you a lot of guesswork. An agent will discuss your individual goals, navigate listing your home, and market it to maximize your profits.
> Get in touch to schedule a free, no-obligation consultation with top agents in your area and find out if selling “as is” is right for you.
If you're looking to sell your home in Oregon “as is,” here's everything you need to about the process.
What does selling a house “as is” mean?
When listing a home for sale “as is,” the seller is saying they won't be making any repairs. It is for sale in its current state — warts and all.
In other words, the buyer and seller agree that the real estate transaction will take place without any improvements being made. This will likely be reflected in a lower sale price.
Remember, though, that when you sell your house — even listed “as is” — you're required to answer honest questions about its defects. You could find yourself in legal trouble if you intentionally hide flaws from buyers.
Typical Reasons for Selling a House “As Is” in Oregon
There are a number of reasons that selling your home “as is” might be appealing. If a seller is facing financial difficulties, they may not be able to make their mortgage payments or make repairs, and will sell to avoid going into foreclosure.
Sometimes sellers are in a difficult family situation or have inherited a home in need of repair. In these cases, they may simply want to rid themselves of the emotional baggage and move on.
Whatever the reason, the primary motivation for selling “as is” is to complete a sale quickly without spending time, money, and energy on major repairs.
Potential Drawbacks of Selling a House “As Is” in Oregon
Even in a state with hot markets like Oregon, when you sell your home “as is,” you can expect to take home less money.
Buyers will take into account any work that needs to be done and will deduct this amount — at the very minimum — from their offer amount.
Some companies, like cash buyers, will make a quick offer for a home with flaws, but their offers come at a major discount.
Getting fair value for an “as is” home is challenging, and requires thinking carefully about how to combat buyers' negative perception and expand your market.
How much do you lose selling a house "as is?"
When you sell “as is,” you can expect to take home less than you would from a conventional sale. Just how much less will depend on factors like your home's condition and location. Let's look at an example.
According to Zillow, the median home value in Oregon is $350,600 (as of September 2019). Let's say you sell your home “as is” to a cash buyer. Since these companies usually offer 30-50% less than market value, this means you'd be walking away from $105,180 to $175,300.
Should you consider selling to an Oregon cash buyer?
Cash buyers, also known as We Buy Houses companies, make a quick cash offer regardless of a home's condition or location, and later resell the home for a profit.
The convenience of working with a cash buyer comes with a steep price. They do business by taking advantage of your eagerness to sell, and the offer you'll get is likely to be as little as half the market value.
In some markets, like Portland, a new option for sellers looking to sell quickly for cash is using an iBuyer.
iBuyers are real estate services that speed up the home selling process with technology. With iBuyers, sellers can get a preliminary offer in 24-48 hours, and pending an inspection, can close a sale in as little as 8 days.
However, iBuyers charge fees up to 14% of the purchase price in service fees. They also have strict criteria about the types of properties they buy. Most companies won't buy homes built before 1960 or in distressed condition.
Are there any required disclosures when selling a house as is in Oregon?
When you sell your home in Oregon, you are required to fill out a property disclosure statement, which asks questions about its condition, title, and history. It includes topics such as:
- Title and property boundaries
- Water and sprinklers
- Sewage systems
- Structural repairs and defects
- Electrical, plumbing, heating, hot water, and other systems
- Lead-based paint
- Mold problems
The final question broadly asks if you know of any “material defects.” If you answer “yes,” you need to disclose them. If any defects are found that you haven't disclosed, you may open yourself up to legal problems, or at the least, a buyer potentially backing out of a sale.
For help navigating disclosure laws, talk to a licensed real estate agent who can advise about just what you'll need to tell buyers.
5 Steps for Selling a House “As Is” Quickly in Oregon
1. Find a Great Oregon Real Estate Agent
The best way to get the most you can when you sell your home “as is” is to work with an experienced real estate agent.
A professional realtor will be able to discuss your individual property and financial goals, will know how to price your home, and how to find interested buyers.
2. Get a Pre-Listing Inspection
A pre-listing inspection will give you a clear picture of the condition of any defects in your home. This way, you'll know what you need to disclose to buyers to avoid snags during the sales process.
Knowing the condition will also help you price the home more accurately to find interested buyers.
3. Consider Making Some Low-Cost, High-Impact Repairs
If you've listed your property “as is,” chances are you don't want to put a lot of money or time into repairs. But there are some small improvements that can help boost interest and appeal.
If you can, making modest upgrades in the kitchen or bathroom will give them a fresh, clean appearance — deep-cleaning the tile, fixing any leaks, adding a new coat of paint are all worth the time and investment.
A buyer's first impression is important. Spending a few hours mowing the front lawn and clearing brush can do wonders for the home's curb appeal.
4. Set a Competitive — But Fair — Price
To sell your home quickly, it needs to be priced fairly to attract buyers. This doesn't mean you need to accept the first lowball offer that comes your way, but you'll need to find the right price point to achieve your goals.
For expert advice, consult a real estate agent who knows your local housing market, and can advise on how to price your home to sell.
5. Have Realistic Expectations
Keep in mind that selling your home “as is” comes with challenges, including a smaller buyers pool, hesitant buyers, and diminished leverage to wait for an ideal offer. If you've sold a home in the past, understand that the “as is” process will be very different.
Next Steps: Find a Top Oregon Listing Agent
If you're considering selling your home “as is,” you'll want to talk to an experienced realtor who can help you navigate the process and get the most for your home. Clever Real Estate can help!
Clever Real Estate partners with top-performing agents across Oregon from major brokerages like RE/MAX, Century 21, and Keller Williams.
Our Partner Agents charge a reduced listing fee of $3,000 (or 1% if your sale is over $350,000) — saving you thousands on commission costs. Plus they know your local market and will know how to attract buyers quickly, no matter what condition the home is in.
> Set up a free, no obligation consultation today with an experienced agent near you who can help sell your home quickly and for the best possible price.
Top FAQs About Selling a House “As Is”
What does it mean to sell a house "as is?"
When you list your home “as is,” you are selling it in its current condition, making no promises to make any repairs or improvement before sale. The buyer looking at your home understands you are unlikely to consider concessions. As such, your market is going to be limited, and you will face challenges making it appealing enough to garner competitive offers.
How do I sell my house quickly “as is?”
If you're in a hurry to sell your house without making repairs, you'll need to set a realistic price. Cash buyers and house-flippers can certainly be a quick solution, but you'll be losing out on up to 50% of the home's market value.
You could explore selling to an iBuyer, but keep in mind that they have strict criteria on the location, condition, and age of the homes they purchase.
Should I sell my house "as is" or fix it up?
Any improvements you can put into your home before putting it on the market will help make it more appealing to buyers. These fixes might enable you to set the price a little higher, or might help you find a buyer sooner.