Your father has just passed away after living a long wonderful life. You and your brother have inherited the property and plan to sell the home after you do some cleaning and reorganizing. Neither you nor your brother wants to put any extra money into the house in order to get it in great condition to sell for top value.
You guys want to sell the property "as is" but are unsure what this actually entails. Are you going to need to get inspection before selling the property? Will you need to make sure everything is up to code? Will you have to make minor repairs, just nothing major?
The property needs a new roof, updated kitchen, bathrooms; the flooring is falling apart and definitely needs a fresh coat of paint.
This is a typical scenario that we tend to hear when homeowner's are looking to sell their property as is in Syracuse NY.
There are several different reasons why someone may need or want to sell a house. Every home sale on the market is not a traditional retail sale.
Within the majority of these non-retail sales are "as is" sales.
So what does it actually mean when a homeowner decides to sell their house "as is"?
Let's Sell Our Home As Is in Syracuse NY.... Wait, What Does That Mean?
When a homeowner decides to sell their property in as is condition, this can either mean that the home has had severe damage or the home has small miscellaneous items that need to be repaired.
When selling your home "as is" you are letting prospective buyers know that you will not be making any more additional repairs and you are selling the property in the exact shape as it sits. This relay's the message to potential buyers that there are indeed some repairs that need to be made, that home is not in pristine condition and that most likely you will be selling at a discount from retail value.
A common situation is one that we discussed earlier on in this post. Siblings often times inherit a property and decide to sell the property in "as is" condition due to the fact that they have never lived in the property, are unaware of any major mechanical repairs and do not want the headache of working through these issues.
This is just an illustration, to explain that you will not be required to get the property inspected, put it up to code or make any additional repairs if you do not want to.
However, there is one small exception. If you do plan on selling the property on the market with a traditional buyer, seeking bank financing and they will be using an FHA loan. The bank will require you to put the home in livable, up to code condition before selling the property.
So, if you are intending to sell your property in "as is" condition in Syracuse NY, understand that you will not be responsible for any unknown repairs that are found after the sale closes.
What Happens If I Am Buying A Property in "as is" Condition
The real question is, are you really getting a bargain when you purchase a home that is being sold in "as is" condition?
The answer to this question will depend on your intentions with the purchase.
Are you planning on treating this property as an investment and either rehabbing and selling it or rehabbing and renting it?
Is your plan to make some necessary repairs and getting into a property below full market value?
No matter what your plan is, we suggest that you hire a very well qualified inspector (may cost you $300-$400) to come in and take a look at the property during your inspection period. They will be able to determine how severe certain repairs will be and this will allow you to know if this home will make sense to purchase.
If you discover after the fact that the issues with the house are worse then you thought, you will be stuck and you will not be able to go back on the seller to recoup these costs. So make sure you do your due diligence when purchasing "as is" homes (especially older homes).
Even if you are not going to treat this purchase as an investment, we suggest that you use some of the same tools and investor would use to evaluate the property. Once you get your inspection, you will essentially have a scope of work or detailed look in to all the repairs (and their severity). It is now your job to understand what the property will be worth after you make all these repairs, understand how much these repairs are going to cost you (weather you do it yourself or sub the work out) and how much equity you will have in the property after these improvements are made.
Whether you decide to purchase this property as an investment or as a primary residence, you must get a thorough inspection of the property to determine all of the issues wrong with the home.
Wrapping Up | What Does It Mean To Sell My House "As Is" in Syracuse NY?
We hope now you have gained a better understanding of the details involved in buying and selling a property as is. When you are selling a home in this condition, there is not much you have to worry about. Just make sure that you clarify that the property will be sold in "as is" condition. When purchasing a home in this condition, you are exposed to a bit more risk. Make sure that you follow through with the due diligence process to ensure that you are not caught with some major unknown repairs that will totally ruin your purchase.
If you are considering selling your property as is in Syracuse NY, we may have a simple solution for you. There will be no real estate agents you need to hire, no commissions on the sale, you pay no closing costs and best of all you have an immediate buyer. You can start this simple process below (just click the link below ; )
HS Property Funds
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