Selling a House As Is in Cincinnati
If you’re asking yourself, “Can I sell my house as is in Cincinnati?”, you’re not alone. There are many different reasons people want to sell their house as is. Many people either don’t have the time or money to fix it up or just want to get rid of it and get on with their life. The good news is that it is possible to sell a house as is, even if it’s rundown and barely livable.
Pros of Selling a House As Is in Cincinnati
The biggest advantage to selling a house as is in Cincinnati is that you simply do not have to spend more time or money on the house. Even the small repairs add up, and many people simply do not have the extra cash to put into a house that they are selling. Most people selling a house as is are selling because they’re tired of dumping money into it. The last thing they want to do is spend more money before selling.
In addition, making repairs on a house takes time, even if you hire contractors to do it. Small repairs such as paint and landscaping could take a few weeks, but major repairs can take months. When selling a house as is, you can sell it anytime.
Another advantage is that when selling as is, buyers typically know what they’re purchasing. Although the seller is legally required to disclosed all known defects, when a buyer is purchasing a house as is, they already know there are going to be defects. Aside from major issues such as structural or foundation problems, these types of buyers are not afraid of the defects and expect them.
Cons of Selling a House As Is in Cincinnati
One big disadvantage of selling a house as is in Cincinnati is that you will attract less buyers. Since the majority of people looking to purchase a house want to purchase something move-in ready, selling as is eliminates a large portion of typical buyers.
Another disadvantage is that most real estate agents do not like to take on homes that are not in good condition to be shown. While it is possible to find agents who will list your house for you, the likelihood of finding a good agent who is going to spend time and effort on helping you sell your house is slim. You may have to sell it for sale by owner.
Selling a house as is that needs significant repairs may not qualify for a standard mortgage, lowering the pool of buyers even further. According to the National Association of Realtors, 87% of buyers financed their home purchase. If that 87% is not able to get a traditional mortgage loan on your house, they will likely have to look elsewhere. This leaves very few people willing and able to purchase a house without financing.
Last, a fully renovated home is going to sell for more than an as is home that needs a lot of repairs. This is a no-brainer. However, although the house may sell for more, it is possible to still come out ahead after factoring in all the additional costs associated with fixing a house before selling it. Many times, the cost of the repair is more than the increase in value from the repair. In these cases, it would be more advantageous to sell the house as is.
If selling your house as is sounds appealing to you, Burnett Home Buyers can help. We buy houses in any condition, we pay cash, and can close in as little as 7 days. Give us a call now!