What do you need to know before selling a house “as is” in Atlanta?
Selling a house "as is" can be a smart decision for homeowners looking to sell their houses quickly with no hassles, while also avoiding the stress and expense of making house repairs. Let’s take a look at what you need to know about selling your house “as is” in Atlanta and what the pros and cons are.
What does it mean to sell a house “as is?”
In real estate, selling a house "as is" tells any potential buyers that the house will be sold without any repairs or improvements, even if an inspection turns up unexpected issues. Whether the problems are cosmetic or more serious, like a bad roof or cracked foundation, buyers know that the owner isn’t planning on making any repairs. If a seller wants to sell quickly or doesn’t want to deal with renovating, selling “as is” is an option. When you’re selling “as is,” you’ve typically chosen to work with an investor or an off-market home-buying company like HomeVestors®. These types of buyers are used to buying homes that need repairs and can close quickly.
What does selling a house “as is” not mean?
Although Georgia doesn’t require a statement of disclosure when selling a house, that doesn’t mean that a seller can conceal facts about the condition of the house, either. A seller must answer any questions about the house honestly, including questions about defects, age, and past issues. Failure to do so can lead to disputes, lawsuits, and possible financial repercussions down the road.
Buyers are advised to have an inspection of the property conducted to fully understand the condition of the house and protect their earnest money. In Georgia real estate, this is called “due diligence.”
Is it legal to sell a house without making repairs in Atlanta?
Yes, you can sell a home “as is” in Atlanta as long as you clearly communicate the “as is” status of the sale and any issues with the house. Working with experienced real estate professionals who understand the Atlanta market can also help facilitate a smooth sale.
Furthermore, the “as is” status needs to be stated clearly in the sales contract to protect the seller from legal problems later on.
What are the pros and cons of selling a house “as is”?
Of course, selling a house “as is” can be a much simpler and more convenient process than selling the traditional way.
Pros:
- Simplified negotiations: Since the buyer understands that the Atlanta house will be sold without the seller making any repairs or updates, the back-and-forth negotiations are more limited than in a traditional sale.
- Quicker closing: Without lengthy negotiations or concessions, the closing process can be faster. This is especially helpful for homeowners who need to sell fast, and buyers who want a quicker and easier sale.
- Straightforward buyers: Investors and handy DIY buyers looking for fixer-uppers are a niche buyer pool who are more often clear-cut in their negotiations, focusing on how the house will be after renovation, instead of in its current condition.
Cons:
- Lower sale price: Buyers expect a price adjustment to cover the cost of repairs they will have to make, so you may not receive top dollar for your house.
- Smaller pool of buyers: Many home buyers are looking for a move-in ready home, so the target market for an “as is” sale is smaller than when selling the traditional way.
What are Minimum Property Requirements when selling a property?
Minimum Property Requirements (MPRs) are standards set by government-backed lenders such as the Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA) to ensure that a property meets the requirements of safety, soundness, and healthy sanitary standards. Failure to meet these requirements means that the lender will not approve the loan.
Some common areas of failure include old wiring, fire hazards, inoperable HVAC systems, and leaky plumbing.
Can you sell a house without an inspection?
Legally, you can sell a house in Atlanta without an inspection, but a professional inspection is advised in order to avoid future legal issues. Furthermore, buyers will usually have an inspection done before finalizing the purchase. They’ll want to know the exact condition of the property.
Alternatives to selling a house “as is” on the traditional market
If selling “as is” on the market doesn’t seem like a good fit, there are other options. You could make the needed repairs to your house and sell it the traditional way, for a higher price. Or you could sell your house to a real estate investor or a company in Atlanta that buys houses “as is,” such as HomeVestors®. Selling to HomeVestors is a quick and streamlined process, allowing you to get a fast offer without making repairs.
Should you sell your house without making repairs?
Selling “as is” is a personal decision, and a lot depends on your circumstances. If you don’t want to spend money upfront on repairs, want a quick and convenient sale, or just don’t want the hassle of dealing with making updates, it may be a great choice for you.
How to sell your Atlanta house “as is”
You can sell a house “as is” FSBO (for sale by owner) or the traditional way through a real estate agent. A real estate professional may have contacts and a network to help with your sale.
- Ask for a realistic price: Consider the condition of your home and figure out a fair price. You may want to consult with a real estate agent to determine your house’s value on the market.
- Disclose known issues: Be honest and upfront about any known defects with your house. Potential buyers will appreciate your transparency, and it can build trust.
- Target your buyer pool: Market your property to people who are interested in buying “as is,” while highlighting the house’s potential and unique characteristics.
- Consider a house-buying company: Reputable companies like HomeVestors specialize in buying homes “as is,” offering a fast and stress-free transaction.
Talk to HomeVestors® about selling your house “as is.”
If you’re considering selling your house “as is” in Atlanta, HomeVestors can help. We specialize in buying properties in all kinds of conditions, even houses with sagging roofs and old wiring. When you sell to us, you can avoid the stress and expense of repairs, and instead move forward quickly.
Contact us today for a free, no-obligation consultation. Our friendly Atlanta property specialists are experts in the Atlanta market and can provide you with a fast offer quickly. We’ll meet you at your house, take a tour, and answer your questions. If you accept our offer, you’re on the fast track to a smooth and quick sale with a company that provides excellent customer service and personalized guidance.
In fact, customer satisfaction is our #1 goal, and our efforts are reflected in our extraordinary 95%* nationwide customer satisfaction rating from sellers who responded to our post-sale survey.
HomeVestors charges no commissions, has no hidden fees, and pays typical closing costs. Our offers are typically discounted below market value in exchange for speed and convenience. We can help you with the sale of your home “as is.” Reach out to us to learn more about the benefits of selling your house to HomeVestors.
This blog is for informational purposes only and should not be considered legal advice.