If you need to sell a house in St. Louis, MO especially in an as-is condition, challenges may be present throughout the process. Finding a ready, willing, and able buyer and passing inspections are just a couple of the challenges a homeowner can potentially face when selling their home.
What happens if a homeowner decides they want to sell a house in St. Louis, MO in “as-is” condition, does it make it more difficult? The answer is that in most cases it does make the task of selling a home more difficult.
There are certain things that a homeowner that is looking to sell a house in St. Louis, MO in as-is condition needs to understand. If you’re thinking of selling your home in as-is condition, the most important thing to understand is that just because you say you’re selling your home in as-is condition does not mean a buyer will still make requests of you.
There are certain steps however that can be taken by a seller to increase the chance their home will truly be sold in as-is condition.
A question that is often asked by buyers who are interested in as-is homes is why the seller is selling their home in as-is condition. There are tons of reasons a homeowner will decide to sell their home in as-is condition. Some of the most popular reasons a seller will decide to sell a house in St. Louis, MO in as-is condition include;
- Seller doesn’t have money to make necessary repairs
- Seller is dealing with complications to their health
- Sellers are going through a divorce
- Seller doesn’t want to make any repairs prior to selling
Selling a home in as-is condition can be very tricky. There are many real estate professionals who never have sold a home in as-is condition. In many cases of looking to sell a house in St. Louis, MO in as-is condition sellers are best to work with a cash investors who purchases homes that are in poor condition.
If you’re selling a home in as-is condition, depending on the condition of your home, it’s very likely that bank financing will not be an option for potential buyers. The reason bank financing is rare on homes that are sold in as-is condition is due to complications with the bank appraisal. If there are major defects in a home that is being sold in as-is condition, a bank appraiser is going to note repairs that need to be made prior to a buyer getting approved for the financing. This ultimately would defeat the purpose of attempting to sell a home in as-is condition and where a cash investor comes into play.
Just because a homeowner is selling their home in as-is condition does not mean they should hide deficiencies in their home. It’s important that if you’re selling your home in as-is condition, you should disclose all that you know about your home. If you’re aware of structural problems with your home or a roof problem, don’t hide them from prospective investors. This can lead to problems in the future and potentially law suits if it can be proven you blatantly didn’t disclosure known problems.
Whether you’re looking to sell a house in St. Louis, MO in as-is condition or not, pricing in real estate is very important! When selling a home in as-is condition, correctly pricing the home is vital.
The majority of homes that are sold in as-is condition are purchased with cash. It’s important to keep in mind the number of potential buyers is smaller than a traditional real estate sale. Many of the homes that are sold in as-is condition are either short sales or bank foreclosures.
Buyers who traditionally purchase homes in as-is condition are typically looking to buy a home cheaply, fix up the home, and turn around and sell it or rent it. Investors who purchase as-is homes with the intention to “flip” and sell the property have formulas they use to help increase the probability it will generate a strong return on their investment.
If you’re selling your home in as-is condition, understanding who potentially will purchase your home can make the difference between it selling in as-is condition or not. If you are looking to sell a house in St. Louis, MO, you should first research so you get a good feel for what price tag investors would be willing to pay for your home. If your home is priced close to the estimated value an investor would be willing to pay, it should sell quickly and it’s possible you may receive multiple offers on your home.
When selling a home in as-is condition you must remain realistic throughout the process. One thing you need to be realistic about is the chance you’ll receive low offers on your home is pretty strong.
Another thing you need to be realistic about is the chance that even though you’re selling your home in as-is condition; a buyer still may opt to complete various inspections. There are tons of reasons why having a home inspection is a good idea and many investors will choose to do so, even if a home is being advertised as being sold as-is. Remember, a buyer who chooses to have various inspections, in most cases, will be responsible for the cost.
If you decide that the best option for your situation is to sell a house in St. Louis, MO in as-is condition, it’s important you have an understanding of the process and also understand some of the hurdles you may face. To learn more about how to sell a house in St. Louis, Mo contact St. Louis Realty Advisors today at (314) 227-0000.