If you’re getting ready to put a house on the market in South Carolina, you have several decisions to make. One of them, of course, has to do with list price. How much will you ask for your home? Another issue is whether to sell your house “as-is,” which basically means the buyer agrees to purchase the home in its current condition. In some cases, you might decide to designate a specific area of the home “as is,” such as the basement or garage or bathrooms.
An “as is” contingency means that the buyer will not ask the seller to make any repairs, upgrades or changes to the area of the home so designated. If the entire home is listed “as is,” then the buyer agrees to purchase the home without any adaptations. There are several reasons why you might want to sell a house with an “as is” stipulation.
You need to go to close the deal as soon as possible
Sellers often find themselves in a situation where their purchase of a new home hinges upon the sale and closing of their current home. If you’re in a time crunch and need to close a deal for the sale of your home as soon as possible, you might want to consider an “as is” sale. Selling your home as is eliminates the possibility of haggling over cleaning, repairs or upgrades. The buyer makes an offer, you accept it, then schedule the closing. When timing is important, an as is sale can help you accomplish your goals.
Selling your home as is might attract a cash offer
There are several benefits to receiving a cash offer when you’re selling a home. An issue that often causes significant delays or impedes the home purchase process altogether is mortgage loan approval. You might accept an offer on your house, then have it fall through if the buyer cannot secure approval for a mortgage loan. One of the greatest benefits of a cash offer is that the buyer will not need to apply for a mortgage loan.
There is also no need for an appraisal when you and a prospective buyer are agreeing to an “as is” cash offer on your house. If you have accepted the buyer’s offer, and the buyer has agreed to purchase your home in its current condition, there will not be any obstacles to overcome that a conventional home sale often entails, such as waiting for loan approval or renegotiating price following an appraisal.
You don’t have time, skill, money or desire to make repairs
Perhaps you know that your home is in poor condition. However, if you can’t afford to make repairs or upgrades, or you don’t want to be bothered with all that, you can sell it “as is,” so that any changes, repairs or upgrades become the buyer’s responsibility. Remember, though, that South Carolina full disclosure laws still apply in an “as is” sale.
This means you must disclose issues that are pertinent to the home’s condition when listing it for sale. For example, if you know that the central HVAC system in the home needs repair, you must make the buyer aware of it. It’s always helpful to speak with an experienced real estate agent to determine whether an “as is” sale might be a viable option for you.