Selling your house as is can be an attractive option if it needs major repairs. The market value of your property is determined by its current condition and any refurbishment needed. A property in poor condition can put off any prospective buyers as they prefer a show-room ready home.
Young first-time home buyers’ obsession doesn’t end there. The right buyer is ready to pay a higher price for a poor quality newly built home and overlook a property that’s in need of repair.
The good news is that we can buy your property in its current condition – more on that later.
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Selling a House in ‘As Is’ Condition: The Honest Truth
When you’re faced with selling a property that’s seen better days, the prospect of listing it ‘as is’ can be tempting. But what does this really mean for you as a seller, and is it the best route to take?
What Does ‘As Is’ Really Mean?
Selling a house ‘as is’ essentially means you’re offering the property in its current state, warts and all. You’re not planning to make any repairs or improvements before the sale.
This approach can be particularly appealing if you’ve inherited a property, are dealing with a divorce, or simply don’t have the time or resources to spruce up the place.
The Pros and Cons of Selling ‘As Is’
With one in three property transactions falling through, it is natural for home sellers to sell to cash buyers. This can be a better option as it gives you certainty and a quick completion within a couple of weeks.
This means that a mortgage lender instructs no fault-finding survey.
You may not have the time, money, or inclination to start home improvements. With rising repair costs due to increases in material prices and builders being notoriously unreliable even tackling minor repairs can be stressful.
On the flip side, if your best friends are builders and you are prepared to become a project manager to oversee major renovations, get accurate cost estimates and invest extra money, then you are likely to achieve the highest possible price for your own home.
These are pros and cons of selling a property as is:
Advantages:
- Quicker sale process
- No upfront costs for repairs
- Attracts investors and developers
- Ideal for those needing a swift exit
Drawbacks:
- Lower sale price
- Smaller pool of potential buyers
- Risk of putting off traditional homebuyers
- Possible legal complications if issues aren’t disclosed properly
How can you sell a house as is on the open market?
According to the UK Government’s website, on average, it takes 2-3 months to sell a property. When a house is listed in ‘as is’ condition, it informs potential buyers that the seller wishes to sell the property in its current state.
Even if you hire the best local estate agent, you are likely to receive fewer offers due to the condition of the property. To assess the best possible price, you will need to do your due diligence on all offers. It is a good idea to check if offers are subject to a mortgage or a cash offer.
When a property is listed in ‘as is’ condition, it informs buyers that the seller can’t do any repairs or improvements. With inherited properties, the new owners – or heirs – may not have lived in the property at all. Therefore, in the seller’s disclosure, they will not have intimate knowledge of the property’s history, its boundaries and any disputes with neighbours. There’s a strong possibility that new owners are looking for a quick sale at a fair price.
This can be tricky, particularly if you are an Executor trying to sell a property at arm’s length. If your estate agent doesn’t set a realistic asking price, then a price reduction will be the best option.
Rather than tackling the much-needed repairs, the best way to sell is to a genuine cash house buyer like Property Saviour. We will pay all your selling costs, including solicitors’ fees, with a guaranteed purchase price without the stress and worry of dealing with estate agents and their non-committed buyers.
Who Buys ‘As Is’ Properties?
- Property developers
- Buy-to-let investors
- Home renovation enthusiasts
- Cash buyers and ‘we buy any house’ companies
Pricing Your 'As Is' Property
Setting the right price is essential. You’ll need to factor in:
- The property’s location
- Current market conditions
- Extent of repairs needed
- Comparable sales in the area
Marketing Strategies
When selling ‘as is’, honesty is the best policy. Be upfront about the property’s condition in your listing. Focus on the positives, such as:
- Potential for renovation
- Desirable location
- Unique features or character
- Size of the property or land
Use high-quality photos that show the property accurately, including any areas that need work.
Consumer Protection from Unfair Trading Regulations
Even when selling ‘as is’, you’re not off the hook when it comes to disclosures. The Consumer Protection Against Unfair Trading Regulations require sellers to be upfront about any issues that could affect a buyer’s decision. This means you’ll need to fill out a Property Information Form (TA6) and a Fittings and Contents Form (TA10) honestly and thoroughly.
The law says that the owner must provide the buyer with a full and accurate picture of the property’s condition. In 2014, the UK government introduced Consumer Protection Against Unfair Trading Regulations.
If a seller fails to disclose a material issue that could affect the buyer’s decision, he/she may face prosecution. In the best-case scenario, a lack of full disclosure could mean a reduced offer, and in the worst-case scenario, the sale can fall through.
Seller doesn’t walk away from the responsibility when it comes to providing a buyer with a full, honest, and accurate picture of the property’s condition.
Sell a house as-is for cash with full disclosure
You will need to fill in a form called Property Information Form (TA6) and Fittings and Contents Form (TA10). If you have any concerns, make sure you note them in the forms.
Honesty is the best policy. It is best to be upfront with any potential buyers so that they can plan and save everyone time, money and frustration by not disclosing all facts about the property. Whether you have disputes with neighbours or had building work carried out, it is worth noting it. If property is being sold with all content, such as hoarded items, please do tell us, as it is not a problem for us.
If your neighbours host regular live music and party every weekend and you’ve been in touch with the Police, then it is worth including this information within sellers’ disclosure forms.
This list should provide you with an idea of things you should include:
- Is your house underneath a direct flight path?
- Are there any structural issues, history of subsidence or dampness?
- Is your property built of non-standard construction, or had the mortgage refused on it previously?
- Are there high crimes in your area?
- Is your house near a school or a pub?
- Does your property have a history of Japanese Knotweed or problems with pests?
What may be an issue for you could be ideal for your prospective buyer. For example, a noisy school with traffic nearby may be perfect for a couple with small children.
Is it bad to sell a house as it is?
Not at all. In fact, sellers prefer the certainty of sale going ahead rather than spending a lot of money on a refurbishment where lots of things can go wrong. nar dapibus leo.
Tips for a Successful ‘As Is’ Sale
- Get a pre-listing viewing to understand the full extent of issues.
- Be prepared to negotiate – buyers may try to leverage the property’s condition for a lower price.
- Consider making small, cost-effective improvements that could boost appeal.
- Ensure the property is clean and tidy, even if it’s in poor condition.
- Gather all relevant documents, including any surveys or reports on the property’s condition.
- Be flexible with viewings and open to different types of buyers.
Alternative Selling Methods
- Traditional Estate Agents: Can work for properties needing minor repairs.
- Auctions: Ideal for properties in very poor condition or with unique features.
- Cash Buying Companies: Offer quick sales but typically at below market value.
- Online Estate Agents: Can be cost-effective if you’re comfortable managing viewings.
Will I need to lower my asking price significantly?
While you may need to price below similar properties in good condition, the exact discount will depend on the extent of work needed and the property’s potential.
Can I sell a house that’s uninhabitable?
Yes, but your buyer pool will be limited to investors and developers. Traditional mortgage lenders are unlikely to lend on uninhabitable properties.
How long does it take to sell a house ‘as is’?
This can vary greatly. A cash buyer might complete within weeks, while selling through traditional methods could take several months.
Should I consider a ‘we buy any house’ company?
These companies can offer a quick sale, which might be beneficial if you need to sell urgently. However, they typically offer below market value, so weigh the convenience against the potential financial loss.
Advantages of selling a house as it is
It can be tempting to start renovating a property to achieve a perfect finish before you can put it up for sale. Everyone has a different definition of perfect. A buyer who likes period features won’t appreciate it if you ripped out a Victorian fireplace for a modern electric one.
There’s no guarantee that a refurbishment will add value even after you have replaced carpets, wall papers and painted every wall and ceiling. In fact, during refurbishment, your property will look much worse before it gets any better, and you will be heavily reliant on different trades turning up in the right order and not over-charging you.
You probably don’t have the luxury of waiting several months before you can sell your property.
This is where Property Saviour come in because we buy any house regardless of condition. We will make you a cash offer, pay £1,500 towards your legal fees and complete the purchase within two or at your timescales. There are no estate agent fees, no mortgage companies involved and no delays. We will keep you informed every step of the way.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
