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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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.
Pros and Cons of selling a house 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.
Consumer Protection from Unfair Trading Regulations and selling a house ‘as is’
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 in relation to 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 damp?
- 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.
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.
Not at all. In fact, sellers prefer certainty of sale going ahead rather than spending a lot of money on a refurbishment where lots of things can go wrong.
