If you intend to sell a home in need of work or find yourself needing to move quickly due to finances or job relocation, it may be in your best interest to sell “as is.” “As is” refers to the home’s condition—it is priced to sell without conditions of repairs and the status also assumes that work needs to be done on the home. Most uninhabitable homes are better off being sold as is; this also applies to some Eden Prairie homes for sale requiring complete updates or multiple repairs.

Less Risk

There is less financial risk involved in selling your home “as is.” You won’t have to borrow against your property to repair the home, and you won’t risk sinking a great deal of money into home repairs only to find that they don’t pay off when it’s time to sell. If your home is paid off, everything you sell it for (after real estate fees) is profit. Although the overall value of the home might be less, in many situations you will end up with more cash in your pocket without the huge pre-sale investment of renovation. Furthermore, you won’t have to deal with the stress of remodeling and the potentially rising estimated costs associated with home repair estimates.

Attract Serious Buyers

When you list your home “as is,” those interested in the home are going to expect a home that needs repairs and maintenance. Buyers may include first-time homeowners with little or no down payment ability looking to make an investment in repair over time, flippers (buyers willing to invest in renovating and selling a property for profit) and if the condition is poor enough, buyers interested in constructing a new residence on an ideal lot.

Time Frame

If you are relocating for a job, facing foreclosure or can’t afford taxes in your present location, time frame is likely an important factor for you. If you sell “as is,” you will be able to sell your house more quickly. Eden Prairie homes sell relatively quickly when priced adequately. Also, you won’t have to wait for the completion of extensive home repairs and potential delays—you can list your home as soon as it’s presentable.

“As Is” Status Protection

When you sell a home “as is,” the buyer signs a contract. While an inspection may be likely, the “as is” status protects you as the seller. If the new homeowner discovers missing shingles or has an old pipe burst just after moving in, the buyer legally purchased the home “as is” and it is now the new owner’s responsibility to make the necessary repairs.

If you’re ready to sell your home immediately and you aren’t up for a huge risk, selling “as is” may be right for you. “As is” sales are particularly ideal for homes requiring multiple repairs rather than one update. If this sounds right for you, speak to your Minneapolis real estate agent about the possibility of listing your home for sale “as is”.

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