Thursday, October 31, 2019 / by Pamela Glende
In most cases selling a home “as is” isn’t as appealing to today’s home buyers. Many of todays buyers are looking for a home that doesn’t need a lot of repairs. Prices have gone up quite a bit in the Spokane Real Estate Market and home buyer’s incomes haven’t kept up.
In most cases fixing up a home before you list is the best option. A well-maintained home will likely turn a higher profit and sell quicker.
That said, many investors will take the home off your hands. The down point to this is that they want a deal and you will most likely net far less than if you did the needed repairs.
Also, with FHA and VA loans the home needs to be in decent shape. Not doing the repairs can eliminate this buyer pool which is a large amount of home buyers. With FHA and VA you can’t have any peeling paint. The roof needs to be in decent shape. Stairs need to have handrails etc.
If the home isn’t well maintained your real estate agent will recommend listing the home with Conventional or cash terms. You now cut out half of your buyer pool.
I suggest if you are able to do repairs that you do them. Sometimes it doesn’t take much to make your home shine. Fix those leaky faucets and give the home a coat of fresh paint if it needs it. Take care of any electrical or plumbing needs. Have your furnace serviced.
I also suggest doing a pre-listing home inspection. That way you will be aware of potential issues before you list your home. You can take care of any items that may cause your deal to fall through due to an appraiser calling out a work requirement. Also, you can lay out the home inspection report for the potential homebuyers to see. Note on the pages when the repair was completed.
If you can’t do the repairs because of a financial issue then by all means list it “as is” but know you will not net as much for your home and only half of the buyer pool will be able to get a loan on the home.