Selling a house “as is” can be a viable way to get a quick sale for your property. But if not done properly, you might lose out on your return. Read on to learn more about how best to sell your Harford County, Maryland home “as is.”
Selling a house “as is” quickly — and at the right price — can be a challenge. For a homeowner facing financial hardship or in a hurry, the shorter selling time and the ability to get cash fast is appealing.
What sellers should remember though, is that while "as is" sales can be quick, their proceeds are often much lower than fair market value.
While considering selling "as is" in Maryland, talk to an experienced local real estate agent who can advise on how to attract buyers, so you can get the most for your home.
But if you already know you need to sell "as is," we recommend requesting offers from Maryland cash home buyers and comparing them to what an agent thinks your house is worth. Cash home buyers buy houses "as is" and can often close in as few as 7 days. This lets you put money in your pocket quickly without the hassle of costly home repairs.
Skip the repairs. Get a fair cash offer now!
Want to sell your house without the hassle of repairs? Try Easy Outs Homes for a quick, all-cash sale. Enter your property info and we will get back to you.
What does selling a house “as is” mean?
Selling a house “as is” means that the buyer will take it in its current state — warts and all. Specifically, the two parties are in agreement that no repairs or improvements will be made by the seller before the sale.
“As is” basically means that what you see is what you get.
It does not mean that a seller can intentionally hide flaws from potential buyers. Many states require sellers to honestly answer questions about defects from buyers. (We’ll get into disclosure requirements further on.)
Typical Reasons for Selling a House “As Is” in Maryland
Many homeowners decide to sell as-is during a period of financial or personal hardship.
Sometimes the sellers can’t afford to make repairs to their home, or don’t have the time to take on significant work.
They might be in a difficult family situation — dealing with an inherited property or a divorce, for instance — and may simply want to wash their hands of the emotional baggage.
Whatever the reason, they often hope to sell as quickly as possible without making costly repairs.
Potential Drawbacks of Selling a House “As Is” in Maryland
There are several reasons why it can be a difficult to net good value when selling your house "as is."
For one, buyers often have a negative perception when they see the term “as is” in a listing. They assume the house has major defects or that they can take advantage of a desperate seller.
Cash buyers know that you are eager to close a deal quickly. In exchange for taking on a house’s flaws, they will offer much less than market value.
Selling "as is" means you’ll have to work harder and more strategically to sell your house quickly and get good value for it.
How much do you lose selling a house "as is"?
The reality is, selling your house "as is" will net you less than a conventional sale. Exactly how much less varies, but for comparison, many cash buyers offer about 30-50% less than fair market value.
According to Zillow, the estimated median home value in Maryland is $288,700 (as of 2019).
Let’s say a cash buyer offers you 30% less than market value for such a house sold "as is". This scenario would get you $202,090 — meaning you would stand to leave $86,610 on the table.
Should you consider selling to a Maryland cash buyer?
A cash buyer is typically an investor or flipper who will pay cash for your house whatever the condition or location.
These companies offer two benefits. First, they buy houses "as is," regardless of condition. Second, they can make an offer very quickly. Some companies — will make a cash offer in just days.
But cash buyers come with a big downside.
As investors, they make a profit by paying you significantly less than your home’s market value — about 30-50% less. They may give you a lowball offer initially, and then an even lower one after a site visit.
Are there any required disclosures when selling a house "as is" in Maryland?
Maryland sellers must legally disclose knowledge of “latent defects.” These include potentially hazardous flaws that may not be visible during a basic inspection — such as asbestos ceiling tiles or rusted pipes in the walls.
Aside from disclosing these known defects, sellers in Maryland must choose to sign either a “disclaimer” or a “disclosure.”
The choice will depend on a number of factors. A disclosure will ask you to answer a comprehensive list of questions about defects and condition of the house. This is like creating an open book about the home’s condition, which could make it less appealing if it has issues.
The disclaimer option works the opposite way. With a disclaimer, you make no warranties as to the house’s condition — it’s simply for sale “as is.” The downside of a disclaimer is that it might raise as a red flag for a buyer who wants more certainty about what they’re getting into.
Remember, whether you choose a disclosure or disclaimer, you are required to disclose any major latent defects that you know about.
For help navigating Maryland’s disclosure laws, talk with a licensed agent who can make sure you get the best return and avoid legal problems down the road.
5 Steps for Selling a House As-Is Quickly in Maryland
Once you’ve decided you’re ready to sell your home "as is," here are the next steps.
1. Find a Great Maryland Real Estate Agent
An experienced real estate agent will work to get the best possible price for your home sale. Get in touch if you’d like to meet with a local agent who can advise on price, marketing, and legal requirements.
2. Get a Pre-Listing Inspection
Before you list your property, it helps to have an idea of what exactly its condition is. Opting for a pre-listing inspection will help identify issues before you put it on the market.
This way, you’ll be able to price your listing more accurately to sell. It will also help you decide if any issues that turn up are worth fixing in order to ask for a higher price.
3. Consider Making Some Low-Cost, High-Impact Repairs
Even if you don’t want to make major repairs, putting in just a little time for quick fixes can help your chances of selling quickly.
If you have a yard, spending an afternoon mowing and clearing overgrowth can really improve curb appeal. Inside the home, replace light bulbs and add a fresh coat of paint to brighten the rooms.
Any buyer will respond positively to a clean house. If you have even a few hours to spend, cleaning floors and carpets will help with a buyer’s first impression.
4. Set a Competitive — But Fair — Price
Setting a price for your house is not easy. You’ll want to set a fair price that will attract buyers willing to take the home in its current condition — but still nets you the best possible return.
Use a knowledgeable, local agent to accurately estimate the cost of repairs on your house and price it properly to sell.
5. Have Realistic Expectations
Remember to set realistic expectations in terms of time and price of the sale. Selling as quickly as possible — i.e. to a cash buyer — will likely net you a low offer.
It could take a little more time to attract a competitive buyer, but the result may be worth it.
Sell Your House As Is And Avoid A Home Inspection
A home inspection is a standard part of selling a home; most buyers want to know if the house they are buying is accurately represented, without hidden damage or required repairs. Sometimes, even the homeowner is unaware that their home needs any repairs, which can leave the owner saying: “I want to sell my home fast!” without dealing with the delays and possible expenses that occur when home inspections are done to sell in a more traditional property sale setting. One of the very good choices, when faced with this scenario, you may want to sell your house as is for cash.
After The Home Inspection
It is typical for most people buying a home to require a home inspection to determine if there are any problems that may require extensive repairs. When an inspection reveals that repairs are needed, the homeowner is left with two options: make the repairs at whatever cost or give a buyer allowance for the identified problems that need to be fixed. When these two choices don’t suit the homeowner’s needs, it usually results in a seller who wants to sell as quickly as possible without having to put time or money into making repairs.
Selling Without A Home Inspection
Since home inspections are generally requested during conventional home sales, what option does a homeowner have when you want to sell your house as is without making repairs? Selling to a cash buyer is one answer which basically allows sellers to basically turn over their home property without dealing with the things that might need their attention at home.
Real estate investors typically do a walk-through inspection and make an offer based on what they have seen. This is possible because the price offered is usually lower than the potential market value. An offer is made based on the home’s visible condition. Homeowners can either reject the offer or sell the house without getting a complete home inspection. Since it is likely that sellers looking to avoid an inspection know that repairs need to be done and cannot afford either the time or the money for such repairs, taking advantage of selling your house “as-is” may be a great solution for the sale of an unwanted property.
Homes that have an obvious need for repair are typically sold as is for a fair cash price that may be lower than market value. An “as-is” transaction helps homeowners who are eager to sell because of the speed by which they can liquidate the unwanted property. The longer an owner has a home, the more payments that must be made in taxes and mortgage payments. The best solution in many of these cases is simply selling your house as is which eliminates the need for a home inspection.
If you are wondering how to sell your house for cash without a home inspection minus the usual hassle, the best option for your situation may be selling a home “as-is” to real estate investors. Whether a home requires repairs or not, cash buyers help all eager sellers liquidate their property quickly and avoid the concerns about passing a home inspection. That can really be a great relief to many homeowners!