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What Does Selling a House As Is in Maryland Mean?
You’ve come to the difficult decision to sell your house, but you realize the property is in poor condition. If you don’t have the extra cash to make the repairs before selling, here are tips for selling your house with in poor condition in Harford County Maryland and surrounding counties.
Selling a house "as is" can be a viable way to get a quick sale for your property.
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.
Selling a house “as is” refers to selling a property in its existing condition without any upgrades or improvements. You don’t need to fix any defects, even if they are mentioned in the home inspection report.
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.
When you sell as is, being upfront about all property issues is important. You have to disclose every material defect that affects the property’s value in the seller’s disclosure. A buyer can drop out of the deal if you have falsified the disclosure.
How to Sell a House As Is in Harford County Maryland?
A fair listing price is vital to attract competitive offers for your ‘as is’ home sale. With these 5 steps, your as-is house sale in Maryland can be a breeze:
1. Know Your Home Selling Options
You have four options when selling your house as-is in Maryland:
List on a Cash Marketplace: Cash marketplaces offer maximum exposure for your home – typically via the MLS. This includes exposure to We Buy Houses for Cash companies in Maryland.
Sell a House As Is for Cash in Maryland: Cash home buyers make all-cash offers within 24 to 48 hours. However, they offer only 30% to 70% of your home’s FMV. On the other hand, iBuyers can extend an offer as high as 80% of your home’s FMV.
Sell Your Home As Is By Owner: Selling a house in Maryland by owner is a DIY approach to getting your home sold. A Maryland MLS listing service can help you get your home on the MLS and sell your house without Realtor commissions.
Sell Your House to House Flippers: House flippers in Maryland are always on the lookout to purchase investment properties. You can offload your home as-is to a flipper. The home flipper will renovate and re-sell the house for a profit.
2. Make Minor Repairs
The number of repairs your home requires is inversely proportional to the property’s fair market value. So, you can try to make high-ROI repairs to enhance its value. This may include fixing a squeaky doorknob, replacing a leaky washbasin pipe, etc.
3. Conduct a Pre-listing Inspection
Pre-listing inspections will help you avoid violating your Maryland seller disclosure laws. Hire a professional Maryland home inspector to determine the unknown defects present in your house. This will prevent disputes with the buyer agent on unknown issues that may arise later.
4. Fill Out the Seller Disclosures as Accurately as Possible
Maryland’s seller disclosure statement has several sections related to property condition. Each section contains questions based on the property’s defects and features. If you hide any defect knowingly or unknowingly, you might end up in lawsuits, lose money, and damage your reputation.
Maryland laws require sellers to maintain the property till closing as it was on the effective date of the real estate contract. If found guilty of a violation, the buyer can walk away from the sale without any legal obligations.
Can Home Buyers Back Out of an As Is Contract In Maryland?
There’s a 15-day inspection period for the buyer to inspect the property. During this period, the buyer may choose to back out of an as-is offer without any penalty or losing the deposit money. That is usually not the case if you choose to sell to investor cash buyer like Easy Outs Homes- Get a no-obligation Cash Offer Today!
Should I Sell My House As It Is in Maryland?
✅ Pros
No Haggling Over Repairs: Water-damaged kitchen countertops, dripping faucets, or broken roofs – repairs are not your concern. The flipper or investor buying your Maryland house as-is will take care of such repairs.
No Inspection Contingency: On average, home sellers shell out $14,000 in seller concessions related to home inspection. In an as-is sale, you can pre-set a discount and tell buyers you are unwilling to negotiate further.
Hit the Market Quickly and Sell Fast: Since you save time in repairs, you can list your property directly for sale. You can close the sale relatively sooner if you find a buyer who has a mortgage preapproved for distressed properties.
❌ Cons
Below Fair Market Value: As stated earlier, you will most likely sell to a cash buyer. Cash home buyers offer only 50% to 70% (or even less) of the FMV.
Negative Buyer Assumptions: Buyers may assume that your property has serious defects, which may not necessarily be true. This assumption negatively affects the offers your house attracts.
Mortgage Challenges for Buyers: Maryland mortgage lenders typically do not finance properties with structural or safety issues. FHA loans, VA loans, and many conventional mortgages usually do not allow financing for fixer-uppers. 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 — such as Easy Outs Homes— will make a cash offer in just days. We recommend requesting offers from Maryland cash home buyers. 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.
Many of our happy sellers find themselves in a tough spot that requires too much of a money and time investment to ready their house for the market. Others just want to sell their house without going through the headache and fees that come with listing their house with an agent. If any of this sounds like you, we’re here to help. Contact Easy Outs Homes if:
I don’t want to pay commissions and fees to real estate agents, banks, inspectors, and title companies
The home is outdated or needs too much repair work to list it on the market
It’s a financial burden and I need to sell it fast
I need to move and I don’t have time for the house to sit on the market
I don’t want the house to sit empty, risking vandalism or damage
We’re going through a divorce and the house needs to sell fast
I don’t have the time, money, or energy to clean or prep it to list on the market
I’m facing liens or foreclosure and want to put it all behind me
I want to get out of the landlord hassle and liquidate my investment properties
Top FAQs About Selling a House "As Is"
1. What does it mean to sell a house "as is?"
A home listed "as is" will be purchased in its current condition. This means the seller will not consider any improvements before the sale or provide credits to the buyer for repairs.
2. Should you fix up your house or sell it "as is?"
It depends how much time, energy, and money you are able to put into updating your house before selling.
Generally, you’ll get more if you take the time to fix any glaring repairs and make aesthetic improvements.
If you need to sell your home immediately, or can’t afford to make repairs, then selling "as is" may be a better approach.
3. How do you sell your house fast "as is?"
If your goal is simply to sell your house as quickly as possible, an investment company that will pay cash for it may be a viable option. Remember though that the quick turnaround will come at a lower sales price.
4. Can you sell a house "as is" without inspection?
You can sell a house "as is" without having an inspection, though by doing so, you will very likely limit interested buyers. Investors especially may be willing to take on your property (at a low cost) without completing a full inspection.
Keep in mind though that you may still be required to disclose any known defects, whether you allow an inspection or not.
