Sell a House As Is in Maryland
Updated: Aug 1, 2021
Sell a house as is in Maryland
Are you looking around your home and feeling like it’s time to move on but you want to do it as quickly as possible and you don’t want to spend any more money on it? If so, then you are a homeowner looking to sell their house “as is”.
What does the term “as is” mean for those looking to sell their house in Maryland?
What does it mean to sell a house as is in Maryland?
For Maryland homeowners looking at selling a house as is, this means they’re not interested in fixing it up and potential buyers must be happy with what they see. Normally, this means homeowners will need to be content with a lower asking price so that they can sell the property quickly.
The key, when selling your house as-is, is that it needs to sell quickly. A home that needs repairs loses value the longer it is on the market.
But what are some of the reasons why someone would be interested in selling quickly and as is?
Reasons to sell your home as is
Life is unpredictable and is filled with events that will force homeowners to sell their house quickly.
And you might not be able to afford to stay in the home until the renovations are complete, which can take months. Renovations also require capital.
The situations where homeowners might want to sell their homes as-is include:
If you are a driven professional, you might have received an offer too good to turn down. This means you need to sell your property quickly to ensure that you can relocate within a given time period.
By selling your home quickly as is, you can hopefully cut out any overlapping expenses of paying off the mortgage on the old home and new one.
Not all marriages and relationships end with the partners separating their assets amicably. In a messy divorce where assets are contested and the home is a major barrier to the divorce, sometimes the best option is to simply liquidate the equity and split the profits equally in as short an amount of time as possible.
As the single largest asset in most marriages, it removes the most contentious issue in weeks instead of months, helping you get on with your divorce and your life.
With emotions running high during this period, making sure that you sell the home as-is and quickly is important. It also helps you remove yourself from having to deal with your ex-partner.
House needs repairs
As discussed, undertaking any renovation can be a headache. And often, homeowners can’t afford to do the required repairs.
Especially if it is a larger job like roof repairs.
Taking the route of selling your house as-is in Maryland is the only route.
Selling an inherited house
Inheriting a home can be a nightmare, especially when it is far away, and in need of renovations.
Rather than investing capital you or the deceased don’t have, selecting to sell it as is might be the wisest decision.
Especially because by hanging onto the property, you might end up with maintenance bills you simply can’t afford.
Being a landlord is a 24/7 job. And if the tenants of your property are difficult, it can quickly turn into a costly nightmare. While almost all landlords require a deposit this might not be a large enough lump sum to fix the home’s issues.
Selling the property as it allows you, the landlord, to walk away from the house without being tied to the difficult tenant.
While there are many reasons why you’d want to select selling your home as is in Maryland, what are the pros and cons?
Pros of selling a home as-is in Maryland
There are a number of great positive reasons to sell your home as-is. First off, it is faster.
No need to wait for ages for the renovations to take place, which can often be extended due to unknown issues only discovered during the project. Also, due to the fact your asking price will be lower, you might find a cash buyer for the property, which will increase the speed of the process dramatically.
If there is a need for an appraisal, due to the fact that the buyer needs a third party to help them finance the purchase, this might also force you to undertake renovation tasks. As many can attest, doing renovation work is costly. And if you don’t have the capital, you can avoid this by selling as-is.
And often, there’s may be no return on investment when putting in capital to fix up the home.
Also according to Home Advisor, for a 2,500-square-foot home, a whole home renovation cost anywhere from $15,000 to $200,000. And for those living in Maryland, older homes are notorious for being more expensive and complicated to fix.
Being able to sell the home as-is helps circumnavigate this tricky situation completely. But there are a number of downsides.
Cons of selling a home as-is in Maryland
“As is” homes are often cheaper deals, which will help attract buyers. This being said, depending on the amount of work required it could easily send them packing too.
Also, the largest issue is that a number of 3rd party financial institutions will not approve mortgages if there is a large amount of work required on the home. This combo means you will be looking in a niche group of individuals interested in your Maryland home.
Then there’s the fact that you’ll be walking away with less cash at the end of the day, as potential buyers will be ruthless in beating down the price. On average, homes that require no work sell for more than $250,000, while houses deemed ‘fixer-upper properties’ sold for almost $200,000, according to a Porch.com study
But this being said, sometimes it's better to avoid large renovation jobs. As only a few jobs will, in fact, produce a return on investment in a short amount of time.
And if they do, often the margins are too tight to warrant the effort.
Now that you’ve weighed out the pros and cons, you may be interested in listing your Maryland property as is, but how does one do so?
Ways to sell my house as-is in Maryland
The process of selling your home “as is” is very similar to the usual method. But rather than pouring capital into renovations and maintenance, you can put the home on the market straight away.
Then again, there are a few suggested steps to follow before listing.
Get expert real estate advice first
While you might be interested in cutting out all unnecessary expenses, getting an expert to provide you with a realistic price for your home is key.
Realtors will be able to complete a comparative market analysis (CMA), which will give you data on what similar properties in the area sold for over the last nine months. The CMA ensures that you’ve set a fair price for your home from the start.
If the price is too high, your home will sit on the market for longer than it needs to be. And when you’re selling “as is” you want to ensure you sell it before the repairs need to be done.
Get a professional to complete a home inspection
While you might feel you are fully aware of all the issues in the home, actually, you might not be. In Maryland, you are required by law to inform buyers of issues that have occurred and are currently a problem.
These potential snags are called “latent defects”.
Under Maryland law, a “latent defect” is an issue with the property that the seller knows about that:
Is not visible
A buyer or home inspector could not reasonably be expected to discover when conducting the home inspections
And could endanger the health or welfare of the new homeowners or their guests to the property.
This means it is in your best interest to know exactly what is going on. A home inspection costs around $200-$400 and takes an hour or so. But in the grand scheme of potential future problems, this is a small price to pay.
A major plus with doing such an examination is you will receive a professional report to present to home buyers that prove you have nothing to hide.
The problems they will be investigating include:
Faulty electrical systems
Also with this report, you’ll be able to include estimated quotes for the problems you’re not able to address. This can be helpful as you will be able to prove how much you can take off your asking price.
And always ensure that you disclose any defects, as you can face legal ramifications if the new owners find issues that weren’t disclosed.
But what if you could just call a company that offers anyone in Maryland cash for homes?
After all, you just want someone to answer your prayers of, “I want to sell my house fast in Maryland.”
How you can sell your Maryland home fast with Easy Outs Homes
Easy Outs Homes offers express home buying services in the United States. This means we buy houses in Maryland for cash. Also, we answer your calls for someone to “Sell my home fast for cash.” We will also take your home - “as is”.
There’s no need to waste your time with appraisals, or getting quotes with contractors, which can take weeks and even months.
The fact is, because we buy houses for cash, we cut waiting times down dramatically because you don’t need to find a buyer - it's us.
But why should you select Easy Outs Homes? After all there are a number of home buying companies in Maryland.
Why choose Easy Outs Homes?
Easy OutsHomes has been in the business of buying and selling homes. We bring our years of experience and our excellent customer service record to the table. This means our staff are able to assist with nearly every situation because we’ve been there, bought and sold thousands of houses.
Currently, the Easy Outs Homes will buy homes in surrounding counties of Harford County, Maryland.
It doesn’t matter if it is a single-family home, townhouse, condo, semi-detached, or apartment, we’re interested in buying your property. And, even in financially difficult times, we’re interested in making you a fair cash offer.
The first step is to give us a call at 443-347-3556, or use our online form to get started! We’ll give you a fair cash offer fast.
If you accept the offer, we will arrange a time to meet at your house, where we’ll bring along the paperwork to sign.
Once our Real Estate Consultant takes you through all the paperwork, and you’ve signed the contract, you will see the cash in your account in a matter of days.