There are times when selling your house as-is is the best decision you can make. Whether you have an ugly house, an inherited property, or other unwanted property, there are many benefits of selling your house as-is if you do it the right way. But doing it the wrong way can be costly and challenging, which is exactly what you want to avoid when selling your house.
When selling your house as-is in Kentucky, these are the tips we recommend that you follow for the best success.
1. Set a Realistic Asking Price
The first thing you should do when selling your house as-is in Kentucky is to set a realistic asking price for the house you’re selling. If you set the price too high for your as-is house, you can easily scare away a potential buyer. If the price is too low, you can miss out on the maximum amount you can make on the house, which can be detrimental to your overall financial goals.
If you want to sell the house quickly, don’t low-ball the asking price just to get fast cash. Do a market analysis of comparable homes and real estate listings in the surrounding areas that have sold recently. These homes will help you determine a realistic fair market value asking price that you can assign to your home. Make sure to make realistic adjustments to the asking price of your home so that you advertise the most accurate price for your home and the condition it’s in.
2. Provide a Full Disclosure on Your Property
The next thing you’ll need to make sure you do when you sell your house as-is in Kentucky is to provide full disclosure on your property. Full disclosure means that you let all potential buyers know the history of your house, including the good, the bad, and the ugly. The full disclosure should include issues the buyer should know about, such as fire damage, water damage, or a leaky roof.
Full disclosure is not only ethical, it is also legally required in Kentucky. Failing to disclose issues about the house is illegal in Kentucky, and a potential home buyer can sue you for fraud.
Before providing full disclosure on your property, you should perform an inspection to get an idea of what defects need to be replaced or repaired and what is still in good condition and to help you determine the best asking price for your house.
3. Advertise on Social Media and Other Online Platforms
The days of driving through neighborhoods searching for a prospective property to buy are nearly gone. Today, many homes for sale are found on social media. Using social media to advertise your as-is home in Kentucky allows potential buyers to look through pictures and send you messages about the property. Plus, you can reach many more potential buyers than you would by simply placing a for-sale sign in your front yard and hoping for the best.
You can also pay to place your listing on various websites and platforms. Websites like Zillow allow you to advertise your property on their website and application for potential buyers to see. Social media and online platforms give you the best opportunity to reach buyers and allow buyers to contact you when they have specific questions or would like to request a showing.
Include in the listing that you are selling your house as-is. Buyers need to know this upfront. If a buyer doesn’t know the house is being sold as-is, you will waste your time and theirs by showing them a house that may need more repairs than they’re willing to spend.
4. Be Willing to Negotiate
Buyers who know they are purchasing an as-is house will likely try to negotiate the price more than they would a house that’s not being sold as-is. You should be willing to come off of your asking price when you sell an as-is house, especially if you have listed the house for a higher amount.
The best way to get the most money from your as-is house is to work with the potential buyer. Try not to list the house for too much because it can scare away potential buyers. At the same time, if a buyer offers you a price lower than asking, don’t immediately disregard the offer. Find out why they are asking such a low amount and see what you can do to remedy that. It might be a fair offer, especially if you find a cash buyer.
The purpose of selling a house as-is is so that you don’t have to make large, expensive repairs to sell the house. You won’t get to sell the house for as much as you could if you had made those repairs, but that’s the beauty of selling a house as-is. It is an easy option for selling your house when you may not have the time or the money to make necessary repairs.
5. Know the Costs for Selling a House
Even when selling a house as-is without a real estate agent, you’ll have to fork over some money. The only money you’ll be saving by not using a realtor is the commission. As a seller, you’ll still have to pay for closing costs, and you’ll likely have to pay the commission for the buyer’s real estate agent. The closing costs are various fees owed at the time of the sale, including real estate commissions, lawyer’s fees, taxes, escrow fees, and recording fees. You should expect to say about 3% to 5% of the price of the home sale at closing. If you’re using a real estate agent, you should expect to pay close to 10%.
Selling burdensome houses as-is in Kentucky can be easy if you know what to expect. We recommend using an agent who specializes in selling this property type. This will ensure that you are covered legally, as well as make the most money possible on your home sale. If you choose to sell your house without an agent, you should share the listing on social media and be willing to work with the buyer once an offer is made.