Process of selling a house as is in NY | Part 1
Updated: May 20
Are you thinking of selling your house as is? What does it mean to sell your house as is? Should you sell your house as is? What is the effect of an as is clause in a purchase agreement? Would you like just to move out and move on? but it's got a leaky roof, finicky plumbing or maybe a 1950 kitchen with only aqua cabinets, you really don't want to fix. I get it. How do you know is even worth the time and money, it will take to fix up your home for a buyer? To make a confident decision on whether to sell your house as is, there is several things to consider. Like, what as is actually means, what the pros and cons are and what's involved in this type of home sale. This is the first of a series of videos about selling your house as is. Let's dive in. What does it mean to sell a house as is? Selling a house as is, means a property is a fixer upper, that won't be repaired or improved before it's sold. It tells buyers: what you see, is why you get. The home is priced and marketed for sellers to get it sold quickly without pouring any extra money into. and for buyers to score a low price. Should you sell your house as is? If you want to move pronto and you don't want to make repairs to your home, selling as is could be a good option. But keep in mind, it’s just like slapping a big ol’ Clearance Sale sign on your house, everything must go!. Sure, you will definitely earn less money at the closing table than you would if you make repairs. But it might be worth in certain circumstances. What is the effect of an as is clause in a purchase agreement? Well, as is clause, simply puts the buyers on notice that the sell is being made without warranty, and that the property is accepted on it’s existing condition. It does not infringe on a buyer’s right to inspect, nor to ask for repairs and does not excuse the sellers required disclosures. Can you get a mortgage on an as is house? you won't have as many financial options, buy in a home as is. Conventional mortgages, meaning mortgages not insured or guaranteed by the federal government, are available for some properties. The caveat here is that they can only have minor defects.