Do you want to sell a house "as-is" in Chicago?
There are numerous reasons why a you might want to sell your Chicago house as is. Two of the most commonly stated reasons for selling a house as is due to money and time consumption. Some owners may be financially strapped and unable to make the major repairs required to sell in peak condition. Others consider selling a house as is to ensure a speedy sale. Even with the assistance of realtors and other professionals, it’s not uncommon for sellers to see their property on the housing market for months at a time. The time wasted on market can be detrimental to a seller’s pockets.
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What Selling a House As-Is Means...
The definition of an “as-is” sale is often misunderstood (even among agents and other real estate professionals).
Here’s the defined meaning:
“Selling “as-is” means selling the house in its current condition or, presently, just as it is immediately before closing; without the seller making any repairs. So the house will be sold with all of its current damage and any repairs needed.”
Selling a house “as-is” in Chicago may save you time, money, and sweat. But understanding what “as-is” REALLY means is important.
Three misinterpretations of what “as-is” means relates to:
- Property inspections
- Selling site unseen
- Re-negotiating contract price
Homeowners frequently assume selling a house “as-is” means the buyer can not cancel the contract due to property condition. As-is doesn’t mean an inspection contingency won’t be utilized for a certain period of time.
The huge majority of “as-is” sales, according to the contract, allow a buyer to back out after inspecting.
Selling Site Unseen.
Selling a house “site unseen” means the buyer is not able to inspect or enter the property.
There are no home inspectors, no walkthroughs, or repair estimates from contractors.
The buyer “guesstimates” as to property condition.
“Site unseen” sales are not very normal because offers come in much lower. The buyer’s risk is too high to pay a significant amount because the house could be damaged beyond repair.
Bad tenants or squatters, dangerous structure condition, or the owner does not have access – these are situations that can make up site unseen sales.
Re-negotiating Contract Price
Selling “as-is” doesn’t guarantee that, after inspecting the property, the buyer will not ask you to reduce the price.
Real estate contracts usually have an inspection period for 7 business days.
Some sellers may believe “as-is” sale means, “no matter what the repairs cost.” But if the buyer uncovers unforeseen repairs, a price reduction may be understandable.
How to Sell Your House As Is Fast
If you seek the advantages of selling your home as is, looking for a dependable house buying company is a must. Selling a fixer upper can require too much labor for most homeowners. Thankfully, house buying companies specialize in buying properties that need major renovations. While other potential buyers will nitpick at your home’s flaws, house buying companies welcome them. This allows homeowners to forgo making expensive repairs before the sale, effectively saving money and time. Homeowners don’t have to worry about buyer complaints after closing either. If you’re considering selling a house as is, finding the right house buying company for you is essential.
Finding the Right House Buying Company
When conducting research on house buying companies, it’s hard not to stumble on “We Buy Houses” advertisements. From the yellow pages to signs planted on the side of busy streets, the popular slogan can be found seemingly everywhere. House buying companies use this line almost exclusively to advertise their unique ability to buy houses outright, without repairs or making any warranties. If you’re selling a house as is, the issue becomes sifting through a vast selection of companies and choosing the best one that will suit your needs.
There are a few key suggestions to keep in mind when choosing to sell your property to a house buying company. These suggestions will allow homeowners to receive the best price and customer service during closing. Remember, a house buying company gives cash offers based on fair market estimates by comparing your home to others in the region in similar condition. This requires house buying companies to extensively research the market area and stay up to date on regulations and procedures that will assist in closing. If a potential company doesn’t seem more knowledgeable about the selling and buying process than you, maybe they’re not a top house buying candidate.
Keep It Local
Another suggestion to keep in mind when picking out the right house buyer company is location. Much like the small business craze sweeping the nation, localized companies offer major benefits to homeowners needing to sell. Local companies have the advantage of knowing the area better, giving homeowners a more accurate estimate when drawing up the cash offer. They have a better grasp on the local housing market. This insider knowledge is pertinent to receiving a better offer for your fixer upper. Many nationwide companies are notorious for low balling sellers to account for unknowns. Local house buying companies know the terrain and aren’t afraid to trek it with a hesitant homeowner.
Local house buying companies also are typically smaller. Unlike national companies, local companies give the added advantage of working with the same buyer continuously. Choosing a local house buyer company means cutting out the middle man. This allows homeowners to earn more money when they sell, avoid hassles, and work with someone that actually knows their neighborhood. It’s a win-win situation for homeowners and small businesses alike. If there’s a choice, always go with a local cash home buying company.
Communicate with the Buyer Directly
Find out who you are working with when selling a house as is.
Although this may sound like common sense, communicating with the house buyer directly is another suggestion homeowners should consider. When on the search for the right house buyer, some sellers may encounter an investor type known as a “wholesaler”. While wholesaling is sometimes seen in poor light, they are no different than other homebuyers. Wholesale real estate investors will close on your time line, and are always interested in you selling your house as is to avoid the stress of you needing to update and renovate it yourself.
The more you communicate with the buyer directly, the more likely you are to feel comfortable selling a house as is to them. Every professional house buying company will be more than happy to not only stay in communication with you, but also work with you to make the selling process as streamline and stress free as possible. They understand how much goes into deciding to sell your house. If you’re not in a position to make the repairs needed, tell them. More often then not, the repairs you need, and the updating required, are all within their scope of work, taking away the stress of selling a house as is.
Check Out the References
One of the most valuable suggestions homeowners should heed when choosing a house buying company is asking for references and testimonials. If they’re not easily located or readily available online, ask the company’s representative to send a few your way. No, you’re not inconveniencing the representative and it shouldn’t take relatively long. A professional house buying company will not object to verifying that their houses under contract close. If they won’t allow potential sellers to contact the title company they use, the company might have a poor approval rating. If they are unwilling or unable to send an inquiring homeowner references or testimonials, avoid them at all costs. This is a major red flag.
Established companies that treat clients with fairness and respect will have testimonials. Although these are highly biased assessments, the average testimonial will provide a general understanding of the business’s dealings, how transactions were completed, and overall success rate. Don’t be afraid to ask; references and testimonials will provide insight sellers can’t afford to ignore.
Sell My House Chicago As Is
Though selling a house as is can seem daunting, selling to a house buying company can be time and money saving. Utilizing a house buying business helps homeowners avoid buyer complaints after closing while receiving the best price for their property. If you’re overwhelmed by the plethora of companies out there, consider location, the direct buyer, and references and testimonials before choosing the company for you. Remember, not all “We Buy Houses” companies are created equal. Making an informed decision will give you the best house selling results.
Selling a House As Is FAST
Wepayucashforhouses.com has made it very simple to sell your house fast as is. You can get a cash offer within 24 hours and close as soon as you if feasible for you. Find out how much we can pay for your house by calling us at 773-599-9494.