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Things To Know About Selling A House "As-Is"

13 December 2016

Arthur Young

If you are tired of living in an old house that has major problems, you could always sell the house and buy a different one. If you want to sell your house without making the needed repairs, you could sell it as-is. To do this, you may want to hire a residential real estate lawyer to help you. Here are several things you will need to know and do if you sell a house like this.

You must disclose the problems of the house

There are laws that are called full-disclosure laws, and these state that a homeowner must tell the buyer of the house about any known defects or problems. This is done to help prevent scams and problems with people who buy homes thinking there are no issues. If you know about problems with the house, you must state what they are if you want to follow these laws.

This generally does not include facial issues, such as peeling paint, but it does include things like these:

• Water leaks
• Roof problems
• Mold issues
• Structural issues
• Electrical problems
• Plumbing issues

Any major issue you know about must be disclosed.

You must state that the house is selling "as-is"

To sell a house with major problems, your attorney will recommend stating upfront that you are selling the house as-is. An "as-is" house means that the buyer is buying it just the way it is. The seller will not be making any repairs, and the buyer will not be able to sue the seller for inherited issues with the house.

If you do not advertise the house in this condition, it can be misleading to buyers, and it may cause problems in the future. It is better to be upfront with this than to try to hide anything.

Understand the challenges you might face

It's important to realize that you can sell a house like this, but you may encounter some challenges along the way. The main challenge may be getting an offer on the house that is around the price you are hoping for. People that flip homes might take a look at your house and give you a lowball offer. If you really want to get rid of the home and move on to something newer and nicer, you may want to consider accepting a lowball offer.

If you would like to learn more about selling your house as-is, you should schedule a visit with a residential real estate lawyer to learn more about this process.

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