Q: My house is in Rhawnhurst and I am ready to move. It is a nice house, but my friends have told me it is “dated.” I don’t really have a lot of money to move and my friends keep scaring me with stories about how they had to get a new roof, or new rugs, or new electric for their buyers. I’m on a fixed income and can’t afford that. How can I sell without going into my pocket for a buyer?
A: If you want to sell your home without doing any repairs, you can sell it “as-is.” It’s a great option for many home sellers who are unable to handle the repairs, either financially or physically. When a house is up for sale “as-is,” it is understood that the buyer will be making an offer contingent on being responsible for any repairs needed themselves.
“As-is” does have its drawbacks, however, since listing your home as such may scare away some potential homebuyers… so it might take a little longer to find one. In order to bring those buyers in, you will need to list your home at price that will be attractive to the homebuyers who don’t want to spend a lot of their money on repairs either. In other words, a lower price.
Be advised there will be times, even with an “as-is” property, that repairs may need to be made anyway. There are FHA mortgages contingent on repairs and if your buyer needs an FHA mortgage, those repairs will need to be done by either party before the sale can be completed.
Note: Anyone selling outside of Philadelphia will usually run into instances where townships require certain repairs to certify the use and occupancy of the home.