What You Need to Know About Selling a House “As-Is” in Maryland
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Originally Posted On: https://www.partnerpropertygroup.com/blog/what-you-need-to-know-about-selling-a-house-as-is-in-maryland/
You’re thinking about selling your house. On the one hand, you’re considering fixing it up and trying to get as high a bid as possible. On the other hand, you’re intrigued by the idea of selling it “as is”.
And that’s what leads you to this article. You want to know: what exactly does it mean to sell a house as is? We’re going to cover that topic in great detail below.
Without further ado, here is everything you need to know about selling a house as is in Maryland.
What Does It Mean to Sell a House As Is?
Oftentimes, when a homeowner sells their house, they engage in remodeling and updating parts of it so as to make it more attractive to buyers. Of course, in doing so, they spend a great deal of money prior to making the sale. Not to mention, they put loads of extra effort in.
This is the exact opposite of selling a house as is. To sell a house as is means to sell it in its current condition. There’s no remodeling; no updating; the house is literally sold “as is”.
Anyone can buy a house as is. In a hot market, prospective homeowners buy houses as is on a regular basis.
Note, though, that, in many cases, it’s real estate investors who will buy houses as is. They’ll provide a cash offer to the homeowner. If the offer is accepted, they’ll hand the cash over, and the transaction will be finished within a week.
There are many perks to selling a house this way. We’ll discuss these perks in detail now.
Allows for a Quick Sale
If you want to sell your home as quickly as possible, there’s no better option than selling it as is. Not only do you not need to make any time-consuming updates to your home but you also can sell to an “as is” buyer in the span of just a few days.
This is because real estate investors are always looking to purchase new properties. Therefore, they’re always willing to make an offer on a house, regardless of what type of condition it’s in.
So, if you’re trying to move ASAP, consider selling as is. It will save you months’ worth of time.
Requires Little Work from the Seller
Another big benefit of selling as is is that it requires little work from the seller. Again, selling “as is” means selling the home in its current condition. So, even if the home hasn’t been updated in 30 years, you’ll still be able to sell it without any additional work.
No, you might not get as high a bid on it. However, you won’t have to pay large amounts of money to make updates either. This could be beneficial in the long run.
Saves You Money Upfront
As was just noted, when you make updates to a home before selling it, you have to pay fairly large sums of money upfront before you even get your hands on money from the sale. This might not be a viable option for you. Even more, it might be financially disadvantageous for you.
So, if you don’t want to spend a lot of money leading up to the sale, strongly consider selling as is.
Allows You to Avoid Foreclosure
The last benefit of selling as is is that it enables you to avoid foreclosure. If you’re not keeping up with the payments on your house, foreclosure could be coming your way. Were your house to go into foreclosure, your credit would likely be destroyed.
Selling as is enables you to pay off your loan without incurring a foreclosure. As such, your credit is protected.
Rules for Selling a House As Is
Let’s say that you’ve decided to avoid the traditional selling process and are instead going to be selling your house as is. Are there any rules that you have to follow?
In the state of Maryland, the answer is yes. Namely, you must sign either a disclaimer or disclosure revealing either the specific defects of the house or the fact that the home is, in fact, being sold as is.
You can’t attempt to hide any of the home’s flaws. This is against the law and could land you in serious legal trouble.
How to Sell Your Home As Is
Now, how do you go about selling your home as is? Are there any tips you should utilize?
If you’re selling to a real estate investor, there really aren’t. All you have to do is call up the investor and have them inspect your home. They’ll make you a cash offer upon inspection, after which you’ll either accept or deny the offer.
If you’re trying to sell your home on the open market as is, there are a few different tips you should consider.
For one, you should consider making small, low-cost repairs. These aren’t things like replacing the flooring. They’re things like painting the trim on your windows and replacing the caulk around your bathtub.
In addition, you should have your home inspected. This way, you can know whether or not there are any major problems that will affect the sale of the house.
Finally, you should consider hiring a real estate agent. They’ll give you the best shot at finding suitable buyers.
Interested in Selling a House As Is in Maryland?
What do you think? Are you interested in selling your home as is? Interested in selling a house as is in Maryland, in particular?
If so, look no further than Partner Property Group. We buy houses in all conditions, and offer fash cash upon purchase. Contact us now to schedule a fast cash offer
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