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Selling As Is |
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Dear Edith: I have a home that is 35 years old and needs repairs (windows, carpentry, electric work, and more). Can I sell this house "as is"? I have neither the money nor the desire to fix it up before selling. It is in an excellent location in a very good neighborhood. How hard will it be to sell if I list it "as is"? How much will I have to come down on the selling price? |
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You’re not the first person who doesn’t want the expense and especially the fuss of putting a home in top condition. You can certainly sell as is.
To start the process, pick three real estate firms that are active in real estate in your neighborhood (read lawn signs, look on the Internet, scan classified ads.) Call and tell them you're thinking of selling your home, will they send someone over? You won't have any obligation until and unless you sign with one of them to be your agent. Meanwhile you can get all sorts of advice and some estimates of what your home might bring in its present condition.
If the problems are really serious and not simply cosmetic, it may be difficult for a buyer to get a mortgage loan. In that case, you'll have to look for an all-cash buyer--and those may be scarce. Or you may have cash offers from investors, who would pay less than market value. Or sometimes a lending institution will go along if money is put in reserve for essential repairs to be done after the sale.
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Edith
Originally published on November 6, 2006 |
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