We have an older rental property that we want to sell. We want to sell it “as is”. What do you advise?
Posted by Allison Simson on Monday, March 30, 2009 at 12:00 AM By Allison Simson / March 30, 2009 Comment
Question: We have an older rental property that we want to sell. We haven’t lived in it for years. It needs some work and want to sell it “as is”. What do you advise?
Answer: Think about the last time that you went to buy a used car. Were you more attracted to the dealerships that offered used car warranties or the places that advertised “as is”? In real estate, just like in the used car world, “as is” may suggest that there are defects the seller is either trying to hide or is unwilling to fix.
When a buyer hears a home is being listed “as is,” he is more wary of the property. Sellers often advertise their property this way because they think it will mean the end of their responsibility to the buyer. This is really not true. Sellers are obligated, by law, to disclose of any and all known defects to a buyer even if they say the home is “as is”.
You’ll save time, increase the chances of a sale, and probably net more dollars if you fix up the property as economically as possible – typically this would include general clean up and perhaps a coat of fresh paint throughout. Then, when you fill out the property disclosure, which will be given to your buyer, inform your new buyer about those items that are still problems in the property.
For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours. Want to know the value of your Summit County property? Visit www.SummitHomeValue.com