How Do I Sell My House As-Is in Florida?
“Get your home ready to sell” is one of the most common recommendations you will get when you are considering putting your property on the market. Well-intentioned relatives and real estate agents often have numerous ideas on what you should fix to make your home as appealing as possible to potential buyers. However, it is a very different ballgame if you want to sell your Florida home as-is without making any repairs.
There are many reasons why you may need to sell a property in Florida “as is” without doing any repairs before selling it. Although “as is” properties are often associated with houses in bad shape, some sellers simply choose not to fix or update them because they think the home can easily sell in its current condition.
Fixing a house is often expensive, and who wants to spend it on a place you will never see again when you can save your hard-earned dollars for your next home? Besides, repairing a house takes time you may not have if you are on a time crunch – if you need to sell to settle an estate or a divorce, for example. However, your experience as a seller and your priorities will not be the same as someone who intends to make their home look its best before listing it.
Despite some naysayers’ opinions, it is perfectly possible to sell a house that needs work in Florida. We are here to help you make the right decision and decide if selling your home as-is may be the right move for you and, if so, what may be the best strategy to unload the property with minimal hassle and for the best price.
Table of Contents
- What are the pros and cons of selling as-is in Florida?
- Should I sell my Florida house “as is” or fix it up?
- What does selling my Florida home “as is” really mean?
- What paperwork do I need to sell my house “as is” in FL?
- What do I need to disclose when selling my FL property “as is”?
- Do I lose or save money by selling my home “as is” in Florida?
- Should I sell to an “as is” Florida cash buyer?
- FAQ’s about selling “as is” in Florida
- Steps for selling my FL house “as is” fast
What are the pros and cons of selling a home as-is in Florida?
There are both advantages and inconveniences to selling a property in Florida as-is.
One of the main benefits of selling your FL house “as-is” is that you can potentially avoid delays and close on the property quickly. Repairing damages often takes time. You will need to prep the house and plan to move furniture if required. If you hire a contractor, you will need to adjust to their timeline. If you prefer to do at least some of the work yourself to avoid additional expenses, you will need to take time off work or focus your efforts on the evenings and the weekends.
If you prefer to go the DIY route in your spare time, you will not need to lose your income, but construction will take a lot longer. You will also need to clean up thoroughly before staging the property to sell.
By selling your house as-is in Florida, you can list it on the market fast and use the proceeds to purchase another property, pay off your debts, or settle any litigations such as a divorce or an inheritance.
Besides, properties listed as-is typically appeal primarily to cash buyers and investors. Regular home hunters usually need to obtain a mortgage and must often deal with financing-related delays. In some cases, the deal may fall through at the last minute if there are any issues during the loan process – whether it is a problem on the buyers’ end or because the property is not suitable for the desired loan.
However, with cash buyers and investors, the closing can happen very quickly – within two weeks in most cases – since the funds are readily available. Many will also wave the typical inspections for the deal to close faster. By being upfront about your intention to sell the house as-is, you also avoid dealing with potential buyers’ demands – such as fixing some problems before closing, for example – and lender requirements.
Selling your Florida home as-is is a great way to unload a property if you are on a time crunch and would rather sell fast than wait for better-paying opportunities. Time is often of the essence if selling the house is necessary to settle a legal procedure, such as an inheritance or a divorce. It can also be an important parameter to consider when dealing with distressed properties, for example, if you are upside down in your mortgage or if your lender has started the foreclosure process.
Finally, many home sellers consider selling their property as-is to save money. Proceeding to make repairs can be extremely expensive, especially if the house suffers from considerable damages such as water or fire or if maintenance has been deferred for some time. There is no guarantee that sellers may recoup the cost of repairs while selling the house for a higher price. Besides, the owners may already be short on funds – if they are having issues paying their mortgage, for example – or if they are having trouble budgeting for repairs if several parties are involved – to settle an estate or a divorce notably. If that is the case, it may be best to try selling the house as-is. At last, by selling your home fast, you may be able to avoid some of the costs associated with holding the property, such as maintenance, taxes, HOA fees, and so on.
However, there are also some downsides to selling your Florida property as-is. The average home buyer is not interested in a damaged home. Listing as-is constitutes a red flag for potential buyers, and the pool of likely interested parties is significantly reduced. It is challenging to find a lender willing to finance a property in poor condition. In some cases, they may qualify for a 203k loan, which includes the cost of repairs in the mortgage. However, the vast majority of interested parties will be cash buyers and real estate investors.
|You don’t have to spend money & time on making repairs.||The pool of potential buyers is smaller if the property is in bad shape.|
|You can sell the home quickly and save money on holding costs such as a mortgage, insurance, taxes, HOA, etc.||Most likely you will end up selling to an investor, who typically pays less vs. a retail buyer.|
|You don’t have to deal with the headache of managing contractors and handymen.||Selling “as is” has a bad reputation. Some buyers may think you are trying to hide issues with the property.|
|It’s usually easy to find investors that love buying properties “as is” so that they can fix them up and resell for a profit.||You won’t be able to maximize the equity of your home since buyers pay less for properties that need work.|
An as-is listing may need to be priced below market value to appeal to these buyers and compete with similar properties since likely purchasers are interested in potential returns on investments. They will still need to add the costs of repairs to bring it up to livable condition to rent it or sell it for a profit. If the property is beyond salvageable, they may need to pay to tear it down. Therefore, you should also take the value of the property in it’s current condition into consideration when listing your property as-is.
Besides, since you make it clear that you are motivated to sell, would-be buyers are likely to make low-ball offers to test your determination. There are, of course, no obligations for you to accept these offers. Nevertheless, it is often frustrating and a waste of time to deal with individuals who have no real intention of purchasing the house.
Although labeling your property “as-is” makes it clear to potential buyers that you do not intend to proceed with any repairs, they are still entitled to make their offer subject to a satisfactory home inspection. They can renegotiate their offer should any unexpected defect be uncovered. Besides, according to Florida regulations, the seller must disclose any major issues that could affect the value of the property or the safety of its occupants.
Should I sell my Florida house “as is” or fix it up?
Selling your Florida property as-is may seem like an easy solution for sellers, especially if they are short on time and money. However, you may be leaving a lot of money on the table by avoiding fixing some of the issues. Before selling as-is, you will need to decide what is the right choice for you.
Take a good look at the property you intend to sell to see it through a buyers’ eyes.
Some repairs are cosmetic fixes that will instantly make the house more appealing to potential buyers at little cost for you. A deep clean, some landscaping (mowing the lawn and trimming bushes, for example), and a fresh coat of paint inside and out are a few examples of quick and easy ways to make your home look more expensive.
Other repairs are frequent lenders’ requirements, particularly for government-backed loans such as FHA, VA, or USDA. These requirements typically concern health hazards (mold or peeling paint, for example), structural issues, and regulatory concerns such as improvements made without permits. They would need to be addressed before the lending institution approves the mortgage.
As an extra precaution, you may want to hire a home inspector to get the house pre-inspected.
It is an excellent way to get a better idea of what to expect and know what would stand out to potential buyers as a red flag. Depending on the repairs needed, you may decide to fix it or lower the listing price accordingly.
Get estimates from reputable contractors once you have a clear idea of what you need to repair before listing the property to a level comparable to other similar properties. Although you may choose not to proceed, these estimates constitute a helpful tool to give potential buyers who may want an order of idea of how much fixing some common issues would cost. Depending on the skills required, you may also want to check how much it would cost in terms of materials and time to do some of the repairs yourself.
When deciding whether you should sell your house as-is or repair it before listing it, it is also a good idea to check if you are in a buyer or a seller market.
If you are in a red hot market with limited inventory, or if your Florida house is situated in a desirable location, house hunters may overlook minor defects for the sake of getting their hands on a property. If there is little competition from other homes, and the house is likely to sell fast regardless of whether or not you updated it, you may as well save your money for your next home and list it “as is.”
To decide whether it may be best to sell a property that needs work in Florida or fix it before listing, you will need to learn more about your local market.
Check comparable listings (local homes with features such as the number of bedrooms, bathrooms, quality, etc., similar to yours) to see how much they sold for. Look for properties in bad condition and for some move-in ready to get an estimate of how much your building would be worth sold as-is and once repaired.
Some real estate agents offer comparable market analysis (CMA) for free as part of their marketing strategy if you do not have the time or tools to look for similar properties yourself. Once you have an estimate of the price your house would sell for as-is, and once repaired, as well as the costs associated with it, you will be in an excellent position to decide if you should sell the property as-is or fix it up first. Feel free to request an offer from us below and we can give you an estimate on how much we would pay for your home as-is!
What does selling my Florida home “as is” really mean?
By selling your Florida property as-is, you advertise to house hunters that you do not intend to proceed to any repairs or home improvements before the buyers take possession of the house. It also implies that you will not accept offers subject to you making repairs on the home, whether they are lender requirements or buyers’ preferences. Therefore, it may be off-putting for potential buyers that will need to be approved for a mortgage if some of the problems in your property could jeopardize the mortgage approval.
However, buyers may still make their offer subject to a satisfactory home inspection. Most would-be buyers will want to take all the precautions necessary to avoid purchasing a house that could end up being a money pit. Should any significant defect be discovered during the process, the buyers are entitled to renegotiate their offer or back from the deal entirely if they consider that the work needed may be more than they can chew.
As the seller, you must still comply with the typical laws and regulations even if you sell your home as-is. Florida is a “duty to disclose” state. Therefore, you must make the buyer aware of any defect on the property that could put occupants in danger (health hazards such as mold or asbestos, for example) or that could affect the property’s value (presence of a dumpsite in the neighborhood, for example.) Florida provides a set of disclosure forms every homeowner must complete honestly. You are not allowed to misrepresent the condition of the property by disguising damages either. If the buyers find out that you have been dishonest, they are entitled to sue even after taking possession of the building.
What paperwork do I need to sell my house “as is” in FL?
If you decide to work with a real estate agent to sell your house in Florida as-is, they will be able to provide you with a list of the paperwork required. However, if you choose to sell your property with the help of a Realtor, it may be best to hire the services of a real estate attorney to protect yourself from any issues. Since real estate transactions are legally binding, it is strongly recommended that you avoid any mistakes or omissions. Keep in mind that you may need some extra time to gather the documents you need if several parties are involved – to settle an estate or a divorce, for example.
The amount of paperwork you need for selling a property as-is in Florida is comparable to the one you would need to put a house you are willing to fix on the market. You will need to provide the documents necessary to prove your right and ability to sell the house, as well as the documentation to identify the property to be conveyed and the rights associated with it.
These elements include the following:
Proof of identity: you must be able to prove that you are the right person to sell the property. A copy of your passport or ID card usually suffices. Still, additional documentation may be needed if several parties are involved in the house sale – if you must sell it as part of an estate, for example.
Deed: the deed is a legal document filed with the county that states the ownership of the house – and, therefore, verifies whether or not you are entitled to sell the property. It is needed to transfer the ownership of the property to the buyers.
Original Purchase and Sale Agreement: the purchase contract between the previous and the current owners of the property includes essential information for potential buyers. It outlines the terms and conditions of the transaction (what and to who), as well as the original disclosures and contingencies.
Mortgage statement: if you have not paid off the mortgage on the property in full, you will need to contact your lender and ask for a statement outlining the payoff amount required to satisfy the terms of the loan (interest and principal included).
Since you are selling the property as-is, it is a good idea to provide as much paperwork as you can regarding the maintenance and history of the property. The paperwork may include HOA documents, homeowner insurance records, maintenance and improvement records, appliances manuals and warranties, survey records, previous appraisals, and so on. It will help potential buyers feel more confident about purchasing an as-is property.
Preliminary home title search: the “prelim” can be purchased from a title company. It summarizes the sellers’ outstanding legal and financial obligations on the property before selling it. It can include, for example, any unpaid property taxes, local covenant restrictions, and any title insurance requirements.
Comparative Market Analysis (CMA): this is something that a local real estate agent can do for you, most of the time for free. For as-is properties, it is typically a good idea to perform CMA with properties in poor condition and for homes that have been repaired. This information will help you decide how to price the house and whether or not it is a good idea to do some repairs before putting it on the market. Since target buyers are often investors, it is also an excellent tool to see how much they will be willing to pay for the property.
What do I need to disclose when selling my FL property “as is”?
Just because you are considering selling a Florida house without repairing it does not mean you have no obligations to disclose any known defects.
Florida is a “duty to disclose” state. In other words, sellers have the legal obligation to make potential buyers aware of any issues on the property that could affect its value or the health and safety of its occupants. This obligation extends to their real estate agent – if they are using one – and any other licensed professionals.
Following the Johnson vs. Davis case, the Florida Supreme Court ruled that “where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.”
It is still the buyers’ responsibility to have the property inspected before purchasing it. If the sellers are unaware of any issues (if they have never lived on the property, for example), they cannot be held responsible for disclosing them. On the other hand, if the buyers can prove that the sellers were aware of the defect and chose to conceal it, they may sue them even after closing the property.
Property sellers in Florida must disclose the following elements to potential buyers:
Any material damage in the property or any essential components (electric system, plumbing, HVAC, etc.) that may not be immediately obvious to the buyer or home inspector – for example, a crack in the foundation that leaks in case of heavy rain.
The presence of environmental hazards on the property that could affect the occupants’ physical, mental, and social well-being: mold, asbestos, radon, lead (for houses built before 1978), etc.
Any infestation or damage caused by wood-destroying organisms such as insects (including termites and ants) or fungi.
Any issues that could lead to litigation, such as any dispute about property boundaries, code enforcement violations (an illegal addition, for example), or problems with the property title.
Any mandatory membership to a condominium or a homeowner’s association. The property seller must disclose the bylaws, fees, and restrictions. Failure to do so could lead to the sale being voided.
Finally, Florida home sellers must disclose if gopher tortoises – an endangered species – are nesting on the property. According to state law, it is illegal to harm, capture, or transport gopher tortoises or damage their burrows, except as authorized by specific Florida Fish and Wildlife Conservation Commission (FWC) permit.
Property disclosures do not concern cosmetic issues, such as peeling wallpaper or damaged drywall, that are readily observable by the buyer. Sellers do not need to disclose whether a death, suicide, or homicide occurred on the property. Florida does not require sellers to make buyers aware of any paranormal activity either.
Although many Florida properties are located in floodable areas, homeowners are not obligated to disclose a home’s flood history. It is considered the buyers’ responsibility to do their due diligence. However, coastal property owners must inform buyers of the potential for erosion and whether or not the property might be subject to regulations regarding construction, rigid coastal protection structures, and beach nourishment. The presence of sinkholes – past or current – must also be disclosed.
House sellers in Florida can easily find disclosure forms online. There are no legal obligations for them to use the official Florida Association of Realtors form. In fact, disclosing any issues verbally to the sellers discharges you of your legal obligations. However, in case of any problems down the road, it is best to get everything clearly in writing. Being proactive will protect you in case of litigations.
Do I lose or save money by selling my home “as is” in Florida?
Whether you lose or save money by selling a Florida house in bad shape “as is” depends on the property condition.
If the repairs are minimal and cosmetic for the most part, it may be best to fix up the property before putting it on the market. It will attract a bigger pool of potential buyers, and you can probably recoup the cost of your investment in the sale of the house, especially if you are willing to do some or most of the repairs yourself. Even if you do not want to fix the house before listing it, you can offer concessions to the potential buyers to go towards resolving some of the most prominent issues that could be a detractor – such as changing damaged carpets, for example.
On the other hand, if the house suffers from severe damages, such as structural issues, it is unlikely that repairing it is worth it. In some cases, properties in extremely bad shapes are worth only the value of the land on which they stand.
Besides the price of the repairs themselves, you will also need to take into account the cost of holding the property before the construction is complete. You will need to pay property taxes, maintenance, and HOA fees until the property is sold. It can add even more of a stressor if you are upside down on your mortgage or are struggling to make your monthly payments.
Before deciding whether you should sell your Florida property without fixing it or after repairs, you should examine the numbers. You can ask several contractors for bids on what bringing the property up to market standards would cost. You can also ask a real estate agent or pay a real estate appraiser to conduct market analysis for the property “as is” and for the house as repaired. Feel free to reach out to us to see how much we can offer for your home!
Should I sell to an “as is” Florida cash buyer?
You have likely seen signs in your neighborhood or received pamphlets in your mailbox about companies purchasing properties for cash, no matter the condition. Some of these businesses, such as Florida Cash Home Buyers, offer the perfect solution for property owners who want to unload their houses fast.
Cash buyers are investors who purchase properties they can fix and either resell or rent. Since they do not need to get a loan to buy a property, they are some of the few buyers that can acquire homes in extremely bad condition that would not appeal to the average house hunter.
If your property is badly damaged – for example, if it suffers from fire or water damage or has been vandalized after being vacant for a long time – cash buyers may be a last resort option. Unlike your average home buyer, they have no issues dealing with properties that may seem beyond repair. They are also used to deal with bad tenants and can handle evictions if necessary.
Cash buyers are also equipped to buy a property a lot faster than the typical listing process. It could be months between the moment you list your house as-is and when you finally hand over the keys, especially if it is in bad condition. You will need to find a qualified buyer, maybe have several deals fall through, and go through the closing process. Cash buyers can buy a house in as little as a couple of weeks since they do not finance the property and can speed up the closing.
It is an extremely valuable argument if you are in a situation when time is of the essence. If you need to settle an estate or a divorce, getting access to cash rapidly will save you a lot of anxiety and heartaches instead of waiting for the property to sell. Selling your house to a cash buyer could also help you avoid carrying the burden of paying two mortgages at the same time if you are relocating. Finally, time is also a stressor if you need to sell your house because you are carrying a lot of debt or having issues paying your mortgage. If you are having financial difficulties, they will likely increase over time as the interest pile up, and you are unable to make your minimum payments.
However, you must beware that cash buyers are in business to make money. Therefore, they cannot pay full market value for your property. However, if your property is in bad shape and you do not intend to fix it, even if you list it with an agent, the end buyer will most likely be an investor who also cannot pay full market value. In that case, you’ll end up paying the agent’s commission on top of selling the house below market value. So it may make sense for you to sell directly to the cash buyer investor.
When deciding to sell your house to a cash buyer, take a good look at who is the most likely to buy the property and how fast it would be likely to sell. You should weigh the pros and cons to check if saving time and making an easy sale is worth leaving some money on the table.
Most commonly asked questions about selling “as is” in Florida
Does my house have to be in bad shape to sell it “as-is”?
A house listed “as is” is often associated with the idea of a home in need of some serious repairs.
Although it is often the case, a house “as is” is simply a property that the owners do not want to modify before selling it and who will not entertain potential buyers’ requests to make repairs. They could be confident that the property will sell even if they do not upgrade some of the features (it is often the case in a very hot market with little inventory, for example.)
Several parties who do not necessarily see eye to eye may also be involved in the sale of the property. They may have issues agreeing to which repairs should be done and how the budget should be allocated – in the case of an estate settlement or a divorce, for example. In that case, they may prefer to sell the house “as is” to avoid complex negotiations and hope a buyer will overlook some defects.
It is up to the buyers to do their due diligence by hiring a thorough home inspector and reading the property disclosure to decide if the house may be the right project for them.
Which repairs should I consider before selling my house?
In some cases, property owners may want to consider taking over some of the repairs before listing their property “as is.” It is often the case if the property is in relatively good shape but may be dated or if the sellers do not want to deal with buyers’ requests and contingencies. Minimal repairs could help sell their property for a better price and faster without breaking the bank. Some quick fixes are also typical lenders’ requirements. By taking care of them preemptively, you can expand your pool of potential buyers and have a better chance of unloading the property.
If possible, repair damaged drywall and give the inside and the outside of the house a fresh coat of paint. Remove any debris – you may need to hire a dumpster – and keep the landscape clean cut by mowing the lawn and trimming the bushes. Clear the gutters and replace any missing or damaged shingles on the roof.
Even if you choose not to proceed to more important repairs yourself, you can ask a contractor to give you an estimate of what some of the most apparent issues would cost to repair. Therefore, you will be in a position to answer questions from potential home buyers.
I have time to market and show the property.
Before listing your property, avoid any major renovation projects. You may have heard that bathrooms and kitchens are deciding factors for house hunters when choosing a new home. However, a complete renovation project can set you back tens of thousands of dollars that you might never recoup in the sale of the house.
If your house is dated, you may be better off listing it as is for a lower price than trying to match other more recent properties. You can also proceed to minor upgrades, such as repainting the cabinets and changing the hardware for a fresh look at a low cost.
How to market a house “as-is”?
Marketing your house “as is” will stand out as a red flag for potential buyers. Many may choose not to check your home altogether since they will be assuming it has some hidden issues. Price is often your main argument when marketing your house as-is since it will typically attract real estate investors, cash buyers, and fixer-uppers always on the lookout for a good deal. It may also be more challenging to finance.
Suppose your house is in relatively good shape, but you wish to advertise that you will not proceed to further repairs to attract buyers. In that case, it is a good idea to have the house pre-inspected and give interested parties an estimate of potential repairs. It will give house hunters more confidence in buying your home and budgeting for improvements if needed.
Check your local market or ask your real estate agent to do it for you to see what comparable properties sell for. If your house is the only one that is in bad shape in your area, you will need to factor in the cost of repairs (ask a contractor for an estimate) when comparing it to move-in-ready properties with similar features. Keep in mind that investors will want to make a profit on the house’s resale as well: your property is more likely to find a taker rapidly when pricing is attractive.
If you want to get rid of the house as soon as possible and would rather avoid dealing with months of uncertainties, negotiations, and accommodating potential buyers’ demands for showings, then selling your home to a cash buyer may be your best bet.
Steps for selling my FL house “as is” fast
Here is how to sell your property “as is” in Florida as quickly as possible.
Get your house pre-inspected and get estimates for repairs
If you are trying to sell a home that needs work in Florida, you will need to know exactly what to expect in terms of repairs to decide on the best course of action.
The first step is to have the property pre-inspected. Although it will set you back $200-$400 depending on your location and the size of the property, it will help you prepare for potential buyers. If you are not familiar with the property (for example, you have never lived in it because you received it as part of an inheritance), it will bring some issues to your attention. Potential buyers are highly likely to hire a home inspector themselves and become aware of the same problems. Therefore, you can be proactive in repairing the items or pricing the property accordingly before listing it rather than wasting time further down the buying process.
You should also get estimates from different contractors as well as material prices (if you intend to proceed to some of the repairs yourself) so you can decide if fixing up the property before selling it is within your budget.
Having your house pre-inspected and getting estimates for some common repairs from several local contractors is also an excellent marketing tool when selling a home in bad shape in Florida. It will help potential buyers feel more confident in purchasing the property and budgeting for repairs. You can also price the property more accurately to attract buyers, including real estate investors.
Decide whether to sell your house “as is” immediately or fix it
Once you have crunched the numbers to understand how much fixing your property would cost, you can decide whether you should sell it immediately or repair at least some of the main issues. There are different types of problems that could affect the resale of the property.
Some of them can be purely cosmetic. Changing the floorings, repairing drywall, and repainting the walls are all examples of repairs that can make your home more attractive to potential buyers that can be done relatively quickly and cheaply. If you are handy, you can probably do some of it yourself. In a sellers’ market, buyers are likely to overlook these issues if the inventory is limited. They will be more than willing to buy the house as-is if it is slightly cheaper than other, more updated properties.
Other issues are standard lenders’ requirements but do not necessarily require a significant investment to fix. Standard lender-required repairs include replacing missing handrails and broken stairs, fixing damaged gutters, covering peeling paint, installing fire alarms and carbon monoxide detectors, or patching up a roof. If your house is overwise in relatively good shape and could potentially be financed, it is a good idea to take care of these repairs before listing it to avoid delaying the closing process once you have found a buyer.
Finally, your property may have some more severe issues that can make it virtually impossible to finance. In most cases, repairing these damages – structural issues, partial destruction after a fire, extensive mold, and water damages, for example – is extremely expensive. Bringing the property back to livable conditions could take months. In that case, it may be best not to repair anything and list the property “as is” since it is unlikely that you would recoup the cost of these repairs when selling the house.
Decide on how to sell your house “as is”
There are many ways to sell your house, even if you want to list it “as is.”
The most common way to put your house on the market is to hire a real estate agent who will handle all the transaction details for you. They will prepare the listing, conduct showings, negotiations, and eventually the paperwork needed for the property to close in the best conditions. However, as the seller, you will also need to pay them a commission off the selling price of the property – typically equivalent to 6% to 7% of the contract price. Listing your Florida home “as is” with a real estate agent will make the selling process as easy and stress-free as possible.
However, for property owners who are already short on cash, the prospect of leaving a significant chunk of the proceeds off their pocket may make them think twice before calling their realtor. In a hot real estate market, they may also feel confident that they can sell their house easily, especially if they have already taken part in several real estate transactions.
If it is your case, you can also choose to sell your Florida property “as is” for sale by owner (FSBO). It will save you a significant amount of change. However, it is also a more involved and time-consuming process ad can be very stressful since there will not be a buffer between yourself and prospective buyers. If you are considering selling your house in Florida FSBO, we invite you to check our detailed guide on the subject.
Finally, you may decide to sell your Florida home “as is” fast by selling it to a cash buyer such as Florida Cash Home Buyers to avoid any hassles. Unlike traditional buyers, you will not need to deal with issues that could come up at home inspection or to secure financing. Cash buyers are used to buying properties that need work and can handle problems that may come up, such as bad tenants and title issues. They can also negotiate with your mortgage lenders if you are at risk of foreclosure. You may be able to sell your house within a few weeks and move on with your life.
Set a price and prepare the listing
Pricing a property to sell, especially a Florida property that needs work, can be a tricky assignment. Your sale price is often your main marketing argument when listing a property “as is,” especially if it is badly damaged. Potential buyers, particularly real estate investors and cash buyers, will immediately think about how much money they will need to put into the property to bring it up to living standards. They may also need to take into consideration their profit if they are buying it to resell it.
Therefore, it is best to have estimates on repair costs and factor this number in when pricing the property. Finding the right price to sell a property is always tricky. If the price is too high, then your house will be sitting on the market, incurring further costs for maintenance, HOA fees, and taxes along the way. If you price it too low, you can leave a lot of money on the table. Unless you have extensive knowledge of your local real estate market, it is often best to leave pricing to professionals.
Real estate agents often offer a comparable market analysis (CMA) for free as part of their marketing strategy to entice you to list the property with them. Although it can be a great tool, remember that they may be tempted to give you a higher number to raise your hopes up. You can also hire a real estate appraiser to get a third-party opinion (typically $300-$500 depending on the location and size of the property.) It is best to get price opinions for both the property “as is” and how much it would likely sell for once repaired.
Your listing should advertise that you are selling the property “as is.” If you think that the property would not qualify for financing, it is best to be upfront about it to avoid wasting the potential buyers’ time (and yours!) with unnecessary showings. If you had the house pre-inspected, it is also a good idea to mention it. Hence, house hunters have a better idea of whether the property would be a good fit or not, even though they are likely to order another house inspection themselves if they decide to put in an offer.
Finally, you may also choose to price the property very low to attract buyers and potentially lead to a bidding war if you think your local real estate market can support it.
Manage your expectations
Selling a house is always an emotional time. However, selling a home “as is” can be even more stressful and complicated. The pool of likely buyers is significantly reduced – either because house hunters think of the “as is” label as a red flag or because the property would not qualify for most forms of financing.
Besides, sellers who sell their house in Florida “as is” are often distressed buyers. They may be dealing with financial difficulties – for example, the property may be at risk of being foreclosed on. They could be going through difficult life events that the house is often associated with, such as a divorce or the death of a loved one.
Time is often of the essence when selling as-is properties. Since potential buyers sometimes feel that the seller is motivated, they may try to put in low-ball offers hoping to get a good deal. It may be tempting to accept these offers just to get rid of the property and receive the cash they need to settle an estate, pay off their debt, or buy another property. However, some of these offers may feel insulting.
Selling a house as-is is also an emotional rollercoaster since financing, and home inspections are typically deal breakers. Sellers will need to decide early on the value of time versus money and have realistic expectations on how likely the property will sell and to what kind of buyer.
If the property is in very bad shape and you are pressed by time, it may be best to sell your “as is” Florida home directly to a cash buyer or real estate investor. We’ll be happy to make you an offer on your home, simply fill in the form below and we’ll be in touch!
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Ever wondered how this whole “we buy houses cash” process works? Here’s where we share all the details!