You may be wondering, Can I sell my house as-is? In a traditional sale, you may have difficulty selling your house without making any renovations or repairs. If you have a damaged house, realtors and potential buyers may avoid it in favor of a house that has been fixed up. However, just because you have a worn-out house does not mean that you can not sell your house as-is.
You can sell your house fast in Kansas City, Missouri by working with a local home buyer. A buyer can look at your property and make a fast cash offer based on the current condition of your house. You make no repairs or renovations. You don’t even have to prepare the house to show. Simply sell your house as-is and walk away with no strings attached.
Surprisingly the health of the real estate market has little to do with whether you sell your house as-is. Instead, it is the competition. The average buyer would rather purchase a house that is already in livable condition instead of buying the house and sinking more money into repairs and renovations after signing the initial mortgage.
Repairing a home today can cost between $1000 and $50,000, depending on the project. Some of the most common home repairs include:
|Air conditioner replacement
With all the challenges of selling your house the traditional way, it is still possible to hire a realtor and list your house on the market. You may even get a reasonable price for the property. However, in addition to repair and renovations, you may also incur other expenses that eat into your profits. Plus, the process of selling a damaged house can be more complicated than selling your house to a local buyer.
You may have to sell your house at a reduced price just to unload the property. However, your realtor will still require their cut of the sale. On average, realtor commissions are six percent of the sale. Let’s say you sell your house for $100,000. You spent $15,000 in repairs to make the house sellable. The realtor takes another $6,000 off the top in commissions. You’ve spent $21,000 total just to move the property.
If repairs and realtor commissions aren’t enough, closing costs and fees will also eat into your profits. Closing costs can take five to ten percent of your profits. If you sell your property for $100,000, you could lose up to $10,000 on top of your other costs. Common closing costs include your mortgage balance, settlement fees, title search, municipal lien search, HOA estoppel, documentary stamp on the deed, or title insurance. In other words, a lot of entities are taking your money off the top.
How much you pay for listing and marketing costs largely depends on the realtor you work with. Some realtors take on these expenses. Others pass them on to you. Regardless, you may have to pay for online listings, marketing collateral, ads, and showings. While not as expensive as repairs, these costs can add up to a few more hundred dollars in out-of-pocket expenses.
You could lose money on the sale simply by keeping the house on the market. The longer a house stays on the market, the more difficult it becomes to sell it. On average, it takes 60 to 90 days to sell a house in good condition. A damaged or outdated house can stay on the market indefinitely. Consequently, you lose money every month that you don’t sell it.
Are you ready to sell your house as-is? If so, contact Rex Buys KC. We buy houses as-is in Kansas City, Missouri. Call us today at 816-895-2999 or fill out the contact form to get a fast cash offer.