Can you sell your home “As Is” In Massachusetts?
Yes you can. The real question is .. should you?
We have met many home sellers over the years that prefer not to invest the time and/or money in making repairs to a home before or during the sales process. The benefit of advertising a home “SOLD AS IS” is that the expectation is set for potential buyers that any repairs would be their responsibility. Simplifying the home sales process is certainly appealing to many home sellers but may have some drawbacks.
If a home needs major repairs, such as a failed septic system, the home may not qualify for many types of financing. Limiting financing options can drastically reduce the amount of potential prospects. Contractors and home flippers with access to cash or alternative financing can make the process convenient and hassle free for home sellers, however typically expect a steep discount in return for sweat equity.
If a home is otherwise in decent shape, potential home buyers often interpret “AS IS” much differently than home sellers. Some potential buyers automatically think “worst case” scenario. They may view the home as one that needs excessive repairs and get scared that there may be an underlying problem that isn’t visible. Compared to investors, home buyers looking to live in a home are usually willing to spend a lot more money. Many of todays buyers are not savvy when it comes to home repairs and maintenance, and can be easily spooked if a home is perceived as needing lots of work.
Even if a home is listed “AS IS” a home buyer may in fact still request repairs or attempt to negotiate. On the other hand, if a home is not listed this way, a seller typically isn’t required to make concessions or repairs. For sellers that have leverage by attracting lots of buyers and multiple offers, selling a home “AS IS” is often enough a by-product of market conditions.
In the suburbs north of Boston, most of the homes we sell are older and often need some sort of work. Every situation is unique, so contact us to discuss your specific situation!