How much do you LOSE Selling a Home “As-Is”: Pros & Cons, plus the Simple SECRET to Top Dollar.
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- Опубликовано: 28 сен 2024
- Do you lose money selling your house as-is? What are the PROS and CONS of not repairing or fixing up your home? In this video, I'll break down the upsides of selling "As-Is" and the downsides of not doing a thing - when it comes to selling a house.
**WATCH TILL THE END** - I'll share with you the secret to selling your home "As-Is" and getting the most money out of your house.
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Jade Lee-Duffy is a San Diego County Realtor(DRE: 02076344), a Residential homes specialist with Epique Realty. Serving Poway and the SD North County communities. Interview Jade to sell your home for more and as quickly as possible using modern marketing strategies or allow her to guide you through the buying process and achieve your dream home.
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Some Buyers think that a working yet older HVAC system is reason to ask for a new unit or credit at closing. That would be considered an upgrade, not a repair. That's void of logic to replace a working unit, despite its age. Advertise "everything is working, but selling AS IS."
Thanks for watching! Have you had this experience with buyers?
I refuse to buy as is and if an air conditioner is old it needs replaced because in Florida ac runs constantly and has a 10 year life.
If you want a new house go get one-at a premium. Price the house fairly.
Don’t say “As is” in the advertising unless it needs repairs. That language is interpreted as “repairs required”
@@dilvishpa5776 GREAT point that I also have been thinking about when I market my older home in a nicer area in the coming year. It will need some updating but NOT repairs. Thanks for sharing your input!
Thanks for the informative video. I'm going to have my realtor advertise "As Is", no FHA or government loans of any types simply because in our current situation ( serious health issues) we can't. I know I have a custom built home from 1929 with tremendous charm and 90 percent original architecture, new furnace etc. I've been told by many realtors its a very special home, I may not make top dollar but I certainly won't give it away
I’m glad you found it helpful. Sorry to hear that current situation is difficult. Can’t be easy. Let me know if there’s anything else I can do to help.
Thanks for information. Trying to sell my house. Needs kitchen update but very sound home. Have had potential buyers but no offers. My biggest problem is my neighbor and his junk.
Glad the video was helpful. Sorry to hear you haven’t had any offers yet. How long has it been on the market?
You should call your city inspectors and have your neighbor fined if they have junk outside their home! The tickets they'd have to pay will make them clean up their place.
No, one wants to live next to a junk yard! Good luck to you!!
Ugh. I wonder if you could call the city or the county? Or, perhaps try offering to pay for a clean up or dumpster?
@@j.t.1215 Good idea, offer to pay $500 for the dumpster and alittle excersize and a day you coiuld have the yard completely picked up. The best $500 you could spend!!
Take the neighbor to court for devaluation to your home.
The market value is the value. You accept or reject their offer. Stuff is worth what it's worth. Same with houses.
Exactly!
Nope!!! My next to last realtor did a horrible job. I stated I was selling "as is" but I believe he sold it FHA, and I had to make a ton of repairs!!! He definitely didn't protect me throughout the whole process, out to make a quick buck IMHO. The other realtor bullied me all the way through and he allowed it. He didn't explain or point out the repair aspect of accepting a FHA offer. If that was the case I wouldn't have sold it so under market! In the end, it sold about 40k under. I lost a bundle. Flash forward to today, I had a "professional" realtor, did not sell as is, and yes there were repairs, but a full market offer, plus he came to the closing signing. Selling is hard work; having a proper realtor is *critical* for your sanity and your pocketbook. I'd never use or recommend the first realtor.
Thanks for sharing. What an awful experience! Glad that you eventually found a good realtor.
@lalexander1144 waiving Inspection is a complete negligent action. Inspections are a must on every transaction, according to a seasoned Realtor.
Real estate agents are almost always useless. Sometimes they will hurt your ability to sell. I've made my money buying and selling real estate and one of the biggest keys has always been get rid of the agents.
@@eekblom-nt6sh I will interview 4 realtors. You can see right away which realtors to not use. They are the guys who want to make a quick buck and will want to list your house well below low market value. It doesn't affect their commission very much because they can usually find enough suckers that they make their money in volume.
Let's say your house needs $10K of repairs. So you accept an offer that is 10K less than an appraisal. The alternative is to spend the 10K in repairs prior to listing. Since repairs have paybacks of less than 50 percent, I'm in favor of the as is approach.
Thanks for your comment. Totally agree. And doing $10k worth of repairs will probably quite a bit of time and effort (to get the repairs all coordinated). Have you negotiated repairs before?
There’s no formula for roi on repairs! Some can bring high return. You must be clear on your expectations. A little work can bring big returns. If you want to leave $ on the table, that is your choice. I hope you can find sound advice!
Define repairs. And it should be the buyers responsibility to do repairs. That is how they make the house their own, by fixing thigns. If people buy a house and don't do anything to it, is it really their house?
Each state and market have different requirements regarding As-is. Back in 2021 every home in our market was AS-IS because the market was hot. Not so now. But in Hawai‘i, where I’m a licensed broker, the buyer still has all the same rights to negotiate fixes. I usually advise both sides to be prepared to fix safety issues but not ‘dated’ items that need upgrade.
Thanks for sharing. Yes, totally agree to fix safety issues. And the buyer always has the right to negotiate repairs. Now if the seller is willing to do/negotiate the repairs is another story…
This woman is sensational! Thank you again for the incredible effort and energy; not to mention the invaluable information.
Infinite love and gratitude from Colorado!
Wow! Thank you for the kind words. I’m glad I could help! If you have any more questions, text/call me at (858) 335-4597. Good luck with everything. Jade
Excellent information Jade. Thank you..🌴🏖
You're so welcome! Which tip did you think was the most helpful?
I bought me a cheap paint sprayer off Amazon. I can paint one room in about 1.5 hours. I replaced broken pickets on my cedar fence and resprayed with stain. New mailbox, new garage door opener. I power washed the siding on the under eaves. Trimmed all shrubs and the yard is beautiful bermuda. I made all these small cosmetic repairs myself at a cost of seven hundred and fifty dollars. You would be amazed at how much more your house will bring with a few cosmetic repairs. I admit I just retired , so I have the time to do the repairs. Buy Walmart paint and save yourself a fortune in overpriced paint.
@@musicgroopie1 thanks for the tip! Sounds like you made a world of difference to your house. Let me know if there’s anything else I can do to help.
Hi Jade, Thanks for a GREAT Video!!! One more reason to try to sell quickly, to get the new place you want and not have to buy on contingency, since that is not a strong offer. Just trying to help. 😊
Thanks for watching! Glad you found it helpful. Reach out if you have any more questions (858) 335-4597.
Very informative thank you
Glad it was helpful! DM me if you have any more questions.
Would 'as is' mean you are selling it with with major repairs (roof,) for example, disclosed or undiscovered by seller or buyer. This could never end! As is should be defined.
Yes, as-is can be defined. For this particular property I mentioned in the video, we had a very detailed home inspection done that outlined all the minor and major issues.
@@jadejustsoldit What makes you think the buyers couldn't bid lower than the adjusted asking price anyway? IF all the improvements WERE made the buyers may think the décor was atrocious anyway and still bid lower.
@@sunlite9759 yes, buyers can offer whatever they want to. Then it’s up to the seller to accept, reject or counter.
If my house is very dated but everything is in good working order do you have to sell as is?
Good question. No, generally “as is” in the property description would mean that there are serious issues with the house (not just being dated”). That being said, ALL houses are sold as-is, and homeowners are not obliged to fix anything. If you want to discuss this more, feel free to call/text me at (858) 335-4597.
@@jadejustsolditDo you help people in south Florida?
Top notch info...thanks much.
Thanks for your kind words! Let me know if there’s anything else I can do to help.
I don’t take any advice from a realtor, they are all about making money and will push you to buy or sell quickly. And they all see things differently-do this, don’t bother changing those lights or faucets, etc.
And if you are selling they want everything to be in perfect condition.
Thanks for watching and sharing your thoughts.
@@jadejustsoldityou are first class❤
@@bmac6645 that’s very kind of you to say. Let me know if I can help at all.
Very informative. Subscribed
Thanks for the follow! Which tip did you like best?
@@jadejustsolditAll the pros and cons, but the illustration about the San Diego house was extra helpful, with the specific costs for repairs
If a buyer wants a new house I’ll send him down the road to one that costs 250K more.
Very true! Ha ha.
If you can do the work yourself it might be worth it - otherwise it is an opportunity lost.
Thanks for watching! Yes, if you can do the work yourself it would add a lot of value to the home. However in this case, the homeowner lived out of state and it didn’t make sense to take on these projects (while we did initially look into it). If you have any more questions, feel free to call/text me at (858) 335-4597.
@@jadejustsoldit If the owner is not local, then it is left to the realtor to fix things.
What if you don't listen as is but you know there's some issues that should be fixed
Good question. You would list out any issues in the seller disclosures. If you have any more questions, reach out to me at 858-335-4597.
I see people move in a completely remodeled home and rip it all out and redo it. “As Is” for me. Plus I don’t have tens of thousands of dollars to spend on it. We have made improvements throughout the years but we like styles from years ago and dislike the sterile unlived in look that young people tend to like.
Don’t forget selling at top dollars means paying top dollar in taxes as well.
Thanks for your comment! Have you had this experience before?
Property taxes or capital gains ? Big difference.
@@paulbrungardt9823 You'll have capital gains taxes to the IRS, state depending on what state you live in and some cities or counties.
Geeze we're being taxed to death in this country!
People fled the United Kingdom to start a new life in America due to astronomical taxation!
Now Americans pay, on average, 60% taxes on almost everything!
We've been looking at moving to other countries that are more affordable.
The other things on our list to move to another country includes
Not a member of ANY of the international ABC GROUPS
Fertile land for farming and livestock
Clean and accessible water that's in abundance, melting snow from mountain run off is available even in the countries with hot or tropical seasons
Low crime rate
No taxes on retirement income along with a flat or low tax rate for income you earn.
Countries that are MUCH LESS CORRUPT THAN THE UNITED STATES AND THE NATO/EU COUNTRIES! Yes almost every country in the world has SOME CORRUPTION but nowhere near what the United States and European countries.
I think that about covers everything we're wanting 🤔
@@mylegalassistants I don’t pay 60% in taxes. What are you paying 60% on? Even long-term capital gains is only 20%.😅
I always sell as is at full price, if you want it pay the price or buzz off, With demand here there is no need to negotiate.
💯
Why would you expect to spend a dollar on your home, and expect to charge the buyer more than $1 for it? May be you can if you DIY (and DIY well,and don't count your time in the deal).
But would that work if you are just paying someone to do it? Would you expect that to work in other situations? Can I buy clothes (my choice of clothes) and expect to sell them to you for more than I paid for them?
@@davepullin8572 ha ha. Good point.
If the kitchen has old cabinets, how much should you spend to upgrade? Will you get your investment back when you sell?
Thanks for watching @gordonsteen8415. Good question. There’s no straight answer. It depends on a number of factors, what is the condition with the rest of the house? Have there been any other upgrades? When was the last time the kitchen was updated? Etc… if you have more questions, give me a call/text at 858-335-4597. I’d be happy to discuss further.
Keep in mind not only the cost to change out those cabinets, but also the mess and the time. Older, solid wood cabinets are prefered by most people in my region rather than the newer trendy, lower-grade cabinets.
So why even label “As Is”? 😊 Just market the house in whatever condition it’s in, like “gently used” furniture lol. Shoppers know what’s a fair price. Whether labeled “As Is” or not, it is the buyer’s responsibility to do the fine-tooth-combed professional home inspection. Cheers!
Thanks for watching and sharing your thoughts.
I have minor repairs, like changing the carpet and replacing the hot water heater. Should I sell as is or replace the carpet and hot water heater so that I can sell at market value. Ty.
I have seen many homes on desirable land that have been tastelessly upgraded and the seller wants the money for the “upgrades” in his selling price. I view those as my needing to pay for rip and replace costs, so I seethem as overpriced. I’m talking to all you “upgraders” who use everything trendy in your upgrades and have no style sense. Quit it with the subway tile, barn doors (unless repairing a barn), grey colors everywhere. Ughh!
Thanks for watching and sharing.
Yes I agree!
If the colors were interior designer palettes, it wouldn't be so bad! But it's like the flippers go to Home Depot or Lowe's, get gray paint and slap it on all the walls...ugh.
Years ago I was in the business of selling carpet. One time I sold a whole house carpet and install and a couple months or more maybe 6 months later I had the privilege of being invited out to the same house by the new owner to resell the whole house of carpet that they wanted. Personally I did not see a thing wrong with the original new carpet, but I did not say that. Decor tastes are so varied, some good and some ...?
@@abbibrannan333 yes, everyone has different tastes.
Upgrades or rehab should not come out of my pocket. Repairs i can see. Those are personal preferences that i shd not have to pay for.
Thanks for watching and your comments. If you have any questions, call/text me at (858) 335-4597.
Exactly! If I’m going to sink all that money into updates I’d just stay in it & enjoy those updates.
@@Catlady8 im in that situation now and no im not changing things that are grandfathered in
We just sold one in a Chicago suburb, As Is. We had a bidding war and got about 30k over the asking price.
That’s awesome! 👏 congratulations
Once you begin doing repairs you will discover all kinds of problems you couldn't have foreseen. There is a lot of rotten stuff behind those walls and under the old toilet etc. What might be a $50,000.00 repair estimate can quickly turn into $100,000 or more. Any house that's more than 50-60 years old is a huge money trap if you are not careful. I'd rather sell "As is" than start doing major renovations. Clean Granny up and let her go! She can't be turned back into a beauty queen without replacing everything. Finally, how do you think a new kitchen will look if the rest of the house isn't up to the same standards of quality and look? Make sure there are enough workers to do the job as well...
Thanks for watching. So true!
Just fix the stuff you need to for safety and livability: good roof, good foundation, HVAC working, plumbing and electrical working. Skip the cosmetics that are subjective, BUT make sure everything is CLEAN. I would rather buy a house that is outdated than pay for some flipper's idea of what sells. I've seen a lot of houses that had bad 'updated' features with jacked up prices AND I've seen a lot that needed work that ALSO had jacked up prices.
I agree if you have the time and money to fix health and safety issues, do it. While some sellers aren’t in a position to repair a roof or other major issues. Therefore, they sell it “as-is”.
i hate it when sellers put in a new cheap floor just before selling. Then the buyer is stuck living with a floor he did not want.
@@alexwyler4570 ha ha. Yes, a lot of new homeowners (buyers) say that. Has this happened to you?
All houses are sold As Is.
Yes, there is no obligation from the homeowner to fix or repair anything. But buyers can still request for repairs. Whether or not homeowners agree to a repair is another story! Are you planning to buy or sell?
I learned a couple things, thank you!
Thanks for watching! I’m so glad it was helpful. If you have any more questions, feel free to contact me.
You are right about th 5% off market/ list@as is,good video less cut ins plz.
Thanks for watching Robby. Glad you found some value in it. So, have you noticed “as-is” houses in your market? Thanks for your editing suggestion, will keep it in mind.
Big difference between upgrades and repairs. You will almost never get back the money that you spend on upgrades before selling. But needed repairs will drive down the value of your home and what it will sell for. Do all needed repairs. If the buyer wants something replaced just because it is old - tell them to pound sand. That assumes that it is in working condition. Offer to buy them a home warranty for a year if they continue to whine.
Agree!
I would disagree with that ..its situation specific. I live in a neighborhood with larger homes...4-5 bedrooms and 3-4 bathroom built in the 1960's. I have seen swings on $120-150K from similar square footage homes where one is very original, and the other has updated kitchens and bathrooms.
As for the mechanicals...I do agree with that. However, for example, you wont get 100% back in a new HVAC system versus one that is 10-15 years old and functioning just fine.
@@turnne - A 60-year old home that was never updated will certainly sell for less than one that was updated over time. But it will cost more than $100k-$150k to demo and remodel a kitchen and 4 bathrooms. If you are selling, you would be money ahead to sell $100k below market.
@@chiplangowski3298 I think you can get that done for $150K..typically
The other thing is the updated houses sell in days...the non updated homes take a lot longer to sell. So the buyer pool that wants move in ready is clearly much larger than the fixer upper crowd
If you hire a Home Inspection, and fix all of the major items that were found during the inspection, adjust your price upwards to reflect a percentage of the cost of what you repaired, As Is is then a lot easier to do. And remind the Buyer it’s a Used Home. All used homes have dings and scratches everywhere. And then just say No. Eventually you’ll find a Buyer. There’s a shortage of housing.
@jade Lee-Duffy Just a quick comment on the professional made video. Good job. less than 1k subs and you already know how.
@marriedmixed - thanks for the comment! Hope you got some value out of the video. If you have any more questions, call/text me at (858) 335-4597.
I think I'm your 900th subscriber - thank you for an exccellent, informative video. Wishing you a blessed day!
Thanks for being the 900th sub! Reach out if you have more questions (859) 335-4597
I'll soon be buying my 3rd brand new house. I always buy brand new because you just don't know what you're getting by moving into a house where you're only seeing lipstick on a pig.
Nice! What part of the country do you live?
@@jadejustsoldit Hi Jade. I live in Calgary Alberta Canada. Lots of elbow room up here to build. Builders are going crazy with development.
@@Redneckboy991 I’ve been to Calgary. Nice part of the world. I grew up in northern BC.
@@jadejustsoldit Nice! God's country up there. It's so beautiful. It must have been a bit of a culture shock moving from northern BC to San Diego County. I've been to LA a couple of times for cruises but mostly spend holidays in Florida and Vegas.
Same here! I want it all new and clean.
I have never had a hard time getting an as-is house to sell.
Thanks for watching. That’s great. How many homes have you sold?
Same. Whether or not it is required, I leave copies of the inspection report on the table for prospective buyers to review. I'm not hiding stuff, I just don't want to play the game where they give you an offer to get you to talk to them instead of other buyers, then retrospectively try to get you to lower the price by guilting you into making repairs and upgrades or give them credits. Don't give me a bid for what you think this house would be worth in perfect condition, give me a bid for what you think it is worth now. I've told you what's wrong with it, so factor that into your offer.
@@MyFiddlePlayer Every time an inspector goes through the house, the price should go up.
Verygood
Thanks Jade 😊
You’re welcome 😊 Let me know if you have any more questions. Call/text me (858-335-4597).
Thank you so much for this video! I'm not really sure though if I understand the whole As is thing. I mean, my home needs work, but I'm going to list it for a price that is indicative of the work that is needed, so if any potential buyers try to haggle me, I'll just tell them the price is as it should be. Why don't sellers just do this then do As is? Thanks a bunch!
Thanks for watching. I’m so glad the video was helpful. If you have any more questions, ☎️/text me at (858) 335-4597. I’d be happy to help.
The MLS requires realtors to add the verbiage.
Really helpful to get this perspective. Thanks!
Thanks for watching Lynette! Are you considering selling “as is”?
Can you tell me how much my home is worth?
Sure, would be happy to help. Pls text me your contact details at 858-335-4597.
We just got lowballed by 40k on our 1800sf ranch here in Massachusetts in a beach town. Only needs two things to be done to make this home perfect. People are something else.
Sorry to hear that. Did you get any other offers?
@@jadejustsoldit yes! We got asking price! We are very happy and moved to purchase and sales agreement.
@@daviddaniel2198 that’s exciting! Hope that can happen for us!
Very sweet
Thanks for the comment! 😁
My furnishings
Worth a lot and swindled out of 😅the 😅fortune
There are several exceptions to the general rule of course. One would be an older home on a unique and valuable lot (lakefront, etc.), the desirability of the location would hold most of the value here, so less adverse impact of marketing "as is". Also, many buyers plan extensive re-models regardless of condition (they of course won't tell the seller this because they would lose the negotiation leverage), so sometimes it pays to stick close to your price with "as is", at least in the beginning anyway.
Thanks for sharing. Have you bought a house that needed a lot of remodeling?
@@jadejustsoldit No
If you cant make repairs for any reason, would it be better to give credit for repairs?
@@josegiron3191 yes that’s an option. But if the house in need of a lot of repairs, having a lower price to start will attract more buyers than having a higher price and giving credit once in escrow.