Seniors looking to sell a home and move to a retirement home or location may consider listing the home for sale “As Is.” Does that make sense, or are there risks to weigh?
Real estate experts caution that selling “as is” depends a lot on the state of the current real estate market. Those eager to move on may decide it’s the best course to follow. But there are pitfalls to take into account.
Selling a property in its present condition could save having to make any costly repairs that would reduce your net proceeds. In a sellers’ market, potential buyers could include first-time buyers, house flippers, or investors looking to turn it into a rental. By selling a home “as is,” buyers can’t insist on any repairs needed as the result of a home inspection.
However, there is a downside to an “as-is” sale. If the property appears neglected, it might sell for as much as 20 percent below market value. It also might stay on the market longer than you would want if it’s a buyers’ market. Another issue is buyers seeking an FHA loan will insist on repairs in order to satisfy the lender.
Council of Seniors Wants to Ease Seniors’ Minds
Extra retirement income provides more peace of mind. That’s why here at Council of Seniors, we’re working tirelessly to get Congress to pass The SAVE Benefits Act. You need this relief because the annual Social Security cost-of-living adjustment (COLA) has been insufficient in recent years. The amount of $581 was withheld from seniors’ checks, and it’s time for that money to be returned.
Sign our petition right away to get on board with helping. Washington politicians must prioritize helping the growing number of Americans expecting action.
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