If you need to sell your home quickly, consider listing it as-is for an all-cash offer. Selling your house as-is for cash provides speed and convenience, as buyers can purchase the property in its current condition without financing contingencies.
However, if you sell your house as-is for cash, it also comes with risks that you should consider carefully before moving forward. If you weigh the pros/cons and determine listing your home as-is for cash aligns with your real estate goals, what exactly does the process entail?
How to sell your house as-is to an all-cash buyer?
Follow these 10 steps to sell your house as-is for cash
Steps:
Step 1: Prepare the house
Even if selling the home as-is, take time to clean, declutter, make minor repairs, fix anything visibly broken, and stage your home. While not full-scale renovations, these preparations can improve the home’s first impression and help attract better all-cash offers.
Step 2: Consult Your Real Estate Agent
Have an in-depth discussion with your real estate agent regarding ‘how to price a house for sale’ competitively as an as-is listing, deciding whether to disclose inspection reports if you have them, officially listing the home as-is, and reviewing any cash offers that come in. Weigh the pros and cons of pursuing or accepting a cash as-is offer together.
Step 3: Make Thorough Disclosures
Make legally required disclosures about the home’s condition to potential buyers. Specifically, complete the seller disclosure form fully and truthfully, noting any defects, needed repairs, previous issues, etc. Verbally disclose any other concerns as well during showings and open houses.
Step 4: List the Home As-Is
Officially list the home online and in MLS as being sold in its current as-is condition. Reconfirm with your agent that they will present any potential cash buyer offers for your consideration. The as-is status should be clear to prospective buyers.
Step 5: Review All Offers Carefully
When offers come in, carefully review each one on its individual merits, even non-cash offers. Look beyond just the proposed purchase price to consider all factors – contingencies, closing timeframe, deposit amount, and other terms put forth by any potential buyer.
Step 6: Vet the Cash Buyer
For any all-cash offers you receive, do your due diligence to vet the buyer’s legitimacy and capacity to close. Verify their proof of funds, identity, pre-approval from a reputable lender if financing a portion, and other details to confirm the person is a solid cash buyer. Watch for any red flags.
Step 7: Negotiate the Price and Terms
Even with a cash buyer, expect that negotiations will still take place over price, closing date, possession date after closing, any fixtures or personal property to convey, home warranty, inspection contingencies, and more deal terms. Work closely with your real estate agent on structuring counteroffers and responses.
Step 8: Accommodate Inspections
Keep in mind that most cash buyers will still choose to complete a professional home inspection, despite waiving their right to request repairs from you as the seller. Be cooperative and willing to negotiate credits or a price reduction if major safety, functional, or structural issues arise during their due diligence period.
Step 9: Finalize the Purchase Agreement
Once you’ve negotiated an agreeable price and terms, work promptly with your agent and real estate attorney to finalize the purchase agreement with the cash buyer and get signatures. Be sure the agreement includes specific language that the home is being sold in as-is condition.
Step 10: Close the Sale
With potentially fewer financing contingencies, the closing process can be expedited to 30-45 days from contract signing. Consult your attorney to keep the process moving efficiently to closing day.
Learn more about What is an As-Is house? Pros and Cons of selling your home as-is?
Selling your home as-is for cash can allow for a quicker sale, but takes thoughtful preparation, care in vetting buyers, smart negotiation, and legal guidance.
Follow these steps when considering listing your house as-is for a cash offer. And consult all of your resources – agent, attorney, etc. – to determine if it aligns with your real estate goals.
