So you’re considering selling your house as-is in Maine. You would like just to move out and move on from the place. But unfortunately, it has a leaky roof, dated plumbing, a few areas of termite damage, and maybe a 1970s kitchen with wallpaper and green cabinets- that you really don’t want to fix. Completely understandable! How do you even know if it’s worth the time, money, and effort to fix up your home for buyers?
To make a confident decision on whether to sell your house as-is in Maine, there are a few things to consider- like what selling as-is actually means, the process, and general things to know about selling a house as-is. But, don’t worry, you came to the right place for answers.
So let’s get started!
Selling Your House As Is in Maine – Everything You Need to Know
To begin, let’s clarify what selling a house as-is actually means. You’ll be happy to know that selling a home in as-is condition means the property is a fixer-upper that won’t be fixed or updated before it’s sold. When the words “as-is” are used on the listing description, it tells buyers that what you see is what you get. The house is priced and marketed for sellers to get it sold fast without investing any extra money into it.
The Process of Selling a House As Is in Maine
To sell your house as-is, you can basically follow the same steps as a standard home sale- you just won’t have to worry about repairs and home staging. The process to sell a house as-is would look something like this:
- Decide on a selling strategy (sell with an agent, sell your house by yourself, or sell to a cash home buyer)
- Figure out a listing price
- Do some general cleaning and decluttering to show your home
- Take professional photos
- Come up with a captivating listing description
- List and market your home sale
- Show your house to prospective buyers
- Wait for an offer
That’s basically it in a nutshell. Sounds good, right? Who doesn’t appreciate less work? Well, the downside is your home will still show all its flaws. Sometimes that doesn’t matter, but other times you may struggle to find a buyer to look past all the issues. On a brighter note, there are “Buy my house Maine” companies that purchase homes in as-is condition all the time, which we’ll discuss more later on.
Knowing the Maine Property Market
When it comes to selling a house, it’s important to look at what the local real estate market is doing, how long houses are staying on the market, what months are best for selling a house, and worst. All those factors may affect the success of your home sale or how fast you can expect to sell.
Currently, the average number of days on the market for a house to sell in Maine is 78-days. Then it takes roughly 35-days to close, so you’re looking at approximately 113 days to sell a house officially. And those averages are not for as-is home sales. So you’re probably looking at more days on the market to find a buyer.
To increase your chances of selling faster, however, the real estate market really picks up in May, making it the best month to sell a house fast in Maine.
The month you’ll want to try to avoid listing your house is the month of February; it’s the worst month for speed and can take 112.5 days on the market to sell your home.
Researching the property market in Maine can really help you figure out when the best month is to list and how long you can expect it to take to sell your home officially.
Things to Know When Selling a House As Is
A couple of things you’ll want to know when selling a house as-is:
Although you’ve advertised the home comes as-is, that doesn’t mean buyers don’t want to know what’s going on with the house. Prospective buyers will want to know more about what they’re getting themselves into before making a deal, so giving them a disclosure report is helpful. This shows the buyer all the issues with your home ahead of time, so they don’t try to back out of the deal later.
Have a Home Inspection Done Before Listing
Maine has specific disclosure law requirements when selling a house. To avoid any issues getting a home inspection done before you list your house as-is would be extremely helpful. Home inspections typically cost $200-$400. But that is a small price to pay compared to losing a deal or getting into legal trouble for not disclosing a serious defect. Providing prospective buyers with a full disclosure report based on a professional property inspection proves you have nothing to hide, which could help you sell your house as-is faster.
Here are a few examples of issues you might have to disclose to a buyer:
Get Cost Estimates for Repairs
Once you figure out what’s going on with your house, you can find out what it would cost to fix it. Of course, you don’t have to fix anything; that’s the beauty of selling as-is. But if you can get accurate cost estimates from local contractors, you may have more negotiating power if a buyer tries to offer you less.
Set a Realistic Price
At this point, you should have all the info you need to set a fair price for your home. To make sure prospective buyers aren’t just looking at all the defects when they see your listing, you’ll want to highlight the positive features of your home – like size, floor plan, or location. This will also help you price your property with confidence; instead of worrying, you’ll scare off buyers with all the work.
Making Repairs on Your Home
While you’re getting estimates for home repairs, you may realize that some of those repairs may fit into your budget. If you do make some improvements, you do have a better chance of finding a buyer and selling your house quicker. So you’ll want to make a list of what work needs to be done and get busy gathering cost estimates for each one.
Here is a list of some average costs of common home remodeling projects:
|Living Room and Bedroom||$1,500-$5,500|
If you decide to make a few major or minor repairs, consider how long it could take to do the work. Some contractors may be booked out, and building supplies may also be in high demand.
Working with a Cash Home Buyer in ME
Generally, it’s hard to find a buyer willing to purchase a house in as-is condition; however, you can work with a cash home buyer in ME instead. There are several companies that buy houses in Portland and other cities in as-is condition and pay with cash.
Working with a cash home buyer has several advantages like a fast home sale, no realtor commissions to pay, and no repairs or updates to do. Ocean City Development is a cash home buyer that can make you an offer within 24-hours, doesn’t charge agent fees, and doesn’t request repairs or renovations.
By working with Ocean City Development, you’ll be able to close in as little as 7-days and avoid months of uncertainty waiting for your house to sell and dealing with the hassle of repairs. In addition, by selling your damaged house to a home buyer, you’ll be able to save time and money since you can sell them your house as-is.
Getting a Fair Cash Deal on Your Home
If you’re interested in getting a fair cash deal on your home, there are a few things you should know. First, since the home buyer is purchasing your place as-is, they still want to have a general idea of what’s going on with it. This is so they can make an offer that makes financial sense for both parties since they’ll be the ones to make the repairs and pay for them.
Next, to get a fair cash deal, you’ll want to find a reputable home buyer or real estate investor to work with. Unfortunately, there are scam artists out there, so make sure to read reviews, check out their website, and find out if they are a BBB accredited business.
→ Related Article: House Buying Scams You Should Avoid
Finally, when a homebuyer makes you a cash offer for your house, it should be free and place you under no obligation to accept. If a home buyer charges administrative or processing fees to make you an offer, it’s best not to work with that particular one. Again, your cash offer should be free, and you should be under no obligation to accept unless you want to.
As you’ve likely discovered, selling a house as-is has several advantages that would both save you time and money selling your home. Of course, the challenging part will be finding a buyer interested in purchasing your Maine property with issues. But as you’ve learned, working with a cash home buyer is a great option that doesn’t involve listing your house with a realtor, months of waiting for your house to sell, and paying expensive agent commissions once it does sell.