Thinking of selling your beach getaway or cozy bungalow in South Jersey? Maybe you’ve inherited a property or simply don’t have the time or resources for repairs. An “as-is” sale could be the answer.
What Does “As-Is” Mean?
In an as-is sale, you’re selling the property in its current condition. You won’t be making any repairs before closing, and the buyer takes responsibility for any existing issues.
Benefits of Selling As-Is in South Jersey
Faster Sale: As-is properties can attract cash buyers looking for a quick deal. This can be ideal if you need to sell quickly or avoid ongoing carrying costs.
Less Hassle: Skip the renovation phase and focus on marketing and closing.
Downsides to Consider
Lower Selling Price: Buyers expect a discount to account for repairs. Be prepared for offers below market value. Expect to decrease the price dramatically, to sell “As-Is” you often have to decrease the price starting around $10,000 or more!
Limited Buyer Pool: Traditional buyers seeking move-in ready homes may be discouraged.
Legalities and Disclosure
New Jersey law requires sellers to disclose known material defects, even in as-is sales. Work with a real estate attorney to ensure you’re compliant.
Finding a Buyer
Agent vs. Solo Sale: A skilled real estate agent can help attract cash buyers and navigate the legalities. They can also provide valuable advice on pricing your as-is property. Research shows that in the US the average for sale by owner sells there home for $310,000, the average home sold by a realtor sells for $405,000.
Marketing Strategy: Highlight the property’s potential and target cash buyers or investors. Be upfront about the as-is condition in your listing.
The Bottom Line
Selling as-is in South Jersey can be a smart strategy if you need a fast sale and are comfortable with a lower selling price. Understanding the process, legalities, and potential drawbacks will help you make informed decisions and achieve a smooth transaction.