Selling a House As-Is in New Jersey is Not Complicated…
In fact many people have an easier time selling a house as-is in New Jersey, than selling a house the traditional way. To understand how to sell a house “as-is”, you have to understand what exactly “as-is” means. To a seller, “as-is” means selling a home in it’s current state, without alterations of any kind including repairs that may be deemed essential. Essential repairs allow the house to be presented to the new buyers in a livable condition. In other words, in a condition that presents no risk to the new occupants health or safety. In order to make sure the house is safe to live in, many townships issue a certificate of occupancy. They do this after conducting an inspection that may or may not require the seller to complete a list of repairs deemed necessary for the township to issue the certificate of occupancy. The repairs that many sellers need to do in order to obtain the certificate of occupancy, are many times, in addition to repairs that may have been requested by the potential buyer after doing their home inspection. In a strictly “as-is” sale, you as the seller are NOT providing the certificate of occupancy, nor are you repairing any issues found during the potential buyers home inspection.
Now you may be asking yourself, all this is great, but how do I go about selling a house as-is in New Jersey? Is it even possible to list the home with a real estate agent, or do I have to go to one of these “we buy homes for cash” companies? The short answer is yes, you can list it with a real estate agent. In fact, if you want to obtain the maximum market value for your home, you would be better off listing the home with a real estate agent as an “as-is” sale.
What About Companies or Individuals that Buy Homes for Cash?
If you opt to go with a company that buys homes for cash, or even an individual who offers to buy your home, you will most likely NOT receive full market value in the sale of your home. This happens many times because:
- No one but the person you have direct contact with knows that your home is for sale, thus giving you no competing buyers who may drive up the home price.
- Many cash buyers or individual investors will automatically deduct 30% off of the current market value of your home in their offer (their profit margin), in addition to deducting any potential repair costs.
- You are not a seasoned negotiator in regards to home selling, nor do you have extensive day-to-day experience selling homes.
Do not take this information as a complete bash on home buying companies and/or investors. These players do have their place, and fulfill a purpose. The people who usually benefit most from their services are ones who are not concerned with getting the full market value on their home, and may at times, be in a situation where they cannot wait 30-60 days to complete the sale of their home.
What about Selling a House As-Is in New Jersey with a Real Estate Agent?
Selling a house as-is in New Jersey through a real estate agent will enable you to get the maximum market value, while at the same time foregoing any repairs that may otherwise be required by the seller. If you can afford to wait 30-60 days to complete the sale, this will be your best option. When selling a house as-is, your real estate agent should fully disclose to all buyers that not only is the house being sold “as-is”, but that any buyer will also be responsible for obtaining the certificate of occupancy from the township. In addition to this disclosure, your agent should also be skilled in negotiations, as there could be times where buyers will still try to ask for repairs from their home inspection, even after you have fully disclosed the “as-is” sale. Through skillful negotiations, these repairs can be avoided or reduced to a small dollar credit to the buyer.