Home sellers spend approximately $14,163 on home improvements. They undertake repairs like roof and foundation fixes to secure a favorable sale price. So, imagine their shock when these fixes don’t deliver the expected Return on Investment (ROI).
You can skip this expensive rigmarole by selling your house as is in New Jersey. Without spending a dime on repairs, you can get cash offers of up to 100% of your home’s Fair Market Value.
On cash buyer marketplaces like Houzeo, you can get multiple cash offers and MLS exposure simultaneously. Houzeo offers a convenient way to list on the MLS for a flat fee, helping you to skip the 3% agent commission.
What Does Selling a House As Is in New Jersey Mean?
Selling a house “as is” refers to selling a property in its existing condition without any upgrades or improvements. You don’t need to fix any defects, even if they are mentioned in the home inspection report.
When you sell as is, being upfront about all property issues is important. You have to disclose every material defect that affects the property’s value in the seller’s disclosure. A buyer can drop out of the deal if you have falsified the disclosure.
How to Sell a House As Is in New Jersey?
A fair listing price is vital to attract competitive offers for your ‘as is’ home sale. With these 5 steps, your as-is house sale in the New Jersey State can be a breeze:
1. Know Your Home Selling Options
You have four options when selling your house as-is in New Jersey:
- List on a Cash Marketplace: Cash marketplaces offer maximum exposure for your home – typically via the MLS. This includes exposure to We Buy Houses for Cash companies in New Jersey.
- Sell a House As Is for Cash in New Jersey: Cash home buyers make all-cash offers within 24 to 48 hours. However, they offer only 30% to 70% of your home’s FMV. On the other hand, iBuyers can extend an offer as high as 80% of your home’s FMV.
- Sell Your Home As Is By Owner: Selling a house in New Jersey by owner is a DIY approach to getting your home sold. A New Jersey MLS listing service can help you get your home on the MLS and sell your house without Realtor commissions.
- Sell Your House to House Flippers: House flippers in New Jersey are always on the lookout to purchase investment properties. You can offload your home as-is to a flipper. The home flipper will renovate and re-sell the house for a profit.
2. Make Minor Repairs
The number of repairs your home requires is inversely proportional to the property’s fair market value. So, you can try to make high-ROI repairs to enhance its value. This may include fixing a squeaky doorknob, replacing a leaky washbasin pipe, etc.
3. Conduct a Pre-listing Inspection
Pre-listing inspections will help you avoid violating your New Jersey seller disclosure laws. Hire a professional New Jersey home inspector to determine the unknown defects present in your house. This will prevent disputes with the buyer agent on unknown issues that may arise later.
4. Fill Out the Seller Disclosures as Accurately as Possible
New Jersey’s seller disclosure statement has several sections related to property condition. Each section contains questions based on the property’s defects and features. If you hide any defect knowingly or unknowingly, you might end up in lawsuits, lose money, and damage your reputation.
New Jersey laws require sellers to maintain the property till closing as it was on the effective date of the real estate contract. If found guilty of a violation, the buyer can walk away from the sale without any legal obligations.
5. Be Thorough With the Real Estate Contract
You need to fill out the “AS IS” Residential Contract for Sale and Purchase to sell your house as is in New Jersey. Remember, home shoppers will be thorough with the real estate contract and will:
Can Home Buyers Back Out of an As Is Contract In New Jersey?
There’s a 15-day inspection period for the buyer to inspect the property. During this period, the buyer may choose to back out of an as-is offer without any penalty or losing the deposit money.
If the seller withholds or under-reports costs, they are required to fulfill the repair requirements as mentioned in Section 9 of the Standard Real Estate Contract.
How Much Do I Lose Selling My Home As Is in New Jersey?
If your property needs significant repairs, and you’re selling “as is”, you will limit your buyer pool to investors. Investors typically pay between 30% to 70% of the property’s FMV.
If your property is in good condition, you can sell it at or just below its Fair Market Value. In this case, most home buyers can finance the purchase through a mortgage.
» How Much Do You Lose Selling a House As Is: Discover how much you lose selling a house for cash in New Jersey.
Should I Sell My House As It Is in New Jersey?
We recommend selling your house as is in New Jersey. This is because “fixer-upper homes” sell for less than turnkey homes. Moreover, 68% of millennials prefer to buy an ‘as is’ home.
If you’re still hesitant about selling, here are some pros and cons to help you decide.
- No Haggling Over Repairs: Water-damaged kitchen countertops, dripping faucets, or broken roofs – repairs are not your concern. The flipper or investor buying your New Jersey house as-is will take care of such repairs.
- No Inspection Contingency: On average, home sellers shell out $14,000 in seller concessions related to home inspection. In an as-is sale, you can pre-set a discount and tell buyers you are unwilling to negotiate further.
- Hit the Market Quickly and Sell Fast: Since you save time in repairs, you can list your property directly for sale. You can close the sale relatively sooner if you find a buyer who has a mortgage preapproved for distressed properties.
Selling a Home As Is in New Jersey Near You
|Selling a Home As Is in New Jersey Near You
|Selling a House As Is in Princeton, NJ
Can I Cancel an As Is Real Estate Contract in New Jersey?
Yes, you can terminate the contract if the buyer fails to get the mortgage pre-approved within the specified number of days. The buyer can terminate the contract if the property is unacceptable to them during the inspection period.
Typically, there’s no lawful duty to meet specific MPRs when selling an as-is home. You can disclose any known defects and let the buyer decide if they’re acceptable.
Selling your house as is can help you save thousands of dollars. It can also help you save a lot of time if you’re selling your home for cash. But there’s a tradeoff. You will receive a lowball cash offer of up to 70% of your home’s FMV.
Cash-buyer marketplace like Houzeo can help you get up to 100% of your home’s FMV. Moreover, major cash buyers, including Opendoor and HomeVestors, have submitted offers on Houzeo properties. List your home as is with Houzeo and save on the 3% listing agent commission.
Check out how Houzeo works in this video:
What is Houzeo?
An overview of what the platform is all about
» Houzeo Reviews: See how Houzeo home sellers save thousands with Houzeo technology and MLS exposure.
Frequently Asked Questions
Can I sell my home as is for cash in New Jersey?
Yes, you can sell your house as is for cash in New Jersey. You can list on a cash buyer marketplaces like Houzeo and Sundae. You can also sell your home to institutional cash buyers like HomeVestors or We Buy Houses.
How to sell a house as-is by owner in New Jersey?
You can do the following for selling a house as is by owner in New Jersey:
1. Price your home competitively
2. List on local New Jersey MLS
3. List your property on the best FSBO sites
4. Request cash offers for your home
» How to Sell a House By Owner New Jersey: Discover ways to sell your home by owner in New Jersey.
Should I sell my house as is or fix it up?
It depends on New Jersey's housing market conditions. In a seller's market, buyers are willing to overlook the problems of the property, making as-is an attractive option. However, spending time and money on repairs could increase your home's value and attract more buyers.