Preparing a home for sale costs both time and money. From Jersey City to Atlantic City, home sellers in the Garden State spent $14,163 on upgrades and repairs before listing their properties. And an average seller spends 2 weeks to a month making home improvements prior to listing. Gosh…that’s a big investment.
Selling a house as is means listing it on the market without repairs or much preparation. Even if you list a turnkey home, buyers will bargain on the selling price based on the home inspection report. If you don’t want to spend time or money fixing your property, you sell it as-is.
You don’t shell out a dime on repairs when selling a house as is in New Jersey and attract cash buyers. You can get cash offers of up to 100% of the property’s Fair Market Value. There are 3 different types of cash home buyers who will buy your home “as is” in New Jersey:
🚀 4 Power Tips to Sell a House “As Is”
- List on a Cash Marketplace: Cash marketplaces like Houzeo.com and Sundae are the best options to get multiple cash offers for your property. HomeVestors and We Buy Houses are also good options.
- Don’t Market to Only a Single Buyer: Marketing to just one buyer, like Opendoor or We Buy Houses, means there is little to no competition for your property. No competition means lowball offers.
- Don’t Expect iBuyers to Make Strong Offers: iBuyers have either shut down or have suffered massive losses. Our analysis suggests that iBuyers will offer much less than Fair Market Value (FMV) for your home in 2023 and 2024.
- Don’t Accept Low Ball Offers: Most buyers of “as is” homes will only offer you 30% to 70% of the market value of your property. Do not settle for such a lowball offer, it’ll cost you thousands.
What Does It Mean to Sell a House As Is?
Selling a house “as is” means putting it up for sale in its existing condition without any upgrades or improvements. As an “as-is” home seller you won’t make any repairs. You won’t fix any issues even if they are found in the home inspection report.
Say, a home inspector finds a defect that would cost $3,000 to fix. In a regular transaction, the seller fixes the issue or adjusts the final sale price by $3,000. But as an as-is home seller, you won’t make any repairs. The buyer has to accept the property as is.
Remember, New Jersey laws require sellers to maintain the property till the closing as it was on the effective date of the contract.
What Selling As Is Does Not Mean?
Selling as is does not mean you simply list your house, sell it, and walk away with a profit. As a seller, you need to be transparent about the property’s condition. You must disclose every material fact that affects the value of the property in the New Jersey Seller’s Disclosure Statement.
Can You Sell a House As Is in New Jersey?
Yes, you can sell your house in New Jersey as is. And it’s easier than you think.
As per the New Jersey Residential Purchase and Sale Agreement, the contract by default stands as is. This means unless decided otherwise, the buyer accepts the property in its existing condition.
Can You Sell a House As Is Without Inspection?
It is up to the buyers if they want to conduct a home inspection or not. Just because you are selling real estate as is, buyers are not prevented from inspecting the property. However, you won’t be liable for any damages or defects found on the property during the inspection.
How to Sell a House As Is in New Jersey?
Selling a home “as is” in New Jersey is pretty similar to a regular home sale. Except, you need not sweat about significant repairs or hiring a New Jersey home staging company.
You should be transparent about all the defects present. Also, ensure you price your home correctly. These combined with a good marketing strategy and minor repairs can attract competitive cash offers.
Here are 5 pro tips to ensure you have a smooth as is house sale in the Garden State:
1. Know Your Home Selling Options
You have 4 options when selling your house as-is in New Jersey:
- BEST WAY TO SELL A HOUSE AS IS – List on a Cash Marketplace: Cash marketplaces offer maximum exposure to cash buyers – typically via the MLS. This includes exposure to iBuyers and “We Buy Houses for Cash” companies in New Jersey. More competition means a higher sale price for you. You can attract offers as high as 100% of Fair Market Value and you can list all types of properties. Houzeo.com and Sundae are the biggest cash marketplaces.
- Sell a House As Is for Cash in New Jersey: Companies that buy houses for cash make all-cash offers within 24 to 48 hours. However, traditional cash home-buying companies make lowball offers. If your house is in good condition, offer it to iBuyers. They make cash offers as high as 80% of the Fair Market Value.
- Sell Your Home As Is By Owner: Selling a house in New Jersey by owner is a DIY approach to listing and selling your property. In a by-owner home sale, you manage everything – from listing to closing – on your own. The best New Jersey FSBO sites help sell a house without a Realtor and save thousands in commissions. Alternatively, you can also work with an New Jersey MLS listing service to list your home on the MLS.
- 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 at a profit.
Houzeo.com is the only cash marketplace that helps you list on MLS for maximum exposure. The biggest cash buyers, including Opendoor and HomeVestors, have made cash offers on Houzeo properties.
- ✍️ Pro Tip: With Houzeo you can share your listing on all major social media platforms. List NOW!
2. Make Minor Repairs, if You Can
Make high return-on-investment repairs to enhance the look of your property. This may include fixing a squeaky doorknob, replacing a leaky washbasin pipe, etc. To further beautify your house for sale, deep clean, declutter, and add a fresh layer of paint.
3. Conduct a Pre-listing Inspection
Conduct a pre-listing inspection to save yourself from having to haggle with buyer agents on “unknown issues”. Pre-listing inspections will also 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.
Once you have the inspection report, make sure to mention the identified issues in the seller disclosures. You can also choose to share the inspection report with prospective home buyers.
4. Fill out the Seller Disclosures as Accurately as Possible
New Jersey seller disclosure statement has several sections related to property condition. Each section contains questions based on the property’s defects and features. Answer each question honestly and as comprehensively as possible. For homes built before 1978, you must fill out the lead-based paint disclosure.
5. Be Thorough with the Real Estate Contracts
The NJ Realtors’ Standard Form Real Estate Sales Contract by default is an “as-is” agreement. This means unless decided otherwise, the buyer accepts the property in its existing condition.
Remember, just because you are selling a property as is in New Jersey, buyers are not precluded from:
- inspecting the property,
- negotiating repairs or treatments in future amendments, or
- terminating the contract during the option period.
» New Jersey Real Estate Contract: Everything you need to know.
Can I Cancel an As Is Real Estate Contract in New Jersey?
Yes, sellers and buyers can cancel the New Jersey as is real estate contract under specific circumstances.
The seller can terminate the contract if the buyer fails to get the mortgage preapproved within the specified number of days. The buyer can choose to terminate the contract if the property is unacceptable to them during the inspection period.
Why are Houses Sold As Is?
Homeowners under the following situations sell homes as is in New Jersey or elsewhere:
- You Cannot Afford to Make Any Repairs: Selling a home in New Jersey is expensive. Several costs like New Jersey real estate commissions, settlement agent fees, notary fees, etc. are part of home selling fees. Fixing-up expenses combined with home staging would only burden you further.
- You are in a Financially Difficult Situation: People go through tough times and might need cash urgently. They can sell their homes to cash home-buying companies. They make lowball cash offers (30% to 70% of the Fair Market Value) right away.
- You Want to Avoid the Stress of Selling an Inherited House: An inherited property distributed among multiple inheritors can cause several problems. It may even lead to a lawsuit if all inheritors do not agree to sell. To avoid future tussles, you may sell your inherited property in New Jersey as is and book your profits.
- You Want to Relocate ASAP: You may need to sell your house asap and move for a job. An average home seller spends 2 weeks to a month making repairs, which can delay the relocation. In such a scenario, you can save about a month by saying no to repairs and selling as is in New Jersey.
» How Long Does It Take to Sell a House: These 4 factors affect how long it takes to sell your home!
Who is Most Likely to Buy Your House As Is?
Depending on the condition of your property it will most likely be bought by a cash buyer. This may include traditional cash home-buying companies or technologically advanced iBuyers.
By listing on MLS you can attract regular home buyers as well. For instance, you find a home buyer looking to buy in a particular location and doesn’t mind spending on repairs.
How Much Do I Lose Selling My Home As Is?
Remember, most home buyers are going to finance their home purchase through a mortgage. If your property is in good condition and can be funded, you will sell it at Fair Market Value or just below it.
But if your property needs significant repairs, and you’re selling “as is”, you will limit your buyer pool to investors only. Investors typically pay between 30% to 70% of the property’s FMV. So be prepared to sell for tens of thousands of dollars less than the Fair Market Value.
» 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 Is in New Jersey?
We do not recommend selling your house as is in New Jersey because “fixer-upper homes” sell for 45% less than turnkey homes. However, if you have no other option, weigh the pros and cons of selling a house as is in New Jersey beforehand.
Pros of Selling a House As Is in NJ
- 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 & Close the Sale 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.
Cons of Selling a House As Is in NJ
💡 Fact: The FHA 203(k) loan enables home buyers to finance homes that need repair. Buyers are approved to make only specific types of improvements with an FHA 203(k) loan.
You can save a few thousand dollars by selling a house as-is in New Jersey, but we do not recommend it. Because most home sellers have to settle for discounted offers from cash buyers. But, if you have made up your mind about selling your home as is in New Jersey, list it on the MLS.
An MLS listing service like Houzeo will give your as-is home maximum exposure. Major cash buyers, including Opendoor and Homevestors, have submitted offers on Houzeo properties. Here’s how to list a property on MLS in New Jersey with Houzeo.
» Should I Sell My House Now? : Explore if you should sell now or wait for a year.
Eager to Know How Houzeo Works?
Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites.
What is Houzeo?
An overview of what the platform is all about
» NEED MORE CLARITY? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Frequently Asked Questions (FAQs)
1. What is as is condition in New Jersey?
"As Is" home sale condition in New Jersey means that the home seller is selling their property in the existing condition without making any repairs or upgrades.
2. Can I sell my house as is in NJ?
Yes, you can sell your home as is without making repairs. Cash buyers such as "We Buy Houses For Cash Companies", and iBuyers purchase homes that need repairs.
3. Can I sell my home as is for cash in New Jersey?
Yes, you can sell your house as is for cash in NJ. They list their homes on cash marketplaces like Houzeo and Sundae. Additionally, sellers can market their homes to institutional cash buyers. Selling property as-is in NJ to cash buyers will fetch you low ball offers up to 50% of the Fair Market Value.
4. Can you get a loan on a house that is as is?
Buyers can opt for conventional loans for as-is homes with minor defects. So, buying a house as-is with inspection is the only option for home buyers. A home inspection would ensure there are no significant defects in the property.
5. How can I sell my fixer upper house fast in New Jersey?
Home sellers have the following options for selling fixer upper houses in NJ:
1. Sell your home as is to real estate investors who specialize in fixer uppers in NJ
2. Sell your fixer upper at auction in NJ
3. Sell your home to "We Buy Houses for Cash Companies
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