After registering record levels in July 2022, Richmond, VA real estate market has started showing signs of cooling. An increasing number of days on market combined with repairs will further delay the home selling process. To sell quickly, list your Richmond, VA house as is asap.
- 👉 Get Maximum Cash Offers for Your As Is Property: Major cash buyers, including Opendoor and Homevestors, have submitted offers on Houzeo properties. An MLS listing via Houzeo.com gives you maximum exposure. List NOW!
1. What Does it Mean to Sell a House As Is?
Selling “as is” means putting your house for sale in the existing condition, without any upgrades or improvements. “As is” home buyers know you will not make any repairs, even based on the home inspection report.
For instance, a defect is found in the property’s HVAC system during the inspection. It would cost $1,500 to fix. In a regular real estate transaction, the seller would either fix the defect or waive off $1,500 from the final sale price. But as an as-is home seller, you won’t indulge in any repairs. The buyer has to accept the property as it is.
2. Why do People Sell Houses As Is?
People under the following circumstances sell their homes as-is:
You Cannot Afford to Make Any Repairs
You may not have enough dollars to finance the repairs. Selling a home in Richmond, VA in itself is an expensive affair. There are several costs like real estate agent commissions, settlement agent fees, notary fees, etc. involved. A home repair combined with stagging would only burden you further.
For example, it costs about $8,000 to $14,000 for bathroom remodeling in Richmond, VA. By listing your house as is, you skip such expensive repairs and upgrades.
You Want to Relocate ASAP
You may be looking to sell your house and move for a job. Home sellers spend 2 weeks to a month marking repairs, which can delay your relocation process. In such a scenario you can save about a month by skipping repairs and selling as is.
» How to Sell My House Fast in Richmond, VA: Discover Best Tips to Sell Your Home in Richmond, VA Quickly
You are in a Financially Difficult Situation
People go through tough times and are in urgent need of cash. By selling their homes as-is it is very likely they will attract cash home buyers like We Buy Ugly Houses. Though cash buyers give 50%-70% of the property’s market value, they offer cash right away.
You Want to Avoid the Stress of an Inherited Property
The demise of a loved one has left you and your siblings in possession of the property. But it is in torn-down condition and you all stay too far to monitor repairs. To avoid future tussles and headaches, you may choose to sell the property as it is and book your profits.
3. How Much Do You Lose Selling a House As Is?
The amount of money you lose selling “as is” also depends on the property’s location, and condition.
For instance, there are fixer-uppers in Richmond listed at $279,000, about $62,000 less than the median home value. Whereas, a house of slightly lower acreage in the same city is listed at $264,000. The only difference is the property’s exact location.
If your house is in an extremely distressed condition, there are chances you may attract offers as low as 30%-50%. So, a house worth $200,000 might sell only for $100,000.
✍️ Pro Tip: If your house is not in worn-out condition, opt for iBuyers. iBuyers are companies that will make instant cash offers and close the deal within 24 hours.
Why Houses Sold As Is Sell for Less?
Houses sold “as is” sell for less due to two reasons:
- Home sellers do not invest in repairs and
- As is Homes mostly sell to a cash buyers.
Say, you are selling a house as is in Richmond, VA that requires a roof replacement worth $8,000. The potential home buyer has to bear $8,000 out of their pocket. Thus, an as-is home buyer has to spend time as well as money on upgrades and repairs. The buyer would deduct this amount before making an offer.
Home owners selling as is usually are in desperate situations and attract lowball offers from cash buyers and investors. Cash home buyers are known to make cash offers as low as 30% of the home’s fair market value.
4. What are the Pros and Cons of Selling As Is?
✅ Key Benefits of Selling a Home As Is:
- You do not Deal With Repairs: Waterdamaged kitchen countertops, dripping faucets, or broken roof – repairs are not your concern. The flipper or investor buying your house as-is will spend their time and expertise making the repairs.
- Inspection Bargaining is Easier: Home sellers on average have to let go of $14,000 in inspection bargains. In an as-is sale, you can set an appropriate discount beforehand and communicate to the buyers you are not willing to negotiate further.
- You Reach the Closing Stage Quickly: Saving your time in repairs, you can list your property for sale directly. Assuming you find a buyer who has access to a lender for a distressed property, you can reach the closing even earlier.
❌ Key Drawbacks of Selling Your Home As Is:
💡 Fact: The FHA 203(k) loan enables home buyers to finance a house in a need of repairs. For the FHA loan approval, the property should meet a minimum set of requirements.
5. Can I Sell My House As Is in Richmond, VA?
Yes, you can sell your house in Richmond, VA as is. All Virginia Residential Purchase Agreement for residential properties are by default “as-is” contracts.
6. Should I Sell My House As Is in Richmond, VA?
We do not recommend selling your house as is in Richmond, VA as fixer-upper homes sell for 45% less than turnkey homes. However, if you are in a situation where selling “as is” is the only option, you have the following options based on your situation:
|#||If You||Opt For|
|1.||- are in desperate need of cash and want to close on the house quickly.||Cash Home Buying Companies|
|2.||- need constant guidance and do not mind spending 5%-6% in commissions.||Traditional Full-Service Agents|
|3.||- already know a buyer and can handle an as-is transaction yourself.||For Sale By Owner|
|4.||- looking for an affordable MLS listing for your as-is home.||Flat Fee MLS Companies|
Sell to Companies that Buy Houses for Cash
Cash home buyers are real estate buyers who make direct cash offers on homes. They help home sellers skip the hassle of listing on the MLS, marketing, etc.
✅ Key Benefits of Selling Your House for Cash
- Fast Sale: The MLS listing process is eliminated with cash home buyers. After submitting details on their website, you get an instant offer and closing can happen as quickly as two weeks.
- Flexible Closing: Many cash home buying companies provide a one-month closing guarantee or even go up to two weeks. The speed of the sale makes these cash house buyers appealing to home sellers in desperate need of liquidity.
❌ Key Downsides of Selling Your House for Cash
- Non-negotiable Cash Offers: The deal offered by cash home buyers is usually take-it-or-leave-it. Although there may be room for negotiations, you can’t expect more than 70% of the market value of your home.
- Lowball Offers: We buy houses for cash companies generally pay 50% to 70% of the home’s fair market value, deducting all repair, utility, and re-selling expenses.
» Companies that Buy Houses for Cash in Virginia: Checkout our Rankings for Top Cash Buyers
Sell Your Home With a Traditional Full-Service Agent
From listing to closing, a full-service agent will help you with everything. But you’ll be paying a full 2.5% to 3% listing agent commission. And even if you find an unrepresented buyer, you’re still on the hook for the full commission.
✅ Key Benefits of Selling With a Traditional Full-Service Agent
- Pricing Assistance: Realtors have years of experience and knowledge of the historic sales in the neighborhood and can conduct a Comparative Market Analysis (CMA) for you.
- Help in Negotiations: Real estate agents master negotiation tactics. They can help you secure the best possible price for your home.
- Easy Paperwork: Real estate transactions involve extensive paperwork. A realtor can ensure all the documents and paperwork are submitted on time.
❌ Key Downsides of Selling With a Traditional Full-Service Agent
- Hefty Commissions: Real estate commissions in Richmond, VA are 5.5% to 6%. That’s thousands of dollars of fees in commissions.
- Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction.
- Slow & Manual Process: Agents do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.
Sell Your House As Is For Sale By Owner
Selling a house as is by the owner is a DIY approach with no listing agent involved. Sellers have maximum control over the entire process but have to handle all the paperwork with no oversight.
✅ Key Benefits of Selling Your House As Is by Owner:
- Savings on Commission: In Richmond, VA home sellers spend around $20,000 on real estate commissions (based on the median home values in Richmond, VA). Selling your house as-is in Richmond, VA on your own can help you save around $10,000 in listing agent fees.
- Speed to Market: You can set out to sell your house whenever you are ready. You need not hunt for a real estate agent to begin the selling process. FSBO websites like Houzeo can get you listed within 24-48 hours, or faster!
- Control Over Transaction: You interact directly with buyers or buyer agents. This reduces intermediaries involved in the transaction.
❌ Key Downsides of Selling Your House As Is by Owner:
- No MLS Exposure: Homes on the MLS sold for 17% more than not on the MLS. Selling FSBO will restrict your exposure, so there will be less competition for your property. That will likely reduce the selling price.
- No Help If You Need It: If you need help with paperwork, inspection, negotiation, or closing, you’re on your own.
Sell by Owner With a Flat Fee MLS Listing Company
If you want to sell your house on your own without compromising on the marketing opt for a Flat Fee MLS company in Richmond VA. A Flat Fee MLS listing service will get you on the MLS for a small flat fee. Homes listed on the MLS sell faster and for 17% more.
✅ Key Benefits of Listing with a Flat Fee MLS Company:
- Save Thousands in Commission: Instead of paying a 5% to 6% listing agent commission, you pay a listing fee.
- Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
- Full Control Over Your Sale: You retain full control over when to sell and whom to sell.
- A-la-carte Options: Most Flat Fee MLS companies offer services/supplies like yard signs, lock boxes, Showing Features, etc. on a la carte basis.
❌ Key Downsides of Listing with a Flat Fee MLS Company:
- Potential Hidden Fees: Some Flat Fee MLS companies have very high hidden fees. They disclose their hidden charges generally at closing when it is already too late to back out.
- Limited Coverage: Most Flat Fee MLS companies have coverage in a few states. So you might have to hunt for a company that coves your local Richmond, VA MLS.
That being said, Flat Fee MLS pros outweigh the cons. Opt for Flat Fee MLS companies like Houzeo that have nationwide coverage and disclose all costs upfront. Unlike other MLS listing services, Houzeo offers additional features like Houzeo Showings, Houzeo Offers, etc. that help you in your as-is home selling journey.
Why Houzeo is the Best Flat Fee MLS Company?
Houzeo is the best option if you’re looking to sell your house quickly in as-is condition. An MLS listing via Houzeo.com markets your home to regular as well as cash buyers. Several cash home buyers like Opendoor and Homevesters have recently submitted cash offers on Houzeo.
- Listing Fee – $349: Houzeo does not charge a 5% service fee or any undisclosed closing fee.
- Maximum Cash Offer: Your property gets max exposure via the MLS. This includes major portals like Zillow, Realtor.com, and Redfin. All local and national cash buyers, including iBuyers, will be aware of your listing and compete for it.
- Types of Properties: On Houzeo.com, you can market properties in any condition.
- Flexible Closing Date & Offer Terms: You can specify and negotiate the cash terms you want for your closing.
- Nationwide Coverage: Houzeo is available in 46 states across the U.S., so you can market to local cash buyers almost anywhere.
👉 Our Take: For as-is sellers looking to maximize cash offers for houses, we recommend Houzeo’s Gold plan. It will get you maximum exposure to cash buyers via the MLS. You will also have Houzeo’s advanced features to negotiate the best terms for your cash offer.
» Houzeo Reviews: Learn why Houzeo is America’s Real Estate Super App
- Near Nationwide Coverage: Houzeo covers 47 states + DC
- No Listing Agent Commission: With Houzeo, you only pay a small flat fee to get access to the MLS and all the Houzeo tech
- 100% online: Easy listing, fast changes, online showings, and online offers
- Max Exposure: Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other real estate sites
- Fast Listing: Rush listing option gets you listed within a business day with Houzeo Concierge
- Real Estate On the Go: Houzeo Mobile App mimics most functionality of the Houzeo web platform, including Offers and Showings
- 5-Star Customer Service: Superb support that minimizes Houzeo complaints
- No Hidden Fees: There are no Houzeo hidden fees
» Is Houzeo Legit: Learn more about Houzeo.com’s locations and services
» Houzeo Reviews: Houzeo has a stellar rating of 4.9 out of 5 stars, with reviews on popular sites like Google & Trustpilot.
» Houzeo Reviews: What Other review sites have to say about Houzeo
Houzeo is available nationwide with coverage in 200+ markets.
7. 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.
That being said, do not restrict yourself to cash buyers and regular home buyers only. Some Millennials have started buying old cheap homes via Instagram during and after the pandemic. So to attract Millenials, which form 43% of the population, you should market your as-is Richmond, VA home on social media platforms.
8. How to Sell a House As Is in Richmond, VA?
Selling a home as is in Richmond, VA is more or less similar to selling a house in Virginia. However, here are a few additional tips to sell your house as-is in Richmond:
Understand Richmond, VA Market Conditions
An increase in median home values and decreased DOM indicate the Richmond real estate market is in favor of the sellers. However, decreased home sales paint a different picture.
|Parameters||July 2021||July 2022|
|Median Home Price||$313,000||$340,000|
|Average Days on Market (DOM)||11||9|
|Home Sale Growth (YoY)||7%||-12%|
Richmond’s home prices reached an all-time high in July 2022, making it a hot seller’s market. By selling your house as is now, you can attract more buyers with zero to minimum repairs.
That being said, do not time the market. A slow growth rate combined with rising mortgage rates can roll the dice in buyers’ favor. In a buyer’s market, you cannot attract a top dollar on an as-is property sale. Purchasers will demand more repairs and upgrades, defeating the purpose of selling as is.
Make Minor Repairs, If You Can
Conduct a Pre-listing Inspection
To ensure you do not get slapped by the Richmond, VA seller disclosure laws, get a home inspection done before listing. Hire a professional home inspector to determine the unknown defects present in your house. Put the identified defects in the Richmond, VA seller disclosures.
Price Your Home Realistically
While pricing, consider both the positives as well as the negatives of your house. For instance, you may set a lower price considering the repair estimates. But, if your home is located near a school, it might work in your favor.
» How to Price Your Home for Sale: Learn to Price Your Home Competitively
Fill out Richmond, VA Seller Disclosures Honestly
By selling your house as-is in Richmond, VA, you cannot skip your disclosure obligations. Fill out the Virginia Residential Property Disclosure notice before listing your property.
The disclosure document walks through various sections, asking you questions about various features of your house. Disclose all the known problems in your house upfront. You have to fill out designated sections on smoke detectors, the flooding history of the property, and termite inspections.
Apart from the Richmond, VA sellers disclosure notice, fill out the federal lead-based paint disclosure if your house was built before 1978.
» Seller’s Disclosure in Virginia: Virginia’s Disclosure Laws, how to fill out disclosure forms, and more
Get on the MLS
Homes listed on the MLS sell faster and for 17% more. MLS will market your as-is home to a wide pool of buyers, including cash home buyers. Label your listing “as-is” to distinguish it from regular home sales as this will save you time and effort in dealing with non-genuine buyers.
List with Houzeo.com
Houzeo gets you on the MLS within 2 business days or even faster. Houzeo is 100% online, so you can make fast listing changes. Here’s how you can manage your as-is home selling process with Houzeo in 4 simple steps:
- List your property on the MLS with Houzeo.com within 2 business days
- Manage Showings effectively with Houzeo Showings
- Review, Compare, and Negotiate Cash Offers with Houzeo Offers
- Opt for “Contract to Close Coaching Package” and get a licensed broker to assist you during the closing
🏡 List Your Richmond, VA Home As Is Only For $349
Houzeo is the fastest way to list on the MLS and market your home to a wide pool of As Is home buyers
START YOUR MLS LISTING NOW
Eager to Know How Houzeo Works?
Check out the following video for all the details you need:
What is Houzeo?
An overview of what the platform is all about
Frequently Asked Questions
Can you sell a house as is in Richmond, VA?
Yes, you can sell your house in Richmond, VA as is. All Virginia Residential Purchase Agreement for residential properties are by default "as-is" contracts.
How to sell a house as is for cash?
You can opt for companies that buy houses for cash or iBuyers to sell your house as-is for cash.
Related: Selling a House As Is in Richmond VA