Dave Ramsey Team: How To Sell Your House ‘As Is’

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It’s not uncommon for a homebuyer to purchase a property knowing they won’t stay there forever. Maybe it’s a “starter” home or a place they plan to shed in retirement once their kids are grown and on their own. And then there are all those folks who buy a home and don’t think they’ll ever sell it, but end up doing so, for whatever reason. 

The thing is: Listing a home is easy. And pretty much every home will sell at some point (even if only to be torn down). But what you have to think about is the price. Will you get what you’re asking for or, ideally, more? Doing so becomes trickier when you sell a home “as is,” meaning, sold in its current condition, without any repairs, upgrades or improvements — and with no guarantees from you that the home doesn’t have issues that need to be fixed. 

The team at Ramsey Solutions, a website founded and run by financial guru Dave Ramsey, recently published a blog that provided advice on the best ways to sell your house “as is.”

Talk To — and Hire — a Local Realtor 

When you’re selling your house, no matter its condition, it will benefit you to work with a real estate agent. Yes, it sucks that they charge a fee (commission, which is a small percentage of your home’s selling price), but their expertise and guidance is worth the money. The Ramsey Solutions team noted that a local real estate agent will be able to help you with the following important moves: 

• They’ll help you set a realistic and competitive price.
• They’ll help you find the best buyer through their MLS database.
• They’ll help you market the great features of your home like, say, the desirable location, the built-in shelving or the large yard. This shifts attention from any possible problem areas and gets prospective buyers interested. 

Do Your Own Home Inspection Before Listing

Homebuyers are strongly recommended to conduct an inspection once you accept their offer, but they may not want to pay the several hundred dollars to do it. That’s on them, of course, but most buyers, recognizing the significance of such a major purchase, go through with an inspection. Many buyers back out of buying when the inspection reveals problems you didn’t know — let alone tell — them about. 

Get a comprehensive understanding of everything that could be wrong with your home by doing your own inspection (you’ll need to hire an inspector). This way you’ll be informed and can hedge against any surprise backouts based on what the buyer’s inspection reveals. 

“And again, talk to your real estate agent,” the Ramsey Solutions team wrote. “They can help you find an inspector, and they’ll be able to help you market your home’s best features, even if you have to disclose some stuff that isn’t so great.”

Be Upfront and Honest About Your Home’s Issues 

Is your plumbing old and unreliable? Does your roof have any leaky spots? Is the garage door broken? Depending on your state’s rules, you’re going to have to disclose your house’s problems in your seller’s disclosures, which you’ll provide once you accept an offer and your house goes into escrow. Take a careful inventory of all problem areas and list them honestly in these forms. 

“Every state has different laws about disclosure reports, so check with your agent to find out what you’re legally obligated to disclose,” the Ramsey Solutions team wrote. 

Your realtor can help you with all this, too. 

Get Quotes on Needed Repairs, and Research What You Could Possibly DIY 

If you’re not willing to spend money to get your house in top-notch condition before selling it, you should get quotes from professionals on how much the repairs could cost the buyer. You can also do a little research online and figure out what you might be able to DIY. Definitely don’t embark on anything major, like say, installing a new plumbing system (unless you’re a plumber!), but look into the little but important things you can repair yourself. 

Be Realistic About the Listing Price  

As previously noted, your real estate agent will help you set a realistic price for your home. It’s fine to negotiate with them a bit and make a case for going higher, but don’t push back too much. If you set too high a price, your home could end up sitting on the market for eons, and/or you could get multiple offers that fall through once the buyer realizes that the house isn’t in the best shape. 

Know What You Stand To Lose, Financially 

There’s no rulebook that says you can’t sell your house “as is.” And certainly, as the Ramsey Solutions team highlighted, there are key moves to make to do it right. But know that selling a house that needs work — work that the buyer will have to handle themselves — creates a financial loss. You will make less money on a home if you sell it “as is” than you’d make on it if you sold it with repairs and improvements. 

“Here’s an example: Let’s say you’re wanting to sell a home that needs a new roof, an exterior paint job, carpet installation and repairs to the foundation,” the Ramsey Solutions team wrote. “You learn that, as is, your home could sell for $300,000. But if you completed those repairs, the value would jump to $315,000.”

Think twice before you go to sell your house “as is.” Unless you’re in a pinch with time or money, it’s best to invest in making your house the best it can be, so you can make the most money possible when you sell. 

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