November 18th, 2023 12:12 PM by Linda Holley
With Florida being a senior real estate market, I have the Senior Real Estate Specialist (SRES) professional designation from the National Association of Realtors. Seniors often sell their homes as-is but they must understand what they are giving up with this type of transaction.
The Florida As-Is Residential Contract makes the buyers responsible for all repairs. They have the right to inspect and terminate the contract for any (or no reason) during their inspection period. The Seller is not required to use licensed contractors for any work that the Buyer requested--should the Seller decide to do anything.
Making repairs, funding updates, and staging spaces are rarely steps that senior Sellers look forward to when facing a sale. Preparing a home for the market is a lot of work requiring time, money, and emotional energy. For these reasons, selling a property as-is can look enticing to senior citizens and their adult children. However, there are downsides, including fewer buyers and smaller profits.
Why are homes sold as-is?
1. Seller needs to sell soon!
2. Repairs are not affordable.
3. Emotional load of updating outweighs increased sales price.
4. Owner inherited a home and is unfamiliar with the property's history.
5. Seller has owned the property for decades and it has likely appreciated. Or they inherited the property and have no desire to keep it.
In general, convenience outweighs the profit in an as-is property sale. This typically results in a lower purchase price for the home, but convenience is more important than profit.
Take the time to look at tangible, quantifiable figures that show the potential of reducing the price of the home if one decides to move forward with an as-is sale. (from MoneyTips.com, Fool.com/real estate, and the Senior Real Estate Professional magazine Oct-Nov 2023).
Call Linda Holley, Sarasota Realtor, GRI, SRES, CIPS, Fine Properties, 941-914-4914 for your real estate needs in Sarasota County, Florida.
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