Is it possible to sell my home as is - this is a very popular question amongst buyers looking to sell quickly. Many buyers assume they'll need to carry out a few repairs or general improvements before selling their property – perhaps fixing a leaking tap, tidying up the exterior and giving each room a deep clean.
However, if you have a property that is vacant, in need of more extensive repairs or modernisation, or has a heavily overgrown garden, those jobs might command significantly more time and cost than you want to invest.
It is absolutely possible to sell a property as-is without making any repairs - especially via a property auction.
Still, the right solutions will depend on the nature of the repair work required, your priorities in terms of speed and the value you achieve, and the sales method you select.
Key Takeaways
It is entirely feasible to sell a property 'as is' without conducting any repairs, particularly through a property auction. This approach is suited for properties that require repairs or modernisation.
Selling 'as is' might attract different types of buyers, including those looking for a property to remodel themselves, like investors or developers, particularly in auctions where such properties can draw significant interest. This contrasts with the open market, where buyers typically seek homes that are move-in ready.
Auctions provide a reliable platform to sell properties in any condition, with advantages including a high certainty of sale, potentially higher prices through competitive bidding, and a quick, binding sale process.
Why Sell a Property Without Making Repairs?
There are various scenarios where it may not be worthwhile making repairs to a property or where the effort involved doesn't align with your objectives. As a few illustrations, that might be because:
You own an empty rental property that you’d like to sell quickly to free up finances to buy elsewhere.
You don’t have the budget to cover more in-depth renovations or would prefer to leave this to the next owner.
You have inherited a property and would rather sell it than upgrade it.
Your property is in good structural condition but needs considerable modernisation, and you want to sell at a fair value as a property with great renovation potential.
It’s also worth considering your target buyer. If you sell on the open market and expect to appeal to homebuyers, many will view the home and make decisions based on the appearance, décor and curb appeal of the residence – looking for somewhere that is ready to move into.
Other buyers are far less interested in aesthetics and instead look for properties in prime locations, with the option to add substantial value or modify the layout of the home to suit their requirements.
Related Reading: Selling a property in need of repairs
Factors That May Impact the Best Selling Method for a Property Sold As-Is
Alongside the areas we’ve touched on, a property that is unmortgageable might be much harder to sell to a general buyer since the vast majority will rely on mortgage financing to cover the initial cost of the purchase.
The extent of the repairs required will make a difference – for example:
What condition is the property in now? Does it need a few cosmetic improvements or a full refurbishment, or is the home derelict and in need of a complete renovation?
Would it be possible for a prospective buyer to take out a mortgage against the home? If it has issues like subsidence, isn't weatherproof, or lacks a bathroom or kitchen, it would be tricky to sell to a standard homebuyer.
What matters most to you? Would you rather postpone the sale and invest in repair work, or would it be better to sell quickly and achieve the best possible value in the current condition?
Derelict homes, or those that have been vacant for some time, continue to attract strong interest from buyer audiences, particularly investors and developers who have renovated thousands of homes and will find a property they can remodel and reshape appealing if the location is right.
Likewise, a home that appears to be in reasonable condition but has underlying structural issues can be complex to sell without lengthy delays. Professional buyers may intend to rebuild the structure in any case or have the budget to carry out more involved repairs, with the knowledge that the property may return a profit once the work is complete.
These buyer groups have one thing in common – they routinely attend property auctions to search for lots that match their requirements, working with reputable auctioneers who can highlight new property acquisition opportunities they will likely be interested in.
What do our auctioneers say?
“Auctions are particularly effective because they bring properties directly to the type of buyers who value potential over perfection. Property Auctions not only bypasses the need for costly and time-consuming repairs but also accelerate the selling process, providing certainty and potentially higher returns through competitive bidding"
James Emson, Director
Why Sell a Home As-Is Through a Property Auction?
Property auctions are a great way to sell a house in any state of repair as well as a renovation project, a plot of land, or any lot that will appeal to property buyers who have their own objectives in mind when they consider which lots to bid against.
Many register with their preferred auction house and review upcoming lots periodically, searching for homes that might, for instance, align with the rest of their portfolio, offer good rental income prospects, or be a potential 'flipped' property where they work with established contractors to carry out any manner of repairs.
Benefits of Selling a Property As-Is Via Auction
There are multiple reasons an auction is well worth considering, particularly for homes in need of major renovations or refurbishments:
Auctioneers are highly experienced and will have sold countless renovated homes, derelict properties or vacant residences over the years. That experience benefits you as the seller since they will know how best to market that property to an engaged buyer audience and the elements of the property that will appeal.
Good certainty of a sale: The majority of properties at auction sell the first time they are listed within a finite and defined time scale. If you are hoping to move forward quickly, there is a very low likelihood you won't sell the first time around and even less chance the successful bidder will back out.
Competitive bidding can generate the highest price you might expect to sell for, especially if the property has characteristics that make it attractive. Professional buyers keen to secure a lot may be prepared to pay more to secure the winning bid.
While anybody can purchase a property at auction, including DIY enthusiasts, you'll find that many of the buyers are familiar with the auction process and are prepared to proceed with the sale immediately in line with the auction terms.
Once the auction closes, the winning bidder pays a deposit there and then, normally, with the balance within a month. That process ensures the fall-through rate is extremely low, and an auction sale is binding from the moment the auction ends.
Read our guide on selling a house by auction here.
Professional Guidance About Selling Your Home at Auction
For more information about selling a home as-is, whether you have a dated property requiring refurbishment, an inherited home needing full renovation, or a vacant or derelict property that would cost more to return to a liveable condition, please get in touch.
The Clive Emson team can explain the auction process in greater detail and run through the options to ensure you make confident decisions about the best way to sell your home.
