Looking to sell a house “as is” in Virginia? Whether you’ve got a fixer-upper or recently inherited a relative’s home, sometimes the goal is to skip repairs, get a fair offer, and move on. Matt Megel, managing partner with CAZA Group, which sells homes 85% faster than the average Virginia agent, says that unlocking their home’s equity on a budget is one of the main drivers for homeowners wanting to sell their property “as is.” “One of the biggest reasons is people have money in equity in their home, but they don’t have much money in regards to savings to be able to renovate the property,” says Megel. “So, there are a lot of the sellers in Virginia thinking, ‘Hey, if I can just sell it as-is, I’ll be able to get access to my equity without having to put more money into renovating the property.’ [It’s the] same as, accounts are low but equity is high, and they want to just sell it as-is to get access to their equity,” he adds. “The second reason we come across is speed and convenience. This oftentimes will have to do with unique circumstances that don’t really lend themselves to renovating a property for sale. Like a property that was inherited through an estate or probate, Megel says. However, selling a house “as is” usually means accepting a lower offer, and it doesn’t always prevent buyers from trying to negotiate savings. Let’s look closer at how to sell a house in Virginia, your options for getting an offer, and what to expect from the process.
“As is” is a type of home sale where it’s understood that no improvements will be made to the property. When selling a house, “as is,” the seller chooses not to entertain buyer requests to complete repairs or provide a credit for fixes. An as-is sale may also indicate that the functionality and longevity of certain home components, such as a stove on its last legs or an older roof, is not guaranteed. When selling a house “as is,” the general condition of the property should already be accounted for in the home’s purchase price to the best of the seller’s knowledge. “In the state of Virginia, we are required to disclose any known material defects. If it’s not known, there’s no obvious responsibility to disclose what’s unknown,” Megel says. Homes sold “as is” often need work or might be cosmetically outdated. It’s not a label you’ll likely put on a listing in pristine, move-in-ready condition. “As is” sales often attract investors searching for their next flip or buyers seeking a bargain, perhaps on a home in a great location with lots of potential. Selling a house “as is” in Virginia doesn’t mean sweeping known problems about the house under the rug. A good time to fill out a Residential Property Disclosure Statement is prior to listing your home or requesting an offer so that you know it’s taken care of. According to the document, “owners must disclose to prospective purchasers of residential real property.” The form will walk you through documenting what you know about the home’s condition. You’ll also be prompted to fill out information about No matter what method you choose to sell your home, you must make these disclosures to the best of your ability. However, Virginia does/does not allow certain exceptions for sellers who haven’t lived in the home. The main options to sell a house ‘as is’ include: A great real estate agent will assist in the process of listing and selling a home “as is.” An agent gives simple presentation tips to improve marketing, helps to set an appropriate price that reflects the home’s condition, and works to find a buyer willing and eager to buy your home in its current state. “There are certain real estate teams like ours that offer what we refer to as a ‘Renovate Now, Pay Later’ program. There are plenty of people that contact us wanting to sell as-is because they don’t have the money in savings to do any improvements on the property,” Megel says. “A team like ours will actually fund the renovation costs on behalf of the seller during the pre-market phase, only to recover that investment at settlement out of the proceeds. In doing so, we’re oftentimes able to make our clients tens of thousands of dollars more in their pocket at the end of the day,” Megel adds. Someone needing to sell their home “as is” can also work directly with a property investor or house-buying company rather than list, where it may be difficult to get an offer from a limited buyer pool. We Buy Houses operations buy “as is” at a discounted rate and generally seek out homes in need of significant repairs. These companies can help sellers cash out quickly, and many will cover a seller’s closing costs. Your choice of real estate agent always matters, but especially when selling a property “as is.” It’s important to find the right match. You’re looking for an agent who doesn’t shy away from listings that need a little TLC and maybe has a strong network of investor connections. Your agent should also be willing to go the extra mile on marketing. Considering 80% of Americans say they would prefer to buy a move-in ready home, an “as is” sale likely has a reduced buyer pool from the start. A pre-listing home inspection is the same as a standard one except that the seller pays for it before listing their home on the market. It may sound like a counterintuitive step for an as-is sale, but getting the inspection results upfront can illuminate any issues that could impact the home’s value and inform an accurate pricing strategy. If a buyer requests further deductions to the price based on their inspection, you may be able to point to how the estimated cost of certain repairs was already baked into the list price. Megel says that a pre-listing inspection makes little sense for sellers considering an as-is sale. “If the property is truly gonna be sold as-is, and there’s no chance of that changing later, then there’s no benefit in doing a pre-market home inspection,” he cautions. The median sale price for homes in Virginia hit $385,000 in November 2023, a 5.5% increase over the year prior. “Every house is a little bit different. You can have somebody committed to selling as-is, but their asset is in pretty good shape, and they’re unwilling to do anything. Others are selling as-is, and the houses are in poor shape. And that would be a different expected outcome in sales percentage off of market price,” Megel says. You can start with a free estimate from HomeLight’s Home Value Estimator (HVE). Our HVE combs public data, including tax records and assessments, and pulls recent sales records for other properties in your neighborhood. Using a short questionnaire, we also factor in specifics about your home, such as the property type and described condition. Input your address, and we’ll provide you with a preliminary home value estimate in under two minutes. Even for as-is home listings in Virginia, Megel typically recommends sellers complete the following: “If it’s totally empty and cleaned up, that’s a minimal investment that will often greatly improve the return on the sale of your home. There are things you can do above that, but we’d be kind of getting out of the as-is condition. We’re talking about some light paint or things like that. If we’re staying truly as-is, just empty it out and clean it up is the best thing you can do,” Megel suggests. Your home listing warrants professional photography no matter what condition the property is in. A professional photographer will take steps to shoot each room from the best angle, ensure optimal interior and natural lighting, and edit for the ideal brightness and exposure. A high-quality camera with a wide-angle lens is also essential to showcasing entire rooms rather than half or three-quarters of what’s there. For these reasons and more, professionally photographed homes can help earn homeowners up to a 47% higher asking price per square foot compared to houses marketed without professional photos. Your real estate agent will almost always arrange for professional photos as part of the listing process. A home’s location will be important to buyers seeking out a home with potential. Mention in your as-is listing if your home is close to any of the following: Unless you explicitly mention that your house is being sold “as is,” buyers will have no idea of your intentions with the listing. Other common descriptors mentioned in as-is listings in Virginia include priced to sell, fixer-upper, handyman special, or a “call for investors.” To balance the focus on as-is condition, work with your agent to craft a property description that highlights the best features of the home. Listing “as is” provides no guarantee that buyers won’t try to negotiate savings on their purchase, even on an asking price you felt was already reduced to reflect the home’s condition. One of the best defenses you can have is an agent who takes a hard stance to prevent a deal from going south for the seller. “I would simply say, you can always expect a discount. You’re selling as-is, so people assume they will find problems with the property. In which case, they’re gonna want to have some reduction off of market value. But how much has to do with the perceived condition of the property,” Megel says. When you place your home on the market, it’s hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan. But if you do end up working with a financed buyer, be aware that different mortgage types (such as conventional loans or government-backed FHA, USDA, or VA loans) have different minimum property standards. These are standards related to the overall condition of a property which will play a role in a lender’s willingness and/or ability to finance a buyer’s loan. Before properties can be financed, their value and condition are typically examined by a state-licensed, independent appraiser contracted by the buyer’s mortgage company. If you’re unsure whether your home will meet appraisal requirements, you can start by looking at the FHA minimum property standards. If your house complies with FHA, it complies with most other lenders’ requirements. On occasion, conventional lenders may even finance a fixer-upper property sold “as is,” and it’s not impossible to finance a fixer-upper with an FHA loan. However, if you’re selling a house “as is” — especially one that needs heftier repairs — you may want to consider accepting a cash offer if you receive one. Cash eliminates the lender-ordered appraisal and the time it takes to close on the buyer’s loan, creating a faster and clearer path to settlement.Fast facts about selling a house ‘as is’ in Virginia
Median sales price in Virginia
$385,000
Average days on market (DOM) for Virginia
18
Disclosures
Virginia law requires sellers to disclose material facts about the property through the Residential Property Disclosure Statement, including knowledge of any former mining operations
MLS has a field to mark a listing “as is”?
Yes
Is a real estate attorney required?
Real estate attorneys are not considered essential for closing in the state of Virginia
Real estate transfer taxes?
0.25% under $10 million;
What is ‘as is’ condition in real estate?
Which types of homes are sold ‘as is’?
What problems do you have to disclose in Virginia?
Review your options to sell ‘as is’ in Virginia
List ‘as is’ with the help of a real estate agent
Sell directly to a cash buyer
Steps to list ‘as is’ with the help of a real estate agent
Find an agent willing to list the home ‘as is’
Consider a pre-listing inspection
Price to reflect ‘as is’ condition
Do ever-so-light preparations
Photograph to show potential
Highlight the surrounding area
Include ‘as is’ in the listing
Understand buyers may still negotiate
Be aware of minimum property standards for certain loans
Prioritize a cash offer if you receive one
