Selling a House ‘As Is’ in Virginia
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Joseph Gordon Associate EditorClose
Joseph Gordon Associate EditorJoseph Gordon is an Associate Editor with HomeLight. He has seven years of experience reporting on the commercial real estate and insurance industries. He holds an MFA in Creative Writing from the University of San Francisco.
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
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.
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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?
“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.
Which types of homes are sold ‘as is’?
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.
What problems do you have to disclose in Virginia?
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
- Lot lines
- Adjacent parcels
- Wastewater system
- Special flood hazard areas
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.
Review your options to sell ‘as is’ in Virginia
The main options to sell a house ‘as is’ include:
List ‘as is’ with the help of a real estate agent
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.
Sell directly to a cash buyer
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.
Steps to list ‘as is’ with the help of a real estate agent
Find an agent willing to list the home ‘as is’
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.
Consider a pre-listing inspection
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.
Price to reflect ‘as is’ condition
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.
What is Your Virginia Home Worth?
Enter your address and get a preliminary estimate of home value in under two minutes.
Do ever-so-light preparations
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.
Photograph to show potential
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.
Highlight the surrounding area
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:
- Downtown areas
- Major employers
- Parks and green spaces
- Sports venues and entertainment districts
- Waterfront views or access (ocean or a lake)
- Highly rated schools
- Access to outdoor activities
- Public transportation
Include ‘as is’ in the listing
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.
Understand buyers may still negotiate
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.
Be aware of minimum property standards for certain loans
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.
Prioritize a cash offer if you receive one
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.
Pros of listing a home ‘as is’:
- Save time and money on prep work
- Possibility of reducing negotiations from the inspection
- Solution for out-of-state owners and inherited homes
Cons of listing a home ‘as is’:
- Limited buyer pool
- Expect lower offers
- Negotiations and repairs aren’t always off the table
Steps to sell directly to a cash buyer
Now that we’ve covered the general process of listing a home “as is,” let’s discuss the alternative of working with an investor. While the process varies from business to business, the steps to selling your home to a house-buying company typically go something like this:
- Decision: A homeowner decides a traditional listing isn’t for them. Perhaps their house needs a lot of work, or they do not want to host any showings or open houses. They’re concerned about finding a buyer willing to purchase their home “as is” in its current state.
- Contact: A seller contacts a company that buys homes in their area and provides some basic information about their home.
- Preliminary offer: At this stage, some house-buying companies will provide a preliminary offer that is subject to change after a house assessment.
- Assessment: The company schedules a walkthrough of the property to evaluate its condition, usually within 24 to 48 hours.
- Firm offer: The company makes a firm offer (usually within 24 hours, sometimes on-site after the walkthrough) which you can accept or decline. Most of these companies will not negotiate on price, so the offer is a take-it-or-leave-it scenario.
- Closing: If you accept the offer, you and the company will each sign the contract, and closing will begin. Some companies offer a large deposit or moving cost assistance, and a few may even pay for the home upfront.
- Payment: The seller receives payment quickly, typically within seven days to a few weeks. This can vary by company, and sellers who work with a house-buying company often enjoy flexibility in selecting a move-out date that works for them.
If you aren’t sure where to get a cash offer, consider Simple Sale, a solution from HomeLight. With Simple Sale, you tell us a bit about your home, such as whether it’s a single-family or condo and how much work it needs. From there, we’ll provide you with a full cash offer to buy your home in as little as a week.
Skip repairs
No need to call the roof inspector or drain your savings to replace the HVAC. HomeLight will provide an offer for homes in almost any condition.
Sell when it’s convenient
Want to get out right away? Or need a little more time to pack? Either way, we’re flexible. Pick a move date that works for your schedule within 30 days of closing.
Close with certainty
Cash buyers don’t need a lender’s involvement to purchase a home, meaning they can move nimbly and quickly compared to someone who needs financing. With Simple Sale, you can close in as little as 10 days, compared to the 30-60 days or longer it typically takes to close with a financed buyer.
Curious to know more about the Simple Sale experience? Hear it firsthand from one of our valued clients in the video below.
Additional We Buy Houses companies in Virginia
Below we’ve compiled a list of some of the leading companies that purchase homes “as is” for cash in Virginia and information about each.
4 Brothers Buy Houses
4 Brothers Buy Houses has been operating in the Washington, D.C., area for over 12 years. They will work with sellers in difficult situations, including divorce, late payments, inheritance, code violations, unwanted tenants, and other sticky property scenarios.
Locations: Around the DC Metro area
Closing costs: Sellers pay no closing costs.
4 Brothers Buy Houses has an A+ BBB rating, and have been accredited since 2016. Former clients express gratitude for the company’s polite, professional service and ability to problem-solve difficult situations.
Website: 4brothersbuyhouses.com
Phone: 202-608-4928
We Buy Houses – RVA
We Buy Houses – RVA has been doing business in central Virginia since 2020. Their process includes a scheduled phone call to discuss the seller’s options, with no obligation to go with a cash-buy scenario.
Locations: Richmond and throughout Virginia
Closing costs: Sellers pay no closing costs.
We Buy Houses – RVA has an A+ BBB rating. Customer reviews attest to the company’s friendly, professional nature and the ease and speed of closings.
Website: webuyhousesrva.com
Phone: 804-250-6436
Advantage Homebuyers of America
Advantage Homebuyers of America has been in business for over 25 years in the eastern Virginia area. They specialize in distressed properties and offer value to their clients in the form of fast, no-hassle closings.
Locations: Virginia Beach and surrounding areas
Closing costs: Sellers pay no closing costs.
Advantage Homebuyers of America has a five-star rating on Google. Reviewers speak to both the company’s efficiency and trustworthiness in past cash deals.
Website: sevendaystosold.com
Phone number: 757-644-1313
Pros of selling ‘as is’ to an investor:
- Save money on home preparations.
- Sell fast — receive an offer in as little as a few days, and close as quickly as one to two weeks later.
- Skip repairs. Most house-buying companies purchase properties in “as is” condition, even those that need major repairs.
- No staging. No repeated showings. No open houses.
- Arrange for a flexible move-out date.
Cons of selling ‘as is’ to an investor:
- Offers are likely to be much lower. Investors and house-buying groups typically pay around 70% of what they estimate to be the home’s after-repair value.
- Sellers will have little room to negotiate. Most cash buyer offers are going to be “take it or leave it.”
Although many home-buying companies are legitimate, some are not. It’s always a good idea to be vigilant about possible scams.
How much will you make from an as-is home sale?
There is no simple equation for calculating how much you’ll net from an “as is” sale. If you list on the market with an agent, you’ll need to account for the cost of agent commissions (around 5.8% on average) and other closing cost, such as title fees and taxes, but are likely to field higher offers from buyers and see more competition for the home.
Different types of investors and house-buying companies also offer varying amounts for homes, largely dependent on their exit strategy. While fix ‘n’ flip investors usually pay around 70% of the home’s after-repair value, buy-and-hold investors who plan to rent out your property may be able to pay more. In addition, investors are often willing to cover a seller’s closing costs which can add up to around 1%-3% of the sale price. HomeLight’s net proceeds calculator can be helpful for running through some possible selling scenarios and estimating your take-home pay.
“It’s not something that all real estate agents are in a financial position to be able to do. But if you feel like you have to sell as-is because you can’t renovate and you have substantial equity, you might be really best off finding a team that can front the renovation costs and get repaid at closing, so that sellers can end up still walking away with the most money possible. Even more than they would have just selling it as-is and saving the renovation cost,” Megel says.
Ready to sell your house in Virginia?
While every home sale is different, you should now be familiar with the general process of selling a house “as is” in Virginia. Now, you can weigh which method will work best for you.
Whether you choose to list “as is” with a real estate agent or work with a direct home buyer, a home doesn’t have to be in perfect condition to sell — so long as you provide disclosures as necessary, set the right price, and know what to expect going in. Whenever you’re ready to take the next step, HomeLight would be happy to assist with your real estate needs. Connect with a top agent near you or get started with a cash offer from Simple Sale.
Header Image Source: (Curtis Adams / Pexels)
