Selling Your House As Is in Tennessee Without Major Renovations (2024)

Home sellers spend approximately $14,163 on home improvements. They undertake repairs like roof and foundation fixes to secure a favorable sale price. So, imagine their shock when these fixes don’t deliver the expected Return on Investment (ROI).

You can skip this expensive rigmarole by selling your house as is in Tennessee. Without spending a dime on repairs, you can getcash offersof up to 100% of your home’s Fair Market Value.

On cash buyer marketplaces like Houzeo, you can get multiple cash offers and MLS exposure simultaneously. Houzeo offers a convenient way to list on the MLS for a flat fee, helping you to skip the 3% agent commission.

What Does Selling a House As Is in Tennessee Mean?

Selling a house “as is” refers to selling a property in its existing condition without any upgrades or improvements. You don’t need to fix any defects, even if they are mentioned in the home inspection report.

When you sell as is, being upfront about all property issues is important. You have to disclose every material defect that affects the property’s value in the seller’s disclosure. A buyer can drop out of the deal if you have falsified the disclosure.

How to Sell a House As Is in Tennessee?

A fair listing price is vital to attract competitive offers for your ‘as is’ home sale. With these 5 steps, your as-is house sale in the Volunteer State can be a breeze:

1. Know Your Home Selling Options

You have four options when selling your house as-is in Tennessee:

1. List on a Cash Marketplace: Cash marketplaces offer maximum exposure for your home – typically via the MLS. This includes exposure to We Buy Houses for Cash companies in Tennessee.
2. Sell a House As Is for Cash in Tennessee: Cash home buyers make all-cash offers within 24 to 48 hours. However, they offer only 30% to 70% of your home’s FMV. On the other hand, iBuyers can extend an offer as high as 80% of your home’s FMV.
3. Sell Your Home As Is By Owner: Selling a house in Tennessee by owner is a DIY approach to getting your home sold. A Tennessee MLS listing service can help you get your home on the MLS and sell your house without Realtor commissions.
4. Sell Your House to House Flippers:House flippers in Tennesseeare always on the lookout to purchase investment properties. You can offload your home as-is to a flipper. The home flipper will renovate and re-sell the house for a profit.

2. Make Minor Repairs

The number of repairs your home requires is inversely proportional to the property’s fair market value. So, you can try to make high-ROI repairs to enhance its value. This may include fixing a squeaky doorknob, replacing a leaky washbasin pipe, etc.

3. Conduct a Pre-listing Inspection

Pre-listing inspections will help you avoid violating your Tennessee seller disclosure laws. Hire a professional Tennessee home inspectorto determine the unknown defects present in your house. This will prevent disputes with the buyer agent on unknown issues that may arise later.

4. Fill Out the Seller Disclosures as Accurately as Possible

Tennessee’s seller disclosure statement has several sections related to property condition. Each section contains questions based on the property’s defects and features. If you hide any defect knowingly or unknowingly, you might end up in lawsuits, lose money, and damage your reputation.

Tennessee laws require sellers to maintain the property till closing as it was on the effective date of the real estate contract. If found guilty of a violation, the buyer can walk away from the sale without any legal obligations.

5. Be Thorough With the Real Estate Contract

You need to fill out the “AS IS” Residential Contract for Sale and Purchase to sell your house as is in Tennessee. Remember, home shoppers will be thorough with the real estate contract and will:

• Inspect the Tennessee property
• Negotiate repairs or treatments in future amendments or
• Terminate the contract during the option period

Can Home Buyers Back Out of an As Is Contract In Tennessee?

There’s a 15-day inspection period for the buyer to inspect the property. During this period, the buyer may choose to back out of an as-is offer without any penalty or losing the deposit money.

If the seller withholds or under-reports costs, they are required to fulfill the repair requirements as mentioned in Section 9 of the Standard Real Estate Contract.

How Much Do I Lose Selling My Home As Is in Tennessee?

If your property needs significant repairs, and you’re selling “as is”, you will limit your buyer pool to investors. Investors typically pay between 30% to 70% of the property’s FMV.

If your property is in good condition, you can sell it at or just below its Fair Market Value. In this case, most home buyers can finance the purchase through a mortgage.

» How Much Do You Lose Selling a House As Is: Discover how much you lose selling a house for cash in Tennessee.

Should I Sell My House As It Is in Tennessee?

We recommend selling your house as is in Tennessee. This is because “fixer-upper homes” sell for lessthan turnkey homes. Moreover, 68% of millennials prefer to buy an ‘as is’ home.

If you’re still hesitant about selling, here are some pros and cons to help you decide.

✅ Pros

• No Haggling Over Repairs:Water-damaged kitchen countertops, dripping faucets, or broken roofs – repairs are not your concern. The flipper or investor buying your Tennessee house as-is will take care of such repairs.
• No Inspection Contingency:On average, home sellers shell out$14,000in seller concessions related to home inspection. In an as-is sale, you can pre-set a discount and tell buyers you are unwilling to negotiate further.
• Hit the Market Quickly and Sell Fast:Since you save time in repairs, you can list your property directly for sale. You can close the sale relatively sooner if you find a buyer who has amortgage preapprovedfor distressed properties.

❌ Cons

• Below Fair Market Value:As stated earlier, you will most likely sell to a cash buyer. Cash home buyers offer only 50% to 70% (or even less) of the FMV.
• Negative Buyer Assumptions:Buyers may assume that your property has serious defects, which may not necessarily be true. This assumption negatively affects the offers your house attracts.
• Mortgage Challenges for Buyers:Tennessee mortgage lenders typically do not finance properties with structural or safety issues. FHA loans, VA loans, and many conventional mortgages usually do not allow financing for fixer-uppers.

Selling a Home As Is in Tennessee Near You

Can I Cancel an As Is Real Estate Contract in Tennessee?

Yes, you can terminate the contract if the buyer fails to get the mortgage pre-approved within the specified number of days. The buyer can terminate the contract if the property is unacceptable to them during the inspection period.

Typically, there’s no lawful duty to meet specific MPRs when selling an as-is home. You can disclose any known defects and let the buyer decide if they’re acceptable.

Bottom Line

Selling your house as is can help you save thousands of dollars. It can also help you save a lot of time if you’re selling your home for cash. But there’s a tradeoff. You will receive a lowball cash offer of up to 70% of your home’s FMV.

Cash-buyer marketplace like Houzeo can help you get up to 100% of your home’s FMV. Moreover, major cash buyers, including Opendoor and HomeVestors, have submitted offers on Houzeo properties. List your home as is with Houzeo and save on the 3% listing agent commission.

Check out how Houzeo works in this video:

» Houzeo Reviews: See how Houzeo home sellers save thousands with Houzeo technology and MLS exposure.

Frequently Asked Questions

• Selling a House As Is
• Tennessee