"As-is" means you sell the house in its current condition and don't agree to make repairs before closing. It's common for older Rockford homes, inherited houses, rentals and homes that need major work. Here is what to know.
As-is doesn't mean no disclosures
Illinois' Residential Real Property Disclosure Act generally requires sellers of 1–4 unit homes to give buyers a disclosure report about known material defects, even when selling as-is. Some sellers are exempt, for example certain fiduciaries such as executors who never lived in the home. For homes built before 1978, federal law also requires a lead-based paint disclosure. Be honest about what you know; as-is protects you from repair requests, not from hiding known problems.
Who buys as-is houses
- Retail buyers with loans. Many loan types have condition requirements, so homes with major issues can be hard to finance.
- Investors and cash buyers. Cash buyers like us can buy homes that won't qualify for a loan, and usually close on a schedule you pick.
How to compare offers
- Compare your net amount after commissions, closing costs, repairs and holding costs, not just the price.
- Ask whether the offer depends on financing or an appraisal.
- Ask what inspection period the buyer needs and whether they'll renegotiate after it.
- Make sure closing happens through a title company.
- You're always free to get other offers or talk to a listing agent.
When as-is makes sense
As-is sales often make sense when repairs would cost more than you'd gain, when the house is vacant or inherited, when there are tenants, or when you need a simpler, more predictable sale. If your house is in great shape and you have time, listing it may bring more money. The right choice depends on your situation.
Want a cash offer?
Daugherty Property Holdings, LLC buys houses as-is in Rockford, Winnebago, Boone and nearby Ogle County. Request a no-obligation offer or call (815) 706-3985.
Other guides: Selling an inherited house in Illinois · Selling a house with back taxes