Selling Your As Is Where Is Property: A Step-By-Step Guide For Beginners
It would seem that us Cantabrians may live surrounded by nonstop construction and road works for the rest of our lives, especially if you’re one of the unlucky ones still enduring an exhausting EQC battle.
Being stuck with a damaged home, or one with botched repairs, can not only be incredibly stressful and time consuming but also a major financial burden. However, there is another option! With Christchurch’s unique ‘As Is Where Is’ property market, there are numerous companies out there eager to snap up your worry causing home, instantly taking away any earthquake and EQC caused stress and allowing you to move on with your life!
So what is an ‘As Is Where Is’ Property?
An item that is purchased ‘As Is Where Is’ is transferred to the new owner in exactly the condition in which it is presented, and therefore, with any and all faults including those that are not immediately apparent.
An ‘As Is Where Is’ property is therefore one in which the current homeowner has, or intends to, accept a payout from either EQC and/or their insurers. They have also made the decision to sell their property without making any repairs or attempting to remediate the property whilst keeping their cash payouts. In many cases, there may be further unidentified damage which is only discovered after repairs have commenced.
Does this sound like you? But not sure how to go about selling your ‘As Is Where Is’? Check out this step-by-step guide to selling your As Is Where Is:
1. Making the Decision to Sell
When faced with the option of whether to repair or sell, making a decision can be tough, especially in the case of a family home filled with special memories. However, it may be time to take a step back and realise that a once cherished home is actually now a house of horrors. In this case, deciding to sell and move on to a worry free life could be the best option for you, you’ll be surprised how quickly you can alleviate your biggest burden and turn it into cash!
2. Get In Touch With The Right People
The ‘As Is Where Is’ market has become very popular, and therefore, there are many companies in Canterbury looking to purchase your ‘As Is’ property. Due to the competitiveness of the market it is important to make sure you get in touch with a company that is looking for the best outcome for both you as the seller and them as the buyer. Some companies may offer you a figure that seems too good to be true and in many situations, it usually is… when the time comes to sign contracts you may see the figure is reduced dramatically. Try shopping around to see who can offer you the best package and also look for a company that you think you will enjoy working with.
*Hot Tip*
- Look for a company that will give you an unconditional offer
- Too many people receive 15 day due diligence only to have the contract cancelled on the 15th day wasting everyone’s time!
3. Obtain an Appraisal
After selecting an ‘As Is Where Is’ company that you like, you will be able to arrange a time for one of the team members to come over for a chat and to take a look around the property. They will assess the condition of the property and will also be able to answer any questions and queries you may have around the process. Unlike typical home viewings, you will not need to make any repairs or engage in strenuous cleaning before your property viewing – you don’t even need to mow the lawn!
4. An Offer is Made
After the appraisal the company will present you with an unconditional cash offer – some may be able to do this on the day! You will then have time to think about the offer and assess whether it is the best option for you.
5. Accept an Offer
On acceptance of the offer, the cash will be deposited into an account, in some cases, as quickly as a week! You are also likely to have time to find a new house or accommodation to reduce stress even further.
6. Move On With Your Life!
With cash in your account, the next step is up to you! Build, rent, buy – whatever you want to do without the stress of your old property hovering over you!