Selling a property as-is in Las Vegas: what buyers will and won't pay for

You can sell a house in Las Vegas without fixing the roof, replacing the AC, or clearing out every room, and not every flaw costs you what you fear.

Get a guaranteed cash offer on your property as it is, and see what buyers will pay for it before you spend anything on repairs. Olive Tree Homes walks through the property with you, shows it to our cash buyers, and puts it on the market at the same time, so you're not limited to one buyer's number. Then we compare the written offers with you on what you'd keep, and you're never obligated to accept one.

Buyers discount big systems and unknowns the most: the AC, the roof, plumbing, the foundation, and water damage. Cosmetic wear usually costs you less than owners expect, and buyers rarely pay you back for repairs or upgrades they plan to redo.

What does selling a house as-is mean?

You sell it in its current condition and don't agree to make repairs, but buyers can still inspect it, and you still have to tell them what you know about it.

• What as-is covers: you don't fix anything before closing, and the price is set for the condition the property is in.
• What it doesn't change: the buyer can usually still have the property inspected, and the contract decides what happens if the inspection turns something up.
• Disclosure: Nevada's seller disclosure rules in NRS Chapter 113 still apply. A buyer can't waive them (NRS 113.130).

How do buyers decide what to pay for a property as-is?

Most cash buyers are buying to make a profit, and that profit comes out of the price along with the repairs. They start from what the property would sell for once it's fixed, called the after-repair value, and work backward from there.

The after-repair value is where buyers differ most. Each buyer estimates it differently. Some are more optimistic and some are more pessimistic, and the optimistic ones can afford to pay more for the same property. That's why showing the property to a broad range of buyers usually gets you a better price than taking one buyer's number.

Selling to a cash buyer is a lot like selling a car to CarMax. You get a fixed, guaranteed price, and you're done. You could put the car on AutoTrader instead, wait, show it to a lot of people, and you'd likely get more. Everybody knows CarMax pays less, but you're paying for convenience. A cash offer on a property works the same way, and you can see it next to what putting the property on the market could bring before you choose.

Which problems cost you the most?

The problems that cost the most are the ones that are expensive to fix or hard to size up before the buyer owns the property.

Whatever the problem, it helps to tell buyers what you know and share any receipts, service records, or reports you have. Clean the property, and stop any active leak.

A slow market costs you too. When properties take longer to sell, a cash buyer expects to hold yours longer before reselling it. That means more months of holding costs and more risk that resale prices drop, and both come out of the offer.

What won't buyers pay you back for?

Buyers rarely pay extra for work they plan to redo. A buyer who renovates prices the property by what it needs to become, not by what you spent on it.

• Upgrades done to your taste: a bold paint color, a custom feature, or finishes that don't match the rest of the property.
• Half-finished projects: buyers usually price them as work still to do, and sometimes as work to undo.
• Repairs a renovator would redo anyway: new carpet or fresh paint in a property that needs a full remodel.
• Patching over a bigger problem: buyers still inspect, and in Nevada you still disclose defects you know about.

Is anything worth fixing before you sell?

Usually not, because fixing one thing tends to lead to the next. One improvement makes everything next to it look older. Fresh paint makes the old switches and outlets stand out, and new countertops make the old cabinets look worse.

Once you start, it's close to all or nothing. Repairs paid before the sale come out of your pocket first, with no promise that buyers pay them back. Two things are worth doing:

• Clean it. It's the best thing you can do before buyers walk through. Cleaning doesn't mean clearing it out: what you leave behind is negotiable, you can usually leave everything, and you may be able to get cash for moving.
• Stop anything that could cause more costly damage. That's usually only a water leak. Get the leak stopped, even if you leave the damage it caused for the buyer.

For the full math on fixing first, selling as-is on the market, and taking a cash offer, see how to compare a cash offer with listing.

You don't have to guess which repairs would pay you back. We can walk through the property with you, get a guaranteed cash offer on it as it is, and show you what putting it on the market as-is could bring, before you pay a contractor. If you live out of town or can't manage repairs, we handle the showings, and you don't have to arrange a contractor or a cleanout to get offers.

Who buys property as-is in Las Vegas?

Cash buyers who renovate and resell, rental investors, and buyers on the market who want a project all buy as-is, and each one prices condition differently. Cash buyers differ from each other too. Large companies that buy many properties prefer newer ones that need little work. A local flipper who does one or two a year may prefer one that needs a lot more.

That's why it matters to know all the different cash buyers. A property one buyer passes on can be exactly what another is looking for. How you sell decides which of these buyers see the property.

Compare them on what you'd keep, not on price alone. Count the fees, closing costs and buyer credits, any repairs, the time to close, your mortgage and any other payoffs, and what you pay while you wait. Before you sign, we explain what we will do and the fees that apply.

Our guide to the best way to sell your property compares these paths in more detail. If the property is rented, rental investors also price the lease; see selling a rental property with tenants.

Can the price change after you accept an as-is offer?

It can, if the contract has an inspection contingency, so check what conditions are in an offer before you sign. An inspection contingency gives the buyer time to have the property professionally inspected and possibly negotiate repairs before closing (NAR's guide to contract contingencies). Depending on the contract's terms, a buyer who finds a problem may ask for repairs or a lower price, or cancel.

A high offer with loose inspection terms can drop before closing. We negotiate price and terms, check the buyer's ability to close, and watch for conditions that could cost you later. Our guide to checking a "we buy houses" company has more questions to ask any cash buyer.

What should you send us?

Maybe you want no repair bills before the sale, no contractor to manage, and a clear idea of what you'd keep. Send us the address, what you know is wrong with the property (the AC, the roof, a leak, an unfinished bathroom), and how soon you'd like to sell.

Tell us about your property and what it needs. You don't have to choose a selling method, or fix anything, before contacting us.

This article is general information, not legal advice. A Nevada attorney can advise you on disclosure for your sale.