Selling a Home As Is in Connecticut (A-to-Z Guide)

‘As is condition’ means the seller doesn’t intend to modify, improve, upgrade, or repair anything in the house.

What the buyer sees on the day the sales contract is signed is what they’ll receive at the escrow closing.

Connecticut sales contracts have an ‘as is’ condition clause that allows homeowners to sell as a fixer.

Yes, you can sell a home ‘as is’ in Connecticut. When homeowners sell a Connecticut house in ‘as is’ condition, they must complete a property disclosure listing all material defects or damage.

A material defect is anything that would decrease the value of the property, or risk the health or safety of the owner.

The Connecticut Bar Association-approved sales contract has language that allows the buyer to hire (at their own expense) professionals to complete inspections, investigations, research, and studies on the home within a set number of days to determine the condition of the property.

How does selling a house ‘as is’ work in Connecticut? That will be our focus for the rest of this guide. Let’s begin with the state property disclosure laws.

Connecticut law requires property sellers to complete the Uniform Property Condition Disclosure Act (Connecticut General Statutes Section 20-327b) or face a monetary fine.

Selling a house in a flood zone, or a home located in a municipality designated village or a federal historic district, needs to have that identified on the property disclosure.

Homeowners selling a house with fire damage, smoke, or water damage, foundation problems, including pyrrhotite used in the home’s foundation, or unpermitted work and alterations need to be transparent in completing the questions about these issues on the form.

Property owners selling a house with septic system failure or termite damage need to note those material defects for prospective buyers.

While selling a house with polybutylene pipes, bed bugs, or hydraulic fracturing (fracking), or a haunted house (or rather a house with a psychological impact) aren’t specifically mentioned on the property disclosure, to be totally transparent with buyers, sellers can list them in the “Other” section of the disclosure form.

Selling a house with lead paint, lead pipes, or the presence of asbestos, mold, or radon must be disclosed to prospective buyers by using the disclosure.

Radon has specific questions that must be addressed, including prior testing for the gas and if your house currently or has ever had a radon mitigation system.

Connecticut sellers need to inform buyers of the risk of lead by sharing the federal lead paint disclosure.

You can leave stuff behind when you sell your Connecticut house ‘as is’ when both buyer and seller come to a meeting of the minds and include that provision on both the sales contract and the property disclosure.

The first important question that sellers need to address is, “Why sell a Connecticut house ‘as is’?”

Weighing the advantages versus the disadvantages can help you come to a final decision on simply selling or fixing your property before listing.

Let’s begin by considering the benefits of selling ‘as is’.

Pros of Selling Your House As Is

• Selling your home in ‘as is’ condition eliminates the headache of locating workers to do repairs and upgrades. You also won’t need to oversee the work to ensure it’s done to your satisfaction. If you plan to do the work yourself, you won’t have that hassle and expense. Building materials are expensive, and even when you do the repairs yourself, it’s still a significant cash expenditure.

• ‘As is’ sales move quickly, and even faster when you sell to a Connecticut cash house buyer. Cash facilitates a rapid closing. There’s no time wasted waiting for loan approval, and you’ll avoid the hassle of arranging lender home appraisals.

• A residential report from a Connecticut home inspector means more sales negotiations when material defects are found. You’ll avoid the stress of handling these repairs when you sell your property in ‘as is’ condition.

• Cash buyers generally allow ‘as is’ sellers to leave unwanted items in the home when they move. That courtesy can save you time and money.

There are a few downsides to selling as a fixer.

Cons of Selling Your House As Is

• Selling as a fixer won’t bring a turnkey sales price. Taking a look at your estimated closing costs for sellers will assist you in determining your bottom sales price.

• You won’t have a vast buyer pool for your property. The majority of home buyers aren’t interested in doing repair work on a house.

So, should you sell your Connecticut house ‘as is’ or fix it up?

Only you can weigh each of the pros and cons, but for most sellers, the convenience of avoiding repairs and the speed to close the sale outweigh any disadvantages.

Once you’ve made your decision to fix or sell ‘as is’, the next important consideration is, “How do I go about selling my house ‘as is’ in Connecticut?”

Let’s begin the list of sales approaches by starting with selling to a Connecticut cash real estate buyer.

How to Sell a House As Is, Fast and For Cash Directly to an Investor

Who Are Cash House Buyers?

Professional cash house buyers are investors who purchase real property. They might operate as individuals or partner with other investors in local companies. Hedge funds also use their capital to invest in private residences.

Investors may use their own cash, but a number of others use money from private lenders to purchase your house.

Private lending facilitates a quick sale because it doesn’t require an underwriting process. Traditional mortgages need property appraisals and formal loan approval by an underwriter.

Cash buyers purchase Connecticut investment properties that require repairs. They’ll buy a house, and then quickly repair and “flip” the home to new buyers.

Many real estate investors in Connecticut specialize in buying rental homes that they’ll continue to lease to others.

When you sell your house to a real estate investor, they’ll generally handle all the details involved in the sales process.

Cash house buyers specifically look for:

• heirs selling a house while in probate
• homeowners selling a home that needs work
• couples selling a house in a divorce situation
• people looking to downsize from a larger house
• employees selling a house for job relocation
• property owners selling to avoid foreclosure
• owners selling a house with taxes owed

Professional buyers work with Connecticut investor-friendly title companies that have experience in cash sales transactions. They have expertise in closing quickly.

Pros of Selling Your House As Is Directly to an Investor

• Selling to a cash home buyer offers a speedy closing.

• A cash sale also allows you to avoid the long wait for your buyer’s loan approval. You’ll skip the appraisals and the long list of home inspector appointments that need to be completed as part of the sale.

• You’ll miss out on paying Realtors between 5-6% of the sales price. That’s tremendous cash savings.

• Cash investors will pay their closing costs during escrow, and they’ll also pick up your fees!

• Professional cash buyers aren’t buying homes for themselves, so there’s less nitpicking on the sale details. Investors understand you’re selling your home in ‘as is’ condition.

Cons of Selling Your House As Is Directly to an Investor

• Your offer won’t match a sale for a house in turnkey condition. When making an offer, an investor deducts the cost of home repairs from the after-repair value of your home, as well as incorporates a potential profit.

• You will be your own fiduciary. When you’ve done your research to vet the investor, this shouldn’t be a problem.

Let’s talk about that vetting in the next segment of the guide.

Finding the Best Cash House Buying Company

The first step in locating the best cash house buying company is to collect a list of local investors operating in your area.

Use your internet browser and some of the following search terms to start your list.

• we buy houses New Haven CT
• sell my house fast New Haven CT
• cash house buyers New Haven CT
• sell my house for cash New Haven CT
• iBuyer companies New Haven CT

If you live outside a major city, substitute the closest major metro area as part of your search parameters.

Make a list of possible investors and look for cash buyers with a minimum of three years of experience in the industry.

The next segment guides you through the steps to vet the investors on your list.

How to Choose an Ethical Investor?

Use the “About Us” page on the investor’s website to collect some background information about the education and experience of the person or firm.

If that isn’t provided, scratch that prospect from your list. Ethical investors are transparent about who you’ll be working with during the transaction.

Scan the local consumer complaint websites to discover if any of the investors on your list are mentioned.

The local branch of the Better Business Bureau (BBB) offers another place to look for possible complaints.

If you see complaints or an unsatisfactory rating from the BBB, eliminate those investors from your prospect list.

This may seem like a lot of work. It is, but if you don’t have the time, or you don’t want to spend the effort doing the research, there’s another way to screen investors.

Request cash offers online from HouseCashin. Fill out one quick request, and we’ll forward your information to partnering cash investors.

We do all the investor vetting for you. All partnering companies are prescreened to make sure you’re working with trained and experienced professionals who have a detailed record of closing escrows.

There’s never a fee — no matter how many offers you receive! If this fast and professional sales approach meets your needs, request your cash offers now.

If you’re still interested in exploring other sales options, another method is to sell your house yourself.

How to Sell a House As Is by Listing It by Owner

This segment of the guide explores the FSBO sale. A home listed “for sale by owner” is known as “FSBO”.

When you’re selling your property by yourself, understanding the fair market value of your home is an important step in the process.

In order to do this, you need to take some time to research local listings or consult a professional appraiser or Realtor for an accurate estimate. Once you get the pricing right, you can then focus on marketing your property to the right buyers.

Where Can You List a House For Sale by Owner?

The most difficult part of selling a home in Connecticut by yourself is locating prospective buyers for your property.

A sign on the front lawn might work as an effective advertisement if your home is located on a busy traffic route, but signs aren’t as effective in other locations — or in slow-moving real estate markets.

You can put more eyes on your listing by creating an ad or a professional-looking video of your home to post on FSBO listing sites.

Most of these websites are free, but you must pay for more advanced marketing features.

Pros of Selling Your House by Listing It by Owner

• One major advantage to an FSBO sale is the commission savings. You won’t need to pay 5-6% of the final sales price to brokerages when you sell your home yourself.

• You are the decider for everything related to the home sale, from the time you list until setting the calendar date for the closing. You can work the sale around your personal schedule.

• Unlike a Realtor, you have only one client, and you can spend all your time and effort marketing your home. You won’t need to divide your time among a number of clients.

Cons of Selling Your House by Listing It by Owner

• Many traditional buyers will need a mortgage to purchase your home. While cash investors can move quickly to close, traditional buyers can take weeks just to have a loan application approved.

• You won’t have a trained professional to assist you during the sale. You are your own fiduciary for all steps in the transaction.

• You’ll make mistakes during the sales process if you aren’t experienced in real estate sales. Small ones may delay your closing, but major errors can mean your buyer sees you in court. A mastery of the closing costs when selling a home by owner can assist you in avoiding mistakes.

The last sales option we’ll outline in this guide is selling with the help of a professional agent.

Who Are Real Estate Agents?

A real estate agent can assist you in listing your house. They’ll market the property and guide you through the contract and escrow process.

They work as your fiduciary, putting your interests first, beginning with signing the listing and then through the final meeting where you sign the paperwork to close the escrow.

Connecticut agents must hold a license issued by the state. They must also work under the supervision of a licensed broker who oversees their work.

Both agents and brokers are required to take coursework on contracts, real estate law, and marketing, and then pass exams on that material.

Many agents have advanced real estate certifications, some in selling homes that require repairs.

Agents using the title of “Realtor” are members of the Connecticut Association of Realtors. That group is the state branch of the National Association of Realtors (NAR).

Pros of Selling Your House As Is with a Real Estate Agent

• Realtors use a proprietary database of prior sales in your neighborhood to assist in setting a competitive price for your home. This information includes detailed data about past completed sales to compare to your property.

• An agent not only has the education and training to represent you in all phases of the sales translation, but they also have practical experience in selling homes. Realtors and their supervising brokers can quickly handle any problems that arise during the various phases in the sales process.

Cons of Selling Your House As Is with a Real Estate Agent

• Connecticut brokerage commissions average 5-6% of the property’s sales price. This is paid to the brokers supervising the agents. A portion of that is then split among the two agents. While commissions are negotiated, the average Realtor cost to sell a home is the most substantial portion of the closing costs in Connecticut.

• Most buyers brought by real estate agents look for turnkey properties, and an agent marketing a fixer can’t focus all efforts on your house. It may take some time for you to find a buyer.

• Most buyers brought by real estate agents typically need to borrow to purchase a house. You’ll wait weeks, maybe even months if your home needs a significant amount of work, before your buyer has a loan approval.

How to Choose an Ethical Real Estate Agent?

There are a number of real estate agents in Connecticut, but locating the best one to match your selling needs requires some research.

You can start your background search by using the Connecticut State License Lookup to determine if your prospective agents have a valid and active real estate license.

Contact the Connecticut Department of Consumer Protection to determine if any complaints have been filed by unhappy clients against the agents on your prospect list.

Check with the Local Boards/Associations of Realtors to see if any agents have had legal action taken against them, or if their license has ever been suspended or revoked.

The local branches of the Better Business Bureau also deal with issues raised by unhappy clients, and those are shared on the BBB website.

Look to see if your agents have complaints filed with the BBB, and if they’ve been resolved to the satisfaction of both parties.

Sort through your prospects at this point and remove any agents with less than three years of experience, and any who lack sales where they represented ‘as is’ property owners.

Invite three real estate agents to tour your property so they can develop a sales plan for the house.

Ask to see the agents’ professional portfolios at these meetings and contact several of the former clients on the agent’s recommendation list.

Finally, select the agent you feel would do the best job in representing your property and serving as your fiduciary in the sales transaction.