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

Nevada defines “defect” as any condition that materially impacts the value or use of the residence in an adverse manner.

If you know your house has some defects, the laws in the Silver State require you to disclose those to potential buyers.

The Nevada Residential Purchase Agreement, approved by the National Association of Realtors (NAR) and the state branch of the professional trade group, doesn’t have an ‘as is’ condition clause.

The agreement, however, does have a detailed section where buyers can request repairs, but sellers can deny those requests.

This offers a way for you to sell your house without any warranties and a place where the seller can make it clear they refuse to do any upgrades or repairs.

Yes, you can sell a home ‘as is’ in Nevada. Absolutely!

The listing agreement and property condition disclosure must state that the house is being offered without any warranties or guarantees. What the buyer sees is what will be received.

Now, let’s get into more detail. Let’s start the sales process by answering the question, “What happens when you sell your house ‘as is’ in Nevada?” The disclosure should come first.

The Nevada Seller’s Real Property Disclosure Form (The SRPD) outlines the types of defects sellers must formally disclose.

The seller is responsible for completing the form. The seller’s agent isn’t allowed to complete it on behalf of the seller. The disclosure is mandatory under law, even for ‘as is’ sales.

The formal written property disclosure must be in the buyer’s hands at least 10 days before the sale closes.

That gives the buyer time to investigate any problems or issues listed on the disclosure form.

Like other states, the Nevada property disclosure focuses on conditions that include basic household systems, but there are some categories unique to the Silver State.

Nevada’s form also asks for some state-unique information about gaming enterprise districts and wildlife on or near the property.

• Selling a house with toxic mold or fungi needs to have that disclosed.

• While fracking (hydraulic fracturing) isn’t specifically mentioned on the residential disclosure, selling a house with contaminated water (a result of fracking or any other cause) must be disclosed.

• Selling a house with termites and termite damage needs disclosing. Bed bugs aren’t specifically mentioned on the form, but it’s best to be transparent about any major insect infestation.

• You can leave stuff behind when you sell your Nevada house ‘as is’, but that needs to be disclosed on the SRPD. Your intention to leave items also needs to be stated on the listing agreement. Buyers must agree to accept your items.

• While a haunted house isn’t a required disclosure category, you must disclose when selling a house with water damage, selling a house with fire damage, selling a house with foundation issues or a house with radon gas or lead pipes.

• Selling a house with asbestos or polybutylene pipes, or selling a house with a failed septic system requires disclosure statements and details explaining the problem.

• Selling a house with lead paint mandates a separate disclosure, as does selling a house located in a flood zone.

• Owners selling a home with additions or modifications need to note that work on the disclosure — for both permitted and unpermitted work.

A seller listing specific property issues on the disclosure must then give the details of the problem.

The form asks sellers to attach receipts or written agreements for the work contracted to deal with the problem.

Failure to give the buyer a formal disclosure means the buyer can withdraw the sales contract and walk away without any financial penalties.

The buyer also has the right under state law to sue the seller for failure to disclose.

The time limit for lawsuits for undisclosed issues on residential property is one to two years.

This deadline is contingent on when the problem is discovered and the date when the buyer takes possession of the property.

When looking for an answer to the question, “Should you sell your Nevada house ‘as is’ or fix it up?” it’s important to evaluate both the advantages and disadvantages of each option.

Pros of Selling Your House As Is

Why sell a Nevada house ‘as is’? There are a number of advantages, including:

• No need to locate contractors to do repairs when you sell ‘as is’. You’ll also avoid the task of supervising the repair work.

• If it’s important for you to sell your Nevada house fast rather than for the highest possible price, you’ll have a wide choice of cash home buyers willing to serve you.

• You’ll escape the tiresome negotiations when a Nevada property inspector finds items that need repair during home inspections requested by potential buyers.

• Selling ‘as is’ also typically means you’ll avoid any professional home inspections that are required to be shared with all prospective buyers.

• Many times, the ‘as is’ buyer will allow you to simply sell and leave the house without doing any cleaning.

Cons of Selling Your House As Is

What are the negatives to ‘as is’ sales?

• The offers for ‘as is’ sales are typically lower than for turnkey houses. Buyers subtract the amount it takes to do repairs from the price they offer, as well as compensation for time and effort spent on doing repairs.

• Most buyers look for turnkey properties and aren’t interested in fixing, particularly if there are a number of repairs. The exception is cash property buyers in Nevada who actively look for fixers.

Sitting down with a spreadsheet helps you decide on a fair asking price for your fixer.

When examining the closing costs when selling a house, be sure to calculate expenses paid while waiting for the repairs to be completed.

Utilities, loan payments, and insurance each month dramatically impact your costs during the repair waiting period. This may help you make the decision to sell ‘as is’.

So now we’ve covered the basics of an ‘as is’ sale, and you’ve made your mind up about fixing or just listing and selling.

The next step is to answer the question, “How do I go about selling my house ‘as is’ in Nevada?” There are three main ways to sell your house in the Silver State.

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

Before getting into the details of selling your home to a real estate investor, let’s talk about the people who invest in Nevada real estate.

Who Are Cash House Buyers?

Cash house buyers are individuals or groups of investors with cash or access to private lenders who provide them with quick loans, unlike banks. They purchase investment homes in Nevada.

Being interested in purchasing a rental property as an investment, they frequently look for homes for sale ‘as is’. Fixers offer investors an opportunity to add value to a property and save money.

Most often, you’ll find a local cash house buying company in your area. Many will be small businesses that offer personalized services.

Property investors in Nevada look for people:

• selling a house in poor condition
• selling marital property before divorce
• selling a house after probate
• selling a house for job relocation
• selling a house with taxes owed

Investment sales have a few unique escrow details, and cash buyers frequently work with local Nevada investor-friendly title companies to handle the sale.

Pros of Selling Your House As Is Directly to an Investor

• When you sell your house for cash to an investor, it’s typically a quick sale. Sometimes you can close in only a week, and sometimes just days.

• Cash offers help you skip the time consuming steps of traditional loan approval and underwriting. Investors typically don’t contract for professional inspections, and that also saves your time.

• If you represent yourself in the sale and the investor does the same, you won’t have to pay a 5%-6% real estate agent commission on your sale.

• Investors generally pay for the closing costs for both buyer and seller. Saving closing costs, including escrow and title fees, can be significant.

Cons of Selling Your House As Is Directly to an Investor

• Investors typically don’t offer market value for your house. They’ll discount the cost of repairs and the cost of doing business from the fair market value when making you an offer.

• A real estate agent is your fiduciary. They’re paid to represent your best interests, but selling to an investor removes that fiduciary protection (unless you hire an agent, but this will defeat the purpose of using an investor). Working with a seasoned investor with multiple closed escrows, however, means the investor understands and respects the seller’s interests.

Finding the Best Cash House Buying Company

An easy way to locate a quality cash house buying company is to use the internet and your favorite search engine.

Search by using your city or town. The keywords you might use to search include:

• we buy houses in Las Vegas NV
• iBuyer companies in Las Vegas NV
• sell my house fast in Las Vegas NV
• sell my house for cash Las Vegas NV
• cash house buyers in Las Vegas NV

If you live in a rural area, also use a nearby large city as a search term. Change “Las Vegas” to your town or city.

Once you locate several cash buying companies, look for the “About Us” page on their websites. Reputable companies list owners’ bios and short resumes of the principals on the website.

How to Choose an Ethical Investor?

Before you request a cash offer on your house, research the investor or the investment company. A reputable investor should have at least three-year experience in the field.

Contact the local branch of the Nevada Better Business Bureau (BBB) for any complaints filed against the investor. If an investor has numerous complaints, it’s time to find another.

Do the same for the investor at the Nevada State Department of Business and Industry Nevada Real Estate Division.

Ask for a list of prior clients from the investor and talk with a number on the list about their experience with the person or company.

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

Selling your own home means taking charge of the entire process, from setting the price to handling marketing and negotiating with buyers. While it’s a hands-on approach, it can be rewarding and save you money on agent commissions.

A great starting point is doing a home value lookup online, even though it won’t be as accurate as a report from a licensed appraiser.

Where Can You List a House For Sale by Owner?

If your Nevada house needs minor repairs, there are a number of places to list your house. Investors and building contractors are the most likely buyers for houses requiring major repairs.

The easiest way to list your house by owner is to put a sign in the yard. This is most effective if you have a number of commuters driving through your neighborhood.

You can register your house with online sites that offer for-sale-by-owner (FSBO) listings. Many FSBO listing sites are free for sellers.

Another option is to list your home with a limited-service professional Realtor who has access to a broker database that’s shared with other Realtors.

Pros of Selling Your House by Listing It by Owner

• When you sell your house yourself, you’ll avoid paying a seller’s agent commission. Professional real estate listing agent commissions in Nevada add an average of 2.5%-3% to your closing costs.

• When you sell as an FSBO, you take charge of everything involved with the sale. You set the calendar for closing and handle all of the selling details.

• As an independent seller, you don’t have to wait on a realtor who is marketing many other properties and prioritizes their clients by the potential profit from the commission on each deal.

Cons of Selling Your House by Listing It by Owner

• Most buyers will be represented by a professional agent. That means you’ll still end up paying for the commission for the buyer’s agent as part of your FSBO closing costs.

• Most buyers also need mortgage loans to buy your house. Financing means waiting for buyer approval, appraisals, and loan underwriting for your house.

• Working as your own representative puts the burden on you to understand the laws, deadlines, and closing details. That may mean extra time to research these topics.

• Failure to follow Nevada real estate regulations could mean losing your sale. You might also end up in court and on the hook for damages if you misrepresent, even when it’s unintentional.

Who Are Real Estate Agents?

Real estate agents are professionals skilled in the laws and the procedures to list and sell homes. Some agents focus only on the selling side, while others work exclusively with buyers.

Most agents work with both buyers and sellers. Nevada agents must be licensed and work under the supervision of a licensed real estate broker.

A real estate professional will market your house, locate qualified buyers, and guide you through all the legal steps to close the sale.

Agents in the Silver State must pass basic coursework to obtain a license. Agents must pass additional education courses to renew state licenses.

Agents using the title “Realtor” are members of the professional trade association — the National Association of Realtors (NAR).

Nevada members are organized under various boards supervised by the association known as Nevada Realtors, the state branch of the NAR.

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

• Professional real estate agents have the experience and access to recorded sales in your area. That allows you to price aggressively and earn the highest selling price.

• Realtors take an oath to hold your interests as their primary responsibility. They have a fiduciary duty to you in the sales transaction.

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

• You may be surprised how much it costs to hire a Realtor to sell your house. Nevada commissions add 5%-6% of the sales price to your closing costs in Nevada (for the buyer’s and seller’s agents together — they are both paid by the seller).

• You may need to wait weeks or months for a sales contract when working with a Realtor. That means preparing the home for open houses and working with your agent in other ways to market your house.

• Many buyers working with real estate agents need mortgage loans to purchase your property. That adds extra time for loan approval, appraisals, and mortgage underwriting.

How to Choose an Ethical Real Estate Agent?

There are many real estate agents in Nevada who can represent you well. They’re ethical people who will support your best interests. Finding them requires some research.

The easiest way to find an ethical agent is to ask your friends, neighbors, family, and coworkers for their recommendations. Look for agents who have experience in marketing ‘as is’ homes.

Look for an agent who has a membership in the Nevada Association of Realtors.

Nevada Realtors take a pledge to follow a Code of Ethics and Standards of Practice. The organization reprimands Realtors failing to follow ethical standards.

Local association boards enforce the reprimands with fines and license suspension. Check with the local group to see if your prospective agent has had complaints filed against them.

Also check the local branch of the Better Business Bureau for complaints against your agent.

You can look up an agent’s license and any formal complaints against the real estate professional at the Department of Business and Industry Nevada Real Estate Division.

Check the local websites for comments about your prospective agent. If you see a frequent complaint from a number of reviewers, it may be time to select a new agent to work with you.

We’ve covered the key elements of an ‘as is’ sale. We’ve reviewed your options for selling a home in Nevada as is and the advantages and disadvantages of each one.

The only thing left is to list your house and get ready to move.