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

Oklahoma law has two types of contract language that includes an ‘as is’ condition clause. The first is an ‘as is’ clause for specified items.

If the house is in good condition, but the central air conditioner doesn’t work, the seller would sell with a disclaimer that the air isn’t working. That’s a specified item contract clause.

That disclaimer also states the seller doesn’t intend to fix or replace the air conditioning unit.

The second type of contract language is an ‘as is’ clause that’s a general blanket.

That contract states that the buyer understands that everything in the house is sold ‘as is’ without any warranty, and the buyer accepts those terms.

Some items in the house may not be functioning or everything in the home might need replacement or repair.

Under that contract, the buyer accepts the house — with any and all damage and defects.

Yes, you can sell a home ‘as is’ in Oklahoma. You must make sure that the buyer’s contract has an ‘as is’ without any inspection clause.

This type of contract language acknowledges that the buyer accepts the house as is, including any latent and patent, known and unknown defects.

The buyer accepts all those risks by signing this type of Oklahoma purchase contract.

Oklahoma law also requires sellers to provide prospective buyers with one of two documents — a property condition disclosure statement or a property disclaimer statement.

The property condition disclosure statement is required for homeowners who live or have lived in the property.

The disclaimer is the form you should use if you’ve never lived in the house, and you also have no knowledge of the condition of the property.

These disclosures should be presented to the buyer as soon as possible. They must by law reach the buyer before the buyer’s offer is accepted by the seller.

Sellers don’t need to hire a professional inspector for information to complete the disclosure, but the owners do need to be transparent about any damage and flaws.

Homeowners selling a house also need to disclose any possible safety or health risks for future owners.

The standard property condition disclosure statement has a number of questions that sellers must answer about the property.

The document doesn’t ask sellers to disclose a haunted house or bed bug infestations, but it does require sharing information on a host of other topics.

Selling a house in a flood zone, one with unpermitted work, alterations or repairs, and selling a house with water damage, fire damage, or termite damage must be disclosed on the form.

Selling a house with lead paint must be disclosed under both Oklahoma law and federal regulations.

Homeowners selling a house with asbestos, radon gas, and mold must not only disclose but also identify any prior mitigation, remediation, or treatment for these issues.

Selling a home with a failed septic system or a home with foundation issues also requires a disclosure statement.

While hydraulic fracturing (fracking) isn’t specifically mentioned on the disclosure, the form does require owners to share information about the source of the water for the house.

That information about the water source might include disclosing any possible water contamination from mining or fracking.

Selling a home with lead pipes or polybutylene pipes would be included in the home water disclosure section.

You can leave stuff behind when you sell your Oklahoma house ‘as is’. You’ll need to specify what you’re leaving, however, and the buyer has to agree to accept the items.

“How do I go about selling my house ‘as is’ in Oklahoma?” Before we answer that question, you’ll need to decide if you’re going to sell your house ‘as is’ or fix items that need repair.

Should you sell your Oklahoma house ‘as is’ or fix it up? You’ll need to review some pros and cons of fixing or selling ‘as is’ to answer that question.

Why sell an Oklahoma house ‘as is’? Let’s start a review of the advantages.

Pros of Selling Your House As Is

• Fixing a house that needs repairs takes time and energy. It also involves a commitment to doing the repair work yourself or supervising the work done by others. You might decide to find a supervisor and pay that person to do the oversight for the repair work, but that also adds a considerable expense to the repair budget. You’ll avoid all of this when selling your house ‘as is’.

• ‘As is’ sales are usually faster closers than traditional sales, particularly when selling to cash home buyers in Oklahoma.

• After potential buyers see the report from an Oklahoma property inspector, you may be in for some tough negotiations over nitpicky repair requests. An ‘as is’ sale avoids this.

• Home inspections also mean you’ll need to share those reports done by others with any new prospective buyers.

• Many ‘as is’ buyers are fine with sellers leaving items behind. This saves you time and money when you don’t need to clean out the house.

Everything isn’t all rosy when selling a home ‘as is’. Let’s now consider the downside of a fixer sale.

Cons of Selling Your House As Is

• Fixers typically don’t sell for as much as turnkey properties. Buyers understand that fixing requires additional costs, and they’ll deduct it from their offers. It helps to understand the seller closing costs in a sales transaction to evaluate your offers.

• Typical home buyers aren’t interested in buying fixers. This limits your buyer pool. Fortunately, there are a number of Oklahoma cash real estate buyers who focus on buying ‘as is’ properties.

The next segment of this article reviews what happens when you sell your house ‘as is’ in Oklahoma by using several sales methods. Let’s start with selling to an investor.

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

Before we get into the details of how selling your house to an investor works, let’s talk about local investors who might be interested in buying your house.

Who Are Cash House Buyers?

Cash house buyers are investors who look for Oklahoma real estate investment opportunities like your house.

They are called this way because, rather than using a mortgage (which takes weeks to get approved for), they use either their own cash or quick loans for investors.

Cash investors are involved in rental property buying and also purchase homes to repair and then resell to others. Oklahoma property investors look for:

• seniors selling homes to downsize
• homeowners selling a house in disrepair
• couples selling a house after divorce
• heirs selling a house under probate
• transferred workers selling a house for job relocation
• homeowners selling a house with taxes owed
• people facing foreclosure
• owners with past due property taxes

Cash house buyers typically use Oklahoma investor-friendly title companies. These companies have experience working with cash sales for a speedy close of escrow.

Pros of Selling Your House As Is Directly to an Investor

• Selling to a cash home buyer is typically a speedy sale sometimes taking only a few days.

• Cash offers mean you skip a formal appraisal and the wait for loan underwriting (approval of the mortgage). This delay can add weeks to the sale closing.

• If you don’t use a real estate professional, and your investor also skips that representation, you won’t pay any commissions on your sale.

• Investors typically pick up the closing costs for both buyer and seller. That’s a significant savings.

Cons of Selling Your House As Is Directly to an Investor

• Investors generally don’t pay market value for homes.

• Working without a real estate agent means you’ll be on your own to represent your best interests in the sale. Of course, you’ll be more likely to come out of the sale with a smooth transaction by selecting a vetted investor with years of experience. Investors can’t stay in business long if they’re not professional and ethical.

Finding the Best Cash House Buying Company

Locating a cash house buying company is as easy as using your favorite search engine. You could use the following terms to locate investors in your area:

• we buy houses in Norman OK
• sell my house fast in Norman OK
• sell my house for cash in Norman OK
• cash house buyers in Norman OK
• iBuyer companies in Norman OK

Substitute your city or town to find local cash house buying companies. If you live in a rural area, select the closest city to your property for the best results.

Once you’ve located a few potential investors, it’s time to vet them.

How to Choose an Ethical Investor?

Before you request a cash offer from an investor, check out the investor or company experience and the investor’s background in buying investment properties.

Find the “About Us” page on the investor or company website. This page should identify the investor and provide some background details, including the company officers and a physical location for the company.

Look for an investor with at least three years in the property investment field. This allows time for the person to become experienced.

Contact the local branch of the Oklahoma Better Business Bureau (BBB) to see if there are any complaints filed against your prospective investor or investment company.

Look at online review sites for comments about your potential investor or company. If you’re seeing a number of negative comments, it’s time to move on to another investor.

Finally, consider HouseCashin for requesting a few cash offers via a single online form. This way, your request will be sent to up to five local investors already screened by us for ethics and experience.

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

You can always list your house as a for-sale-by-owner property. These are known as FSBO listings.

When selling a home in Oklahoma on your own, understanding the fair market value of your home is key to setting the right price.

This value reflects what buyers are willing to pay based on current market trends, location, and your property’s features.

Now, let’s see how you can effectively market your property and get the attention of your target buyers as an FSBO listing.

Where Can You List a House For Sale by Owner?

The easiest way to advertise your house is to put a sign on the property with your contact information. This works best in attracting potential buyers if your house is in a highly visible location.

You can find a place to list online for free or minimal cost among the best FSBO websites.

Print up fliers or door hangers and distribute them in the neighborhood. Your neighbors may have friends or family members who want to live nearby.

Take the fliers to local businesses in the area. Workers there may want to live close to avoid the work commute.

Pros of Selling Your House by Listing It by Owner

• The typical real estate commissions in Oklahoma require the seller to pay 4.5-7% of the final sales price. This amount is split by the buyer’s agent as well as the seller’s agent. That’s a significant cost to the homeowner. You’ll skip at least half of that cost when you sell your home yourself — without using a seller’s agent.

• You can set your own terms and your own timeline for the sale.

• You have only one property to sell, so you can devote all of your time and efforts to marketing your house, unlike an agent who’d share their time between multiple clients.

Cons of Selling Your House by Listing It by Owner

• Most buyers will bring an agent to represent them. That means you’re still on the hook for half the traditional commission fee among your other FSBO closing costs.

• Most buyers will also need a loan to buy your property. You’ll need to wait for the buyer to qualify for the loan. You’ll also need to wait for a property appraisal and time for an underwriter to give loan approval for the buyer.

• You won’t have someone to serve as your fiduciary. Your buyers will put their interests first. You’ll need to take on the responsibility for all aspects of the sale to make sure your interests are considered first. Nobody else will be representing you when you go it alone.
• Situations may arise during the transaction that you don’t have the knowledge or experience to handle. For example, loan appraisers may not assess the value of property to meet your sales price. If your buyer is applying for a mortgage, you may end up with the sale failing to close due to a low appraisal.

Who Are Real Estate Agents?

Real estate agents are state-licensed professionals who work under the supervision of a licensed broker. Agents represent clients in buying, selling, and leasing property.

The duties of your agent will include advertising your property for sale, conducting showings, negotiating with potential buyers, and overseeing the paperwork and closing, among others.

Agents take coursework and pass exams for licensure. They also need to stay current by updating their education for renewing work licenses.

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

• Real estate professionals have access to a database of prior sales (called comps). That means your agent can collect comp information so you can price your house to receive the best price for your property.

• Realtors, members of the state branch of the National Association of Realtors, take an oath to put your interests first. They are your fiduciary in the sales transaction, and they place your needs above all others in the transaction.

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

• The average Realtor costs to sell a home include payment of a commission to both agents (seller’s and buyer’s) involved in the transaction. Commissions are the largest part of Oklahoma closing costs for home sales. Sellers are responsible for paying the sales commission, and that’s a significant amount in Oklahoma.

• Most agents have multiple clients that they must represent. That means you’re one of a list of people who need services from your agent. Your house may take more time to sell by using an agent as compared to other sales methods.

• Most agents work with traditional buyers who must qualify for a mortgage to purchase your house. Mortgages add weeks to the closing time. Your buyer’s loan may fail to fund, and that means starting again from the beginning with a new buyer.

How to Choose an Ethical Real Estate Agent?

Talk with coworkers, friends, and family for their recommendations. Focus on agents who have experience in selling fixers. ‘As is’ home sales take specific marketing and sales skills.

Look for agents with experience selling homes in your neighborhood.

Contact the Better Business Bureau (BBB) to see if anyone on your list of prospective agents has complaints filed against them with the BBB.

If the complaint with the BBB has been resolved, note if the client was satisfied with the resolution.

A real estate agent who uses the title “Realtor” is a member of the state branch of the National Association of Realtors.

This trade association holds members to a high standard of ethical behavior. Agents violating the oath will be fined, have their license suspended, or be removed from the association.

Check with the local board of the Oklahoma Association of Realtors for any license suspensions or administrative actions taken against your list of prospective real estate agents who use the title “Realtor”.

This article has reviewed the basics of selling a house in ‘as is’ condition in the Sooner State. We’ve covered the definition of ‘as is’ and the avenues for selling your home.

The only thing left to do is to select a sales approach and sell!