Buying a Home ‘As Is’? Expert’s Cautionary Tale Reveals Why You Should Always Come Armed With a Contractor—and Cash

A real estate expert has a cautionary tale for those considering buying a home “as is”—and it involves making sure you bring your contractor and your cash.

In August 2022, two brothers inherited a home belonging to their third brother after he died. The two-story in Greenville, SC, was not only run-down and lacking in curb appeal with an unkempt front yard, it also came with the brother’s roommate who refused to move or pay rent.

The surviving brothers, who haven’t been identified, both lived out of state and enlisted the help of local real estate agent Ashley Swann, a luxury property specialist for Coldwell Banker Caine. However, this property was about as far from posh as you can get.

On the bright side, the four-bedroom, 2.5-bath, split-level home was located in a wonderful, established neighborhood in a great location close to downtown with its “award-winning schools, shopping and restaurants.”

Swann knew the location would attract buyers, but she was concerned about the state of the home—and the roommate.

“The sellers were very open with me from the beginning about the circumstances surrounding the sale and the challenges they were facing,” says Swann.

“The deceased owner’s roommate was still living in the home, and the brothers were having a hard time getting him out. He wasn’t paying rent but refused to leave, so the owner’s family had to get attorneys involved.”

Five months later, Swann finally crossed the threshold of the home for the first time.

What’s on the outside matters

The property’s flat 0.4-acre lot in a great neighborhood had endless potential, Swann thought when she pulled up to view it. This despite a “completely out-of-control yard.”

Dead plants, ivy climbing the house, and piles of leaves sapped any curb appeal the home might have had.

“I hired a landscaper to clean up the yard as best he could, removing leaves, debris, and vines off the house,” says Swann.

The yard team managed to tidy things up and make the exterior presentable—even in the dead of winter in January.

What’s on the inside matters even more

When Swann entered the home for the first time, her first thought was, “Wow, where do I even start?”

It was a mess.

“There were rooms you literally couldn’t walk into, they were that full,” says Swann.

Step 1 was bringing in a company to haul the trash and clutter from the home. Then, the whole house was professionally cleaned from top to bottom.

“The place smelled like an ashtray and was just dirty, dirty, dirty,” says Swann.

But, even after the home was cleared out and cleaned, Swann realized it showed clear signs that it had not been properly maintained, she says. There was evidence of “roof leaks, bathrooms with no running water, a door that had obviously been kicked in.”

Make friends with the neighbors

The property was such a mess that one thing Swann didn’t expect was that the sale would become a neighborhood affair.

“In this particular neighborhood, so many people have done great renovations and take pride in their home, so this home was an eyesore,” says Swann. “I had a lot of neighbors coming to ask what was going on and if the house was being sold, including several neighbors interested in flipping the house themselves.”

Swann opened the home for neighbors to see and formed a relationship, especially with the neighbors next door.

“They had my number and helped make sure the property was secure,” says Swann.

The team effort ended up being good for the whole neighborhood since with new owners and renovations, this home will likely now increase everyone’s property value.

Hiring a good photographer is always worth it

Even though the place was far from perfect, Swann knew that with the right photographs, it would still show well.

“I used one of our in-house photographers [Christian Vicino from House Exposures] who I knew would make the house look the best it could,” says Swann. And the move clearly paid off.

Here is a snapshot of the fireplace Swann took.

Here is the photo taken by the professional photo by Vicino—vivid proof that a real estate photographer is worth the expense!

The photographer was also able to make the kitchen look brighter with his smart distance shot and use of the home’s natural light.

And though the bathroom floors weren’t in great condition and the toilets and sinks needed work, the brilliant angle of this photo takes the focus off the damage and instead presents potential.

Bring your contractor and your cash if it’s being sold ‘as is’

Swann kept “improvements” to the property to a minimum since the brothers didn’t want to invest any more money in the property.

“I provided quotes and let them make decisions as needed. But overall, they were wonderful clients who trusted me to get everything done and then send receipts,” says Swann.

“We priced the house to reflect its condition and the ‘as is’ nature of the estate sale,” says Swann. “It was very important to the sellers—and to me—to make sure there was a note in the MLS listing to say that the sellers had never lived in the home and had no firsthand knowledge of the property.”

In the listing comments, Swann also told people to “bring your contractor” so that buyers and their agents would understand from the outset that the house needed work.

Additionally, Swann knew that the home’s condition would limit the type of offer they would ultimately need to accept.

“I counseled the sellers to understand that we would need to be ‘picky’ and wait for the right buyer to come along,” says Swann. “Due to the repairs the house required, we knew we ideally needed a cash buyer or even an investor who understood the amount of work it would take to get the house in a livable condition.”

Take note of market conditions

They listed the home in January 2023 for $227,500. And from that point on, things happened fast.

“Due to the lack of inventory and high prices in our market, we knew we would likely have a lot of interest in the house,” says Swann. “We had 64 showings over the first week, and eight offers were submitted ranging from $180,000 to $232,000.”

The higher offers were primarily VA loans, which wouldn’t work because of the repairs that would be required. The others were conventional loans with buyers who were at the top of their budget and likely didn’t appreciate how much it would cost to do the necessary repairs and renovations.

Swann instead focused on the home’s sole cash offer.

“We focused on negotiating our one cash deal, which was initially an offer under $200,000,” says Swann. “I explained to the sellers that even though we had stated it was an ‘as is’ sale, the buyer would likely ask for something more after the inspection.”

The brothers countered, and the prospective buyer agreed to pay 95% of the list price, thereby leaving some room for repair negotiations.

Sometimes, even the home stretch has its challenges

Even with a solid offer, the deal still wasn’t quite out of the woods.

Sure enough, after inspections, the buyer came back with some negative findings.

“I knew the home needed a new roof and that there was a leak in the basement, and that would show up in the inspection—which it did,” says Swann. “With that information confirmed, we renegotiated the deal to $207,500—a very fair closing price for both sides.”

But before the deal could finally be completed, there were still more challenges. At one point, the mortgage company winterized the home without telling the family—and changed the locks, too. Swann had to call the locksmith so they could get into the house. Eventually, though, all the pieces came together.

“We listed at the end of January, got it under contract by February, and sold it in March,” says Swann.

“From utilizing my relationships with vendors who helped prepare the house for sale, to befriending neighbors to help me keep an eye on the property, and properly presenting the multiple offers submitted, I had to pull out all the stops to help these clients reach their goals,” says Swann.

“It was my lowest-priced sale of the year, yet brought me so much satisfaction knowing that I made a positive difference for these clients at such a difficult time,” she adds.