If your property is in need of serious improvement, either to get it
up to code or just to make it
look desirable to potential buyers, you might consider selling it "as is." This option has benefits and drawbacks, the severity of which will have a lot to do with your particular set of circumstances, as well as the condition of the house.
What is "as is"?
Generally speaking, sellers put "as is" properties on the market when they are looking to get out quick, so selling a house "as is" means you will be asking for less money than normal. The understanding is that whatever problems the house has, the buyer will accept them in exchange for not paying the same amount as he or she would for a house in better condition. You can think of pricing like this: it will be the price of comparable houses in your area, minus the estimated cost of repairs, minus some more.
Selling a house "as is" requires giving the buyer some incentive to purchase your listing over others. If the end total cost of the house is going to be the same, most people would just as soon buy the house without problems.
Did You Know?
"As is" properties generally attract a different kind of buyer; if your house is in need of serious work, it might be a contractor or a house flipper that ends up purchasing it.
Disclosure
Perhaps the most important consideration when selling your house "as is" is that you disclose everything fully to potential buyers. Most experts recommend that your write out a list of the defects in the house and make it abundantly clear to people looking at it that what they see is what they get. If they do not fully understand this, they may get the wrong idea about what they're buying and what kind of work you, the seller, are willing to put into the house (which is probably almost none). Having the assistance of a
real estate agent or a lawyer when drawing up the
final paperwork is also paramount; you don't want to get sued or have the purchase revoked over leaky contracts and disclosure statements.
There are a lot of considerations with selling any house, but selling it "as is" can be even trickier. You'll definitely want help from the experts on this one.