Posted by Carlos on January 26th, 2021

What does ‘sold as seen’ mean?

Whether you’re looking to sell your home or buy your next one, you may have come across properties that are ‘sold as seen’. Here, we look at what is meant by this term, the benefits of a ‘sold as seen’ house sale, and whether it could be the right option for you. We’ll start with definitions of a ‘sold as seen’ property:

  • From the perspective of a seller

A ‘sold as seen’ sale means that you do not have to change anything about the property before the sale going through. Put simply, it is sold in its current state. This means no renovations or fixing of issues which is fairly routine for most sales. This is useful as it gives you the flexibility to sell your home faster (and save money on things like cleaning services or survey fees) but it may impact potential offers being lower. In most cases, your buyer will most likely renovate the property themselves after completion.

Selling a house can be a long, complicated process but selling your property ‘sold as seen’ could make it a little simpler for you. Ideal if you’re seeking a quick, secure sale.

  • From the perspective of a buyer

The term ‘sold as seen’ generally refers to buying a property where you have no prior knowledge of any faults such as damp issues or broken central heating. Conveyancers are only able to advise on the legal title and there will be no access to further information. ‘Sold as seen’ properties are bought under the principle of ‘caveat emptor’ which is Latin for let the buyer beware.

This means that up until the contracts are exchanged, you, as a buyer, accept the property in the physical state it is in. It’s therefore your responsibility as a buyer to carry out all the necessary checks and inspections through a comprehensive survey on the property. You must ensure that no changes have been made to the property between the date the survey was carried out and the date of completion of contracts. If, for example,  damage to the property had occurred since the first inspection, it is your responsibility as a buyer to re-inspect to lower the risk of a change or damage going unnoticed.

When are ‘sold as seen’ sales most useful?

 

  • Repossession
    If the property has been repossessed, the seller will have very little knowledge about it, from its nuances, history and details. This will make common house buying questions difficult such as: Is central heating working? When was the boiler last serviced? And, is the property prone to damp?
  • Property being sold by a company
    Similar to a repossessed property, the company selling the property may not have enough knowledge about it to be able to answer questions regarding information such as details of work carried out on the property and who the gas suppliers are.
  • Property being sold as part of a deceased estate
    The seller may not want the hassle of emptying the property before selling or would like to complete the sale as soon as possible and will therefore put the property for sale as ‘sold as seen’.

What are the benefits of selling 'sold as seen'?

If you're considering this way of selling your home, here are the advantages this route has:
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It is faster than open market sales

You’ll save time due to not having to carry out refurbishment on the property, and could even sell your home within 7 days with a fast property buying company.

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You can save upfront costs

You’ll be able to sell your home regardless of its condition, without any expenses such as cleaning costs

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It's more private

As you won’t be staging your property and the process is much faster, you can avoid nosy neighbours

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No survey fees

All surveys, checks and inspections carried out on the property are the responsibility of the buyer, not the seller in ‘sold as seen’ sales.

Vivo can buy houses ‘sold as seen’

If you’re planning on selling a property ‘sold as seen’, we can help. At Vivo, we can buy houses in any condition, allowing you to have a fast and private house sale. In return for a secure 7-14 day sale, we tend to offer around 85% of the estimated current market value of your property. This package includes all legal fees, clearance, cleaning and refurbishment costs. There are no fees for you to pay at any stage when we buy your property

Once you’ve accepted our formal offer, your sale is guaranteed. You’ll know exactly how much you’ll receive and when you’ll receive it. As we buy property using our own cash, we’ll be ready to proceed with your sale straight away.

If you would like to know more, please call us on 0800 773 4922 or fill in our quick contact form.

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Vivo Property Buyers is the trading name for Potrell London Ltd, The Ashridge Business Centre 121 High Street, Berkhamsted, Hertfordshire, HP4 2DJ.

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