Idaho

Selling a home in Idaho

Idaho is a state in the Rocky Mountain with an abundance of natural resources and scenic areas. Its name is believed to have been derived from a Shoshone language term “ee-da-how” which means “gem of the mountains” or “the sun comes from the mountains.” It currently has a population of more than 1.3 million.

In Idaho, it is possible to sell your home on your own or which is commonly termed “for sale by owner.” It may take more time, research and commitment, but it will be well worth all your effort in the end. All you need is to consult your lawyer on the vital issues involved in the transaction. In the local market such as Boise, Eagle, Star, Middleton, Meridian, Nampa and Caldwell, statistics showed that around 500 homes were sold by their owners in 2005.

Pricing and marketing

Offering a fair and competitive price for your home is very important. Determine which features of your property can influence your selling price. Get information as well on your local market and the price range offered by other homeowners in your area.

How you market your home is as vital. Formulate a detailed marketing package and include photos, if possible. You can also make floor plans as well as write detailed descriptions of your property to show to your potential buyers. Use both online and offline resources to reach your target market. If you have your own resources, you can produce informative home brochures and put up that “for sale” and “open house” signs on your front yard. If you have extra budget, do place advertisements on your local paper.

Real Estate Forms Needed

A sale agreement between the buyer and the seller is one vital document. The standard residential real estate sale agreement form can be used in Idaho. The contract provides the terms and conditions between the parties involved such as financing contingencies, surveys, inspections, title issues, among others. This form can be used when selling a home by yourself and when a buyer is getting a new loan and/or assuming an existing loan.

Idaho law requires the completion of a property condition disclosure form. The form details several conditions and information about your home. These include whether your home is subject to annexation by the city, all appliances and service systems included in the sale, problems concerning water, foundation, roof condition, well, septic system, plumbing, drainage, electrical and heating units, hazardous materials or infestation of pests and home alterations done without a building permit. A disclosure form providing information on lead-based paint or lead-based paint hazards is also called for in Idaho.

A contract for deed may be required for installment deals. This is also called contract sale or real estate installment agreement. The document allows a seller to retain the title or deed to his or her property and transfers the title to the buyer only after all payments are made. Once the buyer completes the payments, the seller must deliver a valid legal title to the property in the form of a deed.

Finalizing the deal

Make sure to agree on a fair and acceptable price for your home as well as the terms and conditions of the buyer’s offer. As a seller, it is your responsibility to know the state, local and federal real estate laws notably on the sale of a residential property. After consulting with your lawyer as well as appraisers and financial companies, prepare the important contracts and other documents needed to complete the sale. Be sure that you are ready at closing time by bringing along all the required papers. Know your rights as well should any problem come up after the completion of the sale.