4 Best Ways for Selling a Home in Idaho

When you think of how to sell a home in Idaho, the private sale may not come immediately to mind.

But, if you’re looking for a method that will allow you to get done with everything fast and easily, the private sale might be a perfect match for you.

Private transactions are cash sales, so they move quickly to close. You won’t have the traditional delays that come with buyers needing to qualify for a mortgage before being able to close.

Buyers must jump through a series of lender’s hoops, and that can add weeks to the closing calendar. They’ll also bother you with appraisals and inspections.

In a private sale, you also don’t take the risk that your buyer won’t qualify for a loan, and you’re then back to marketing your home in the hopes to locate a qualified buyer.

There’s also another reason to consider a private sale. It’s private. You won’t have your home open to the general public on weekends, or be forced to vacate your house on short notice so it can be shown.

Now, let’s see where to find a buyer who’ll purchase your property privately, fast, and for cash.

What Are Home Buying Companies?

Home buying companies are businesses who buy investment properties in Idaho.

Individual cash investors, or multiple home buyers who work as a company, purchase properties to repair and resell or focus on buying real estate for rental income.

Idaho cash buyers look for all types of properties, from single-family through multi-unit complexes of up to four homes. Some even purchase vacant land.

Property investors in Idaho buy real estate in all sorts of conditions. It doesn’t matter if you live in a house that’s move-in ready or if your property needs a number of repairs, there’s a cash investor waiting to buy your home.

The common thread for all property investors is they have cash to buy, and they can close the transaction quickly.

Cash home buyers have experience working with owners facing challenging situations, including:

• homeowners upside-down on their mortgage who are selling a house to avoid foreclosure
• landlords selling a home with a tenant who refuses to leave
• property owners facing financial problems and selling a house to avoid bankruptcy
• people selling a house in disrepair
• heirs selling an estate home
• homeowners selling a house with back taxes owed
• families selling a hoarder’s house
• senior citizens selling to downsize to a smaller property
• couples selling a house after a divorce in a court-ordered sale
• workers selling a house for a job relocation

Idaho investor-friendly title companies typically work with cash home buyers due to their experience with quickly moving, all-cash sales.

Reviewing the downsides and benefits of selling your home to a real estate investor is important before selling your house privately.

Pros of Selling to a Home Buying Company

• You can sell your house fast to a cash investor.

• Cash house buyers in Idaho are solid buyers. You won’t have the risk that the sale will fall apart in escrow due to mortgage problems.

• You won’t waste your time and your cash getting your property ready to sell. Investors buy real estate in as-is condition.

• There are no commission fees in an investor sale, unless you decide to hire an agent to represent you.

• Cash investors will pay the seller closing costs. That’s a tremendous savings for sellers.

Cons of Selling to a Home Buying Company

• A cash property buyer in Idaho typically won’t offer market value for your home.

But before discounting an investor’s offer based only on the fact that it doesn’t match the market value, you should understand that it’s not the offer that matters but the net proceeds — the amount you take home after closing.

An offer from a buyer that a Realtor found for you may be as high as the market value of your home. But after paying the agent commission and closing costs, you won’t take the full market value home.

When you sell to a buyer represented by a real estate agent, you’ll need to subtract 8%-10% of the sales price on that contract for your closing costs.

But the largest deduction on that sales contract is for real estate commissions.

You’ll need to subtract 5.5%-6% of the sales price from the offer to pay the commission charged by the real estate agents involved in your sale.

In an investor sale, you don’t pay agent commissions or closing costs, so the offer you get is what you keep as net proceeds.

So, along with the convenience of selling fast and as is, you may find the investor’s offer a better choice.

How to Find an Ethical Home Buying Company

Not every home buying company is ethical. That’s true of any profession, including real estate agents and mortgage lenders. The key is to locate an honest investor who’ll make a fair offer for your home.

Vetting local cash home buyers is a way to avoid the less-than-ethical investors, but it takes a bit of time and effort.

The first step in screening is to make a list of prospects. Use the internet and search terms such as “we buy homes” or “cash for your house,” and include your town or city to return a list of local investors.

Visit the investors’ websites to research their training, experience, and sales track record. You should see a page labeled “About Us” or “Our Company,” or something similar on their website.

If you can’t locate personal identification or background information on the investor or company, cross that prospect from your list. Honest investors are transparent about those details.

Do a general search of consumer review sites next. Yelp and Real Estate Bees are good places to discover feedback from former clients. Eliminate investors with negative comments from your list.

If all this seems like a lot of work, you’d be correct. Fortunately, there’s a way to streamline the vetting process, and we’re here to help with that.

We’ve done the work to screen our partnering professional investors for their expertise and vetted them for their ability to close transactions.

Simply request a cash offer on your house by using our website, and we’ll share that information with our team of local cash investors.

The form is simple, the application is free, and there’s never any cost to you, no matter how many offers you receive.

Select an offer that best meets your needs, or refuse them all. There’s never any obligation to sell to our investors.

A traditional listing involves selling a house in Idaho by using a real estate agent.

Who Are Real Estate Agents?

Real estate agents will list your home, develop and execute a marketing plan to sell, and then guide the transaction during the due diligence and closing processes.

Your agent is your legal fiduciary during every step in the listing and sales transaction. Agents will put your needs first above all others.

Real estate agents using the title “Realtor,” or those with the blue “R” on their business cards are members of Idaho Realtors.

That trade group has a code of ethics that promotes professional and ethical practices.

A Realtor may have other official designations that demonstrate they’ve completed coursework to offer specialized services.

Pros of Using a Real Estate Agent

• Your agent is an expert in listing, marketing, transaction management, and advising you on home preparation before listing.

• Realtors have the ability to use the Multiple Listing Service (MLS) to do research to help you set a listing price and assist in marketing your property.

• You aren’t on the hook to be available at all times to show your home. Your agent can handle showings and open houses.

Cons of Using a Real Estate Agent

• The cost of selling a house with a Realtor is a major turn-off for many homeowners.

• It will take some time to sell your home. It may take many weeks, sometimes months, especially when your house requires major repairs.

• Agents typically bring buyers who need mortgages. The delay to apply and qualify for a loan can add weeks to the closing time for a home sale.

How to Find a Good Real Estate Agent

An effective agent is important to a smooth transaction that closes on time. Begin your search for a qualified agent by asking friends, coworkers, and neighbors for their recommendations.

Supplement that list by using the National Association of Realtor’s association search feature to find the contact information for Realtors in your area of the state.

The next step is to confirm that the agents on your list have valid real estate licenses without any restrictions.

The state’s Division of Occupational and Professional Licenses’ Online Services can assist you with that search.

Use consumer review sites such as Yelp and Real Estate Bees to research feedback for the agents on your list of prospects.

The last step is time-consuming, but it’s necessary so you can select an agent that you work well with during your listing and sale.

Set up a calendar of interviews for your prospects. Ask them to do a professional listing presentation that includes a marketing plan for your specific property.

Select the agent with the best presentation and sign a listing contract with them.

Our next method of selling a property in Idaho is for the adventurous homeowner. It’s known as FSBO (for sale by owner) listing.

Homeowners selling their own house follow the same steps taken by a professional real estate agent beginning with the property assessment.

You’ll need to target a specific type of buyer and then prepare your home to match their interests.

If your target is the general public, you’ll need to present a home that is turnkey-ready. You may need to paint, replace flooring and window coverings, and repair any damage.

Investors buy homes in as-is condition. You won’t need to do anything to sell to those buyers.

Your next move is to set an asking price. An online home value lookup tool can help you to estimate local market value for your property.

You’ll also need to complete the state-mandated Seller’s Property Condition Disclosure Form and the Lead-Based Paint and/or Lead-Based Paint Hazards Disclosure.

These must be presented to all prospective buyers before they write an offer. Once you’re ready with your completed disclosures, it’s time to locate some prospective buyers.

Ways to Market Your House Yourself

• You’ll need “for sale” yard signs to let potential buyers know your home is on the market. These will need to identify you as an FSBO seller and list several ways to contact you for a showing.

• Video tours are an excellent way to have potential buyers prescreen your home without requiring them to visit it. You can post your property videos on places like YouTube or Instagram.

• Distributing print flyers that feature your property’s amenities allows the prospective buyers who tour your house to take that list with them for future reference.

• Websites to sell your home by owner give you a place to advertise your property for minimal or no cost.

Pros of Marketing Your House Yourself

• You’ll save on real estate commissions. They are a major part of your closing costs in Idaho.

• You are the boss of everything related to your sale. You choose what to do and when you want to move.

• Your home is your only focus. Unlike agents who must work with a number of clients, you have only your house to market and sell.

Cons of Marketing Your House Yourself

• It sounds easy to sell as an FSBO, but the local, state, and federal regulations might be overwhelming unless you’re a quick learner.

• Delays are costly, and your buyer may walk away from the sale if you make too many mistakes causing delays. Your buyer may also decide to see you in court if you make a major error, even when it was an unintentional mistake.

• Some of your closing costs when selling a home by owner are negotiable. You might not be aware of that or how to approach the negotiations for the reductions.

• Home pricing is difficult. Price your property too high, and you won’t have buyers. Price it too low, and you’ll miss out on some profit from the sale.

You’ve found a home, but you already have a house, and you need to sell it to have the money to buy another one. An Idaho iBuyer might be able to help you with that.

Some iBuyers will purchase your home fast, allowing you to take that cash equity to buy another property.

Not only that, but they’ll also give you the money to buy another house before they even close on your current home.

Once the transaction of your new house has finalized, the iBuyer will close on your current property.

An iBuyer sale has several advantages. It allows you to make a cash offer. That’s attractive to sellers because it moves quickly and it doesn’t have the risk that you won’t qualify for a mortgage or make them wait until your current house is sold.

Those are four common ways to sell a home in the Gem State. Now, let’s track the steps in a typical property transaction.

No matter the selling approach you select, the basic sale follows a common calendar of events.

Before Signing a Purchase Contract

Before you show your home or sign a purchase contract, you’ll need to do some planning, research, and maybe a bit of physical labor.

You’ll need to decide on a sales method, set an asking price, and then interview prospective real estate agents. Or, research and prepare for an FSBO listing.

Otherwise, you can just locate prospective investors or iBuyers for a quick and easy sale.

Your home may need some upgrades or repairs, and depending on your target buyer, it may need a lot of prep and modifications.

The general public likes turnkey-ready homes, while investors buy properties in as-is condition.

You’ll need to sign a contract and complete the required agency disclosures when electing to go with an agent listing.

Regardless of the method you chose, or your targeted buyer, you’ll need to complete the property disclosures.

Our article on how you can sell your home as is in Idaho provides more information about the disclosures and the process necessary to complete them.

Marketing the Property

Your sales method will influence your approach to marketing. When listing with an agent, your Realtor will take charge of developing a plan and executing it.

If you’re selling as an FSBO, the plan development and carrying out the details are all on you.

Marketing may involve signs, print and online media campaigns, open houses, and a calendar for home showings.

Investors and iBuyers don’t require any marketing. Simply reach out to them for an offer.

Accepting an Offer

Your offers will come directly to you when you sell as an FSBO or to an investor or iBuyer. Agents will field offers for their sellers.

All offers will be accompanied by earnest money. That is cash that provides an assurance that the buyer is serious about the offer and about closing the sale.

You may need to counter offers until you and your buyer come to a meeting of the minds on the terms and the price.

Once you accept an offer, you’ll move to the due diligence period.

Buyer Due Diligence Period

Your buyer has the largest list of duties during this time, but the seller has several important tasks that must be done for the sale to close.

Buyers will contract for property inspections, purchase home hazard and title insurance policies, and obtain a mortgage, when not paying cash for the house.

Your escrow and title officers will do property searches and create the legal paperwork necessary for the sale.

A few days prior to the sale, you’ll review your official closing costs. If you’re selling through a real estate agent, you’ll note fees for commissions and closing costs during that review.

Selling your house as an FSBO will eliminate at least half of the commission fees.

If you’ve sold to an investor or iBuyer, you won’t see any charge for commissions or closing costs on the documents.

Your buyer has the right to do a final walkthrough prior to the sale closing. You’ll need to arrange for that property review.

Closing

While an attorney isn’t required under Idaho law, you or your buyer may hire a real estate lawyer to oversee the closing process for your transaction.

The closing is the time for buyers and sellers to sign the official paperwork involved in the sale.

The funds are transferred during this time, and the new property deed is notarized and filed with the county recorder’s office.

You’ll turn over your keys to the home, and that finalizes the transaction. Congratulations, you have sold your property!

We’ve outlined the ways and steps involved in selling a property in the Gem State, and it’s now time for you to decide on the one that best suits you.

We can assist you in researching cash investors in your area. Request cash offers on our website — it’s easy and free.

Complete the simple online form, and we’ll connect you with vetted local professionals who are ready to make an offer on your home.

There aren’t any costs or fees, and there’s never an obligation for you to sell to our investors.