DO NOT ASSUME when dealing with homes for sale in Idaho
A friend and fellow real estate agent had an experience earlier this summer that drove home the point that one cannot assume anything not in writing in a contract for purchase in Idaho real estate. To be binding in Idaho all terms and conditions must be in writing.
My agent friend had a listing that some out of state buyers fell in love with and made an offer to purchase. They had found their home for sale in Idaho and were ready to buy it. Everything was acceptable to her seller client except the offer was contingent upon the buyer selling their home in another state and they were requesting 120 days to get it sold and close on the Idaho property.
Since the offer was for near full asking price and the buyer was willing to put up a sizeable amount of non-refundable earnest money the seller was interested. The property was very unique with a sizeable shop with a finished apartment in it and in like new condition the Seller did come to terms with the buyer and just over 4.0 acres of fenced in pasture. A one-of-a-kind property that matched the wishes of this one-of-kind buyer presented itself to solve both parties concern. It was the exact home for sale in Idaho they had dreamt of finding. A meeting of the minds was met. It was now under contract.
Back home the buyers went. They had to get their home on the market, under contract and closed or lose their earnest money and most desired property. To every one’s surprise 20 days later the out-of-state home was under contract ready to close in 30 days.
When negotiating the terms and conditions of that sale, neither their listing agent nor the selling agent consulted with my friend on this end and tied the folks into a 30-day closing and possession date. They just A-S-S-U-M-E-D the seller in Idaho would be anxious for and agree to an early closing. Wrong assumption! By contract the Idaho seller had another 60+ days beyond the out-of state closing to give up the property and she was going to need every day of it.
This meant (to the buyers) no place to live for 60 days, house their pets, unload their moving van, and bunk in temporary housing who knows where.
The seller did in the end step her process and was able to close 30 days earlier than planned. While it was a big help to the buyers it was none-the-less a major inconvenience to the buyers. Not to mention unnecessary expense.
In conclusion, it pays to communicate fully with all parties before committing in writing, when dealing with homes for sale in Idaho.
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