When you have a condemned house in Idaho, you may wonder what you can do with it. Holding onto it may not be an option since the government could step in at any time to seize it.
You do have some options for selling a condemned house. However, you first must understand the Idaho real estate market and how it relates to the condemned property. Furthermore, you need to get into the mind of home buyers.
This guide will assist you with doing all of that so you can learn how to sell a condemned house in Idaho. We’ll go over some of the top concerns, explain about the sales process, and address the unique aspects of selling a condemned house so you can target the right home buyers.
What Is a Condemned House in Idaho?
A condemned house is one in which the government says it is unfit to live. Condemning a property is a legal concept used by the government to protect people and to keep an area free of homes that are a safety hazard.
If you have a condemned property, nobody can live in the home until it meets the standards set by the government officials. They will provide you with details on what is wrong and what you must fix to remove the condemned status. You will have a time limit in which to correct the problem.
You may end up with a condemned property if you do not make regular repairs on the home or there is a storm that causes major damage to it. A condemned house in Idaho may also be abandoned or have serious violations during a renovation.
What Happens to a Condemned House in Idaho
Once the government becomes aware of a potential home that has severe safety issues, it will send an official to conduct an inspection. If the property fails the inspection, the official alerts the owner and gives him or her time to make the repairs.
If you do not make the repairs in time, the government condemns the home. You will then have additional time to fix the issues. You may also be able to sell a condemned property to someone else who is willing and able to repair it. However, you are working under time constraints because if the home is not brought up to the required standards, the government will seize the property.
When this happens, it will usually demolish the home and resell the property. You should try to get what you can out of it while you still own it by seeking a buyer who is willing to take on a condemned house in Idaho. However, you will need to learn how to sell a condemned house because it is a process much different from that of selling a typical home.
Can You Sell a Condemned House in Idaho?
Selling a condemned house comes with many challenges. You will need to look over the condemned property laws, specifically laws when selling a condemned house. It is also important to tap into the portion of the Idaho real estate market that will be open to buying such a property.
One thing to note is that when the government condemns your property, it acts as a lien on it. The buyer must be willing to take on that lien, which means they have to be ready to make the repairs in a timely manner. In addition, the lien will affect the market value.
Furthermore, nobody can live in the house until someone fixes it to the standards the government requires. It is important to ensure a buyer understands those requirements.
Also, you should understand that an important part of how to sell a condemned house is you cannot sell a condemned property as a livable home unless you make the necessary repairs. You will have to sell the property only and do it as an as-is sale, which means the buyer is buying it like it is with no guarantee of quality.
Be aware that you will have a limited pool of buyers. Getting a loan for this type of property is incredibly difficult. Lenders usually will not approve a mortgage, so you will mainly have to deal with cash buyers.
Finally, the government can seize this property, so you have to act quickly. You do not have time to hunt for buyers and compete for bids. You need to move swiftly to sell it before you lose it. Your mindset needs to be “sell my house fast Meridian.”
Types of Condemned Houses You Can Sell
The government can condemn a range of home types. The types of condemned properties will usually be the same as other properties. Smart Asset explains the common home types include:
- Single-family home
- Multi-family home
- Mansion
- Apartments
- Condominiums
- Manufactured home
Single-family homes are those that stand alone. Only one family lives there. It may have a yard and outbuildings.
Multi-family homes have a design where there is more than one separate living area. The most common is a duplex, but there can be more homes. The homes are all within one larger home. It looks similar to a single-family home. Many were originally single-family and broken up by the owner.
Mansions are simply larger homes. They may include a large lot of land and features such as tennis courts and swimming pools. They usually have high-end fixtures and details in the construction.
Apartments are buildings built to house multiple families. They generally also have common areas that all tenants share, such as laundry rooms or gyms.
Condominiums are similar to apartments, but the tenants are the owners of each individual unit. The common areas are the responsibility of the owner.
Manufactured homes or mobile homes do not have a fixed foundation. They are on wheels, and you can easily move them to new locations. They come in all different sizes. Some do end up on a permanent foundation once put in place on a property.
Condemned House Selling Options in Idaho
If you wish to sell a condemned house in Idaho, you will need to look for specific buyers. This is a good time to seek creative ways to sell your house because the typical buyers who secure mortgages to purchase a property will not be able to buy from you. Instead, you need to look for cash buyers or investors.
These are people who do not need a lot of time to make the deal. They will move quickly and be ready when you need them to be. Unlike your traditional buyer, these people often are looking for something that they can improve on, so they don’t expect a property to be in perfect condition, which makes them the ideal buyers for a condemned house.
Selling to a Cash Home Buyer
Selling a condemned house to a cash buyer is your best option because lenders won’t give a loan to buy this type of property. You should work with an ID real estate agent who has access to such buyers.
Homelight explains cash buyers are ready to buy properties right now. They often don’t care about the condition of the home. They have plans to tear it down or remodel it and can meet the government requirements. They also aren’t waiting on financing, so they can make an offer today.
You may have the best luck finding cash buyers if you sell your house online.
Selling to a Property Investor
A property investor is another good option because they are also ready and willing to buy a condemned property. Investors look for exceptional deals. If you have good land, they won’t really care that the house is not in good condition.
An investor may be the best choice if you have an ideal location. Location is key in real estate, so it can be a big sales point to someone looking for property in your area. To find investors, you want to look for companies that buy houses in Kuna.
Typically, such companies will advertise that they are looking to buy homes or properties for cash. You should search for key terms, such as “we buy homes Idaho” or “we buy homes for cash Idaho.”
Final Words
Understanding how to sell a condemned house is key to not losing your property to the government. Once you receive the notice, you will need to work fast to find a buyer. The best buyers are those who will pay cash. Investors will typically be a wonderful option because they are ready and willing to buy.
Whoever buys the home, needs to understand the government has condemned it to avoid problems after the sale. It will come with the lien on it so the new owner will need to make repairs to remove the lien.
While condemned property in Idaho is not something that will appeal to everyone, there are plenty of buyers out there who you can target. You don’t have to suffer the strains of trying to fix the property or lose it to the government. The key is finding the right buyer who will give you a fair deal despite the drawbacks of the condemned status.