Listing says "extensive termite damage". How hard (expensive) is something like this? "Run for the hills" or "no big deal"?
All depends on the price .
It totally depends on how extensive. I have come to the conclusion that almost all houses have termites or have had them at one time. Usually you just have to repair the damage which is usually just a little extra framing.
Now if a real estate listing says the termite damage is bad, then I might be a little concerned, if the damage is extensive and into the structural parts of the house it could get expensive.
Bottom line as the previous poster says what's the price of the property? Are you getting a cheap price to take on that risk?
If the price was right I'd get a termite Inspection done and I would get my contractor over to give you an estimate on the repairs.
Looking at a flip right now that has sub termite damage, floors under some of the carpeting is like walking on a sponge. Going to get the GC and the tent guys to go and have a look tomorrow. I guess it's one of the evils that we decide which is worse.... Water, fire, mold or termites?
It's like any other type of damage / updating. You need to figure out an estimate and add some to it since the damage will be hidden behind the walls.
One of my best deals was a house with termite damage that was fairly extensive that we found during our due diligence period. I put my estimate together and subtracted it from my original offer (about $15,000). I gave the owner the option of having the repairs done by a licensed contractor but they accepted my offer. My contractor did the necessary repairs which only cost me $8000. I won on that one.
Thanks everyone. Makes sense that it's just another expense/risk to consider like flood/mold/etc. Home is listed for $110k. Comps indicate market value around $190k. It needs a full rehab beyond the termite damage. Just wasn't sure how involved remediation would be as I have not acquired a home yet with any significant termite damage. Appreciate all the great input.
@Tony Castronovo like others have stated it really depends on the price and how extensive the damage is. If termites are on joists then it typically isn't TOO terrible (sistering joists, jacking up floor, etc). But, if you have joists, main support beams, and posts then it could end up being a tear down. Now, I would say 9 times out of 10 it is not that severe, it is usually only that bad if the house has been abandoned for years.