Termites! Help! buying a house, waiting for writing an offer
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
We are new here, in Sacramento, CA. we are trying to buy an older house, do some remodeling, then live there for a few years, then thinking about selling it. The house is back on market due to inspection problems. The house has a fantastic location, close to the center of the town, great schools, library, etc, it's 4 bedrooms plus 1 office), 2 bath, 2100 S.F., 8600 S.F. Lot. All the houses are old, built in 1950, 60s. This house was pending at 805K, but back on market, listed at 779K now. The agent said they got a low ball offer today. Seller is motivated. Our agent said treatment took place earlier this week and repairs are being completed too. We could write an offer that states: “Section one pest clearance” meaning they’re contractually obligated to take care of that issue. House was appraised at 775K, so our agent said if we gave offer like 760K probably will beat the low ball offer. It is a hot market here, anything lower than 750K sell the next day, even without that great location.
My question is how serious this termite problem is?? I know this is an old house, it needs new AC, new interior cosmetic repair, maybe even a new roof, though it's livable. (the owner still live in there). Thanks!!!