Previous Termite Damage Found (HELP!!!)
Hello All,
I'm working on closing my first rental property and everything was going according to plan until the termite inspection revealed prior damage and higher than normal wood moisture content in the crawlspace. It's a 800 sqft 2/1 here in the upstate of SC. Purchase Price was $72k.
The report reads as follows:
Infestation 4- Excessive moisture conditions; wood moisture 23% in left and right front quadrant; 20% center. There was dead air space at the front due to no foundation ventilation.
Damage- the front sill and sub floor, the center beam, damage under some old plumbing at the rear center; tube scarring on numerous floor joists. Powder post beetle holes in substructure.
My question is this, what to do now? Should I ask for a reduction in price or just walk away? Thank you in advance for your help!