TERMITES FOUND DURING INSPECTION. IT'S A DEAL KILLER RIGHT?

Question

I found termites while checking the foundation of the property. I found it in three different spots each 5 feet apart in the beans. I told the agent that I wanted to walk out of the deal because of this. When termites are found, is there still a possibility to get a deal? I wonder if someone has ever dealt with termites problems. The seller seemed willing to renegotiate the deal. The purchase price we had agreed on was $50k. I said I was not longer interested in the property. The agent told me to make an offer that I thought would be worth it. The only thing I said was that if I would buy the property, it was going to be for the lot. Lots in this area are around $15k. I offered $10k because I had to get rid of the old termite infested property. I did not hear back from the agent. I wonder what other people would have done.

Jeff Filali · Answer

As everyone else said, get a professional pest control company to go access the damage.  I purchased a property that the damage could be totally repaired for $3,500 in pest control and repairs, but I reduced my offer by $5,000 and still closed on the property.    The worse a property condition is, is not necessarily a reason to walk away, those can be the best deals out there because most people would walk away.  I love these type deals, you have to get good professionals that you can trust, but you can hit some home runs by going after deals that others won't touch.

Mike Cumbie · Answer

Just because I saw a couple termites or holes I wouldn't kill the deal myself. If I was interested in the property I would have had a pest guy come out and give me an evaluation and quote. Then at least you will know if the place is a wreck about to fall or if a pest guy comes back with a $900 quote and you can get the place now for $45,000 you just made an additional $4,100 on this deal.

Just my 2 cents and good luck

Blake Jarrett · Answer

I agree with everyone else. Its not a deal killer for me, just get a pest control person to come out and give you a firm understanding of the damage. I have had to back out of a deal or two before because of what my pest control guy found but it wouldn't stop me from pursuing another deal where termites where found.

Luke H. · Answer

I don't think so. Depends on the amount of 'damage' they have done.  You can ask they cover the cost of getting them exterminated. I've purchased 2 houses that were treated before I purchased them. Haven't had any issues.

I've had termite service done to several of my houses.

There are 2 types that is very hard to get rid of (damp wood/dry wood) since they don't need to touch the ground, and the house might need a tent.

Good luck

Michael Wagner · Answer

Find a professional AL who can assess the full damage and give you a price to fully remediate the problem. If that's gonna cost $10k, deduct $15k or $20k from you purchase price and make more profits. Termites can be a deal killer but don't have to be. Perhaps an expert will find that the damage is relatively new and not pervasive? Or perhaps they will tell you there's no way to tell...Then the deal is dead.

TERMITES FOUND DURING INSPECTION. IT'S A DEAL KILLER RIGHT?

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