Are termites a deal breaker

[seminoledq]

Are WDO's normal in the south and something that you just treat and go on with your life or are they more troublesome than that. Just another cost of living near the water.

If, for instance, a home you were looking at needed a tent fumigation treatment, would you still be interested in it?

 

[travnole]

Termites or WDO in the south. It's not if, it's when.

 

[helmetnuts]

Depends on how extensive the damage is but working in the mortgage industry I see them on deals a few times a month (working 40-50 loans). Rarely do I see a deal fall through though, as mentioned, tenting, fumigation and remediation.

 

[seminoledq]

In this instance the damage doesn't seem to be extensive but they are present and the owners haven't treated it in the three years they have been there. Only have one quote so far and it was $6k for the tent fumigation. Seems crazy but I don't really care if the owner picks it up. Them trying to pass that cost on would be a whole other problem.

 

[ggmike1992]

I thought the sellers were responsible for fixing any damage like this? Is that pretty much the standard for most lenders?

 

[F4Gary]

I thought the sellers were responsible for fixing any damage like this? Is that pretty much the standard for most lenders?

Everything is "negotiable".

 

[helmetnuts]

Depends on what the contract states as to who fixes the issue but most lenders are not going to touch the home unless somebody treats and fixes the problem (I usually can get a loan approved with the treatment/repairs as a pre-closing condition - since a lot of sellers want to know the buyers financing is good to go before they fork out the cash for the treatment/repairs.)

 

[RONole]

I handle scenarios like this frequently as well as with extensive damage but, I do renovation mortgages so we are just rolling in the repair costs. Watch out for hidden damage.

 

[seminoledq]

Yea if the seller doesn't pay for this the buyer is going to walk in this case. There are other repairs in negotiations but this one may be the last straw.

Is it pretty standard to have regular treatments (quarterly or monthly) have a home has been rented?

 

[helmetnuts]

Its part of renewing our termite bond each year but they only inspect and do a prevent treatment annually.

Rental property? Guessing the seller cheaped out and didn't

 

[Nole Lou]

We had termites show up in our house like 10 years ago. We caught them quick, had it treated and the traps/barriers put in around the outside of the house, etc. Never had to have it fumigated. They come out on a regular basis to refill everything. In the ten years since we've never had a sign of them, and believe me I keep an eye out for it. Every small bug gets a full inspection by me. Not another one in ten years. It's a shame they just let it go.

 

[seminoledq]

The hope is there is no structural damage and the tent will be all that is needed. Similar to trav's post, someone told me there are two types of homes in Florida: Homes with termites and homes that will get termites.