We are under contract for a house in Omaha. We are supposed to close in a few days. The lender had a termite inspection today which revealed that there were shelter tubes outside the garage. The inspector doesn't seem to think there was any active damage. The seller is going to cover the cost of the treatments. But I'm wondering if this is enough. The sellers agent had us waive the inspection contingency a few weeks ago claiming they had multiple offers. I'm not sure if they already knew about this. We basically had to go in at asking price because they claimed they had multiple offers. The price per sq. ft for this house is close to $180. Avg Price Per Sq. Ft in the same neighborhood/community is around $150.
We are not thinking of this house as our long term house and see this as something we'll live in for the next 3 to 5 years. I'm concerned about what this new info about termites does to the resale value of the house. When we resell this house, we would need to disclose this and I'm concerned that potential buyers may not find the house appealing or may try to lowball us big time. The lender said we don't have to get an appraisal based on the information they already had and that the house was priced right. But I'm wondering what this does to the appraised value of the house.
What are my options here? Having a hard time trying to figure out if this is still worth pursuing or if we should just walk away.
Posted by babdjbdn
1 Comment
There are very effective treatments for termites and there have been for 40 years. Get it done every 5-7 years and you are fine. A long time ago termites were a much more serious problem
>What are my options here?
What do you mean, about the appraisal? If you can get an appraisal waiver save the $600 and skip the appraisal, the bank is confident the home will appraise. 99% it will appraise at the purchase price.