Top 4 Reasons You Need A Termite Inspection When Buying A House
You're in the process of buying a home and your Real Estate Agent calls you and tells you that the seller has accepted your offer on your dream home!! Woohoo, Yippee, Hooray!!!! Then your Agent tells you that the seller doesn’t have a termite letter and you should get a termite inspection.
What is a termite inspection and do you really need one?
The answer is most definitely, yes. It's a minuscule cost for such a major investment.
1. The termite inspection can save you a lot of money, time and trouble down the road.
2. You want to be aware of any termite damage to the home before ownership of the home is transferred to you. If termites are found, the real estate agent who's representing you can go back to the seller and attempt to re-negotiate your sales contract before you purchase the home. If the seller has not already given you a credit for repairs on the home and sometimes even when they have.
3. If you’re getting a loan for the home your lender will usually require a termite letter dated within a specified time frame of your closing. As soon as the termite inspection is performed, the buyer’s agent or the buyer should make sure the lender gets a copy of the report.
4. A termite bond is a contract between the property owner and a termite treatment company which addresses future termite infestations.
A re-treatment bond obligates the termite company to re-treat the property in the event of a future termite infestation.
A repair bond obligates the termite company to re-treat the property for future infestations and repair any damage caused by the termites. There is traditionally a limited dollar amount for those repairs specified in your contract/bond with the termite company. This is the preferred option.
Should you buy a home that the termite company has found to have termites or termite damage? That is mainly up to you and would depend on several factors. How bad do you want the home? The extent of the infestation and the damage? Are you comfortable with having the termite company treat and/or repair the home?
#termite inspection #termite bond #buying a home
Priscilla Hammond, Licensed Real Estate Agent
RE/MAX Consultants Realty 1 Office (954) 767-4667
Direct (305) 783-4269
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