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#1
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I am currently under contract to purchase a home in Chandler, Arizona.
According to my agent, the just released termite report shows that there is some termite activity. I'll get a copy soon and also the agent suggested I talk to the inspector to determine the extent of the termite issue. At this time I do not know the extent of the activity and if there is any damage to speak of but this situations is of course somewhat "disturbing". My main areas of concern a 1. The extent of the termite activity and any damage 2. The effect this will have on resale value (if the problem is treated but this fact were disclosed to future buyers as would be required) The contract stipulates that the seller must pay for the treatment. But I also wonder if I should ask for a reduced price for the possible value lowering effect due to this factor. I am a first time buyer and not all that knowledgeable about the extent of termite problems in Chandler. I'd prefer if termites activity wasn't found but then again this could be quite common and inevitable in Chandler. I feel a bit uneasy about buying a property that isn't termite free but on the other hand it might be common enough that a record of termites isn't going to be that big of a deal down the line when it comes time to sell. Does anyone have any advice or suggestions as to what I should do or how much of an issue this is? Thanks for any help! |
#2
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#3
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Email Invalid said on 3/19/2004 10:49 PM:
I am currently under contract to purchase a home in Chandler, Arizona. According to my agent, the just released termite report shows that there is some termite activity. I'll get a copy soon and also the agent suggested I talk to the inspector to determine the extent of the termite issue. At this time I do not know the extent of the activity and if there is any damage to speak of but this situations is of course somewhat "disturbing". My main areas of concern a 1. The extent of the termite activity and any damage 2. The effect this will have on resale value (if the problem is treated but this fact were disclosed to future buyers as would be required) The contract stipulates that the seller must pay for the treatment. But I also wonder if I should ask for a reduced price for the possible value lowering effect due to this factor. I am a first time buyer and not all that knowledgeable about the extent of termite problems in Chandler. I'd prefer if termites activity wasn't found but then again this could be quite common and inevitable in Chandler. I feel a bit uneasy about buying a property that isn't termite free but on the other hand it might be common enough that a record of termites isn't going to be that big of a deal down the line when it comes time to sell. Does anyone have any advice or suggestions as to what I should do or how much of an issue this is? Thanks for any help! ========= Not sure about Arizona real estate law but the revelation of termites CAN be grounds to void the contract. Usually the seller has a termite inspection before going on the market. If they sold you the home WITHOUT revealing the termites you can probably void the contract. |
#4
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az-willie wrote in message news:iD_6c.16$lf.13@okepread05...
========= Not sure about Arizona real estate law but the revelation of termites CAN be grounds to void the contract. Usually the seller has a termite inspection before going on the market. If they sold you the home WITHOUT revealing the termites you can probably void the contract. According to my real estate agent and my understanding of the contract, I would be within my rights to withdraw from the contract and obtain my earnest money back. The loss from doing so would be time and the cost of the home inspections ($290 total for separate home and termite inspections). The question, though, is should I start looking for a another home or should I still buy the home but have the seller pay for full treatment (which actually he is required to do as the contract stipulates). If there is any "advantage" to speak of, it is that if I choose to go forward I can get termite treatment for free. There is of course better peace of mind in buying a home where the report shows no current termite activity. OTOH, I could easily buy a home where the termite inspection is clean and termites could still show up later on anyway and then I'd be the one to have to pay for it. If the current termite activity and more importantly damage is minimal and if this problem is somewhat inevitable, then there really is not much reason not to move forward, I guess??? |
#5
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Email Invalid said on 3/20/2004 3:51 PM:
az-willie wrote in message news:iD_6c.16$lf.13@okepread05... ========= Not sure about Arizona real estate law but the revelation of termites CAN be grounds to void the contract. Usually the seller has a termite inspection before going on the market. If they sold you the home WITHOUT revealing the termites you can probably void the contract. According to my real estate agent and my understanding of the contract, I would be within my rights to withdraw from the contract and obtain my earnest money back. The loss from doing so would be time and the cost of the home inspections ($290 total for separate home and termite inspections). The question, though, is should I start looking for a another home or should I still buy the home but have the seller pay for full treatment (which actually he is required to do as the contract stipulates). If there is any "advantage" to speak of, it is that if I choose to go forward I can get termite treatment for free. There is of course better peace of mind in buying a home where the report shows no current termite activity. OTOH, I could easily buy a home where the termite inspection is clean and termites could still show up later on anyway and then I'd be the one to have to pay for it. If the current termite activity and more importantly damage is minimal and if this problem is somewhat inevitable, then there really is not much reason not to move forward, I guess??? ======================= Probably the biggest question is how much damage there is and the extent of the termite infestation. If infestation is minimal and no known damage and the owner will pay for full termite treatment it isn't necessarily a deal breaker. I would try to get the owner to pay for the Terminix program or one similar to it where stations are installed around the perimeter of the house. As far as I know, Terminix is the only one that guarantees to pay for the damage. All other termite programs only retreat if termites are found, they don't pay for the damage when their program fails. |
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