Termites and what the VA labels "wood-destroying pests" can be a serious problem for home owners, buyers and sellers. House hunters often worry about the condition of older homes when it comes to these pests--in some cases rightfully so. How can an untrained observer tell whether or not a home has been damaged or infested by termites or other pests?
According to some experts, it's very difficult to spot unless there's obvious damage or infestation. Fortunately, VA loan rules are designed to protect the buyer and the property the VA borrower wants to purchase.
According to the Department of Veterans Affairs, "Termite inspections are required on existing properties if they are located in an area where the probability of termite infestation is "very heavy" or "moderate to heavy" according to the Termite Infestation Probability Map published in the International Residential Code."
If a borrower wants to buy a home in a region where termite problems are considered light or where such problems rarely occur, there is no requirement to have a termite inspection perfromed. Borrowers concerned about the home they want to buy would have to schedule an inspection, or contact the VA for assistance.
Unfortunately the appraisal is sometimes not a one-step process--the appraiser may find areas which need correction or repairs.
These must be addressed to the satisfaction of the VA before the loan is closed or within a reasonable amount of time as described in VA regulations.
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Also, I see other agents have chimed in that you can negotiate on your sales contract for the seller to pay the home inspection fees. while they are 100% accurate, if you mention that this is the case, the home inspection would have to be on the settlement statement. If the home inspection is on the settlement statement, the lender will want to see a copy of the home inspection - this will never end well, as the lender will most likely want all of those items repaired prior to closing. Since the lender does not typically review the settlement statement until a day or two prior to closing, this will certainly cause delays or worse.
My advise would be to pay for your own home inspection.
Brevard's Best Realty, Inc.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
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If your real estate agent adds to the contract for Seller to pay your closing cost then you may be able to have the inspection billed to closing .
It is wise for Buyer to order the inspector after doing your research so he works for you. They will tell you what needs to be repaired prior to closing. They will also give you advise on what may need repair further down the road.
Good luck with your new home. Brevard is a great place to live.