To answer your first question; Every state has different real estate laws, but most states do require that a Seller's Discloure Statement is filled out. In that document, there is a whole section on wood destroying insects and previous treatments. The seller may not have had any knowledge of previous treatment prior to their purchase of the property. Secondly, if the home was not not already priced accordingly with a termite problem, yes, the value is affected and it would have been wise for the seller to negotiate with you. Not only has he lost his buyer, but now he must disclose this termite problem because he is well aware of it. Thirdly; Did you do the right thing by walking away? I can not answer that because I don't know all the details, but if you were not comfortable with the situation, i'm sure that you made the decision that you can live with.

Termites and other Wood Destroying Organisms are a Major Issue here in Florida.

They can do incredible damage to a house if not immediately treated.

Florida Real Estate Contracts have Entire Sections dealing with Wood Destroying Organisms.

Sellers are encouraged to complete a Seller Disclosure at the time of Listing,
which includes questions about Termites and other Wood Destroying Organisms.
(The Seller's Disclosure is not required by Florida Law,
but the majority of Sellers provide this Disclosure to the Buyer.)

Most Buyers also want a WDO Inspection done by a Licensed Inspector.

The Inspection Report (aka "Termite Letter") is completed on this State of Florida Form:

http://www.doacs.state.fl.us/onestop/forms/13645.pdf


The Florida Department of Agriculture and Consumer Services has helpful Publications on WDOs:

http://www.floridatermitehelp.org/

http://www.flaes.org/pdf/WDO%20Destroying%20Organism%20inspe…

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Best wishes to you,
Fred
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Hi Coco, You probably were getting the house at a price the owner felt was already a great deal- probably the reason the seller did not want to negotiate. Many homes have/had termites at one time or another, not a major unless serious termite infestation and damage-which your engineer would of pointed out-did he give you an idea of cost?. Usually the seller will treat the affected area-some banks require a termite inspection and certification-or will not mortgage..

Termite treatment depending on size of the house (800sf on st floor) approximately $800.00-$1000.00.+ 1 car garage $200.00. Check with pest control in the area. As for previous termite treatment-that's a good thing-at least someone was paying attention to details. I have not seen a home value diminished because of evidence of termites. Whether you did the right thing -time will tell-it's never too late unless the house is sold already. Terry K 718-614-3167 cell

Coco:
Consult with your attorney if the sellers waived the property condition disclosure which would credit you $500.00 at closing and release the owners from potential liability regarding the condition of the home, the reason why you should always get an engineer's report. Termites, although potentially serious, could be remedied. The overall question to ask yourself would be if the price that you had initially negotiated with the owners reflected these potential issues, in other words is there a good price value relationship. Ultimately, you have to feel fully comfortable with the transaction, a thirty year commitment warrants so.
Manny P.
Corporate Broker
PantigaGroup Inc.
212.945.8653

Coco,

Walking away from the transaction may have been the right thing for you to do personally but our concern is whether you did it correctly and within the terms of your agreement.

Our recommendation is to consult with an attorney, to be on the safe side, and seek their direction.

Good luck
The Eckler Team