I would speak with your Realtor.
If a house is bought with cash the buyer may still ask for a termite inspection -- and would be wise to do so.
If the buyer is purchasing an "as is" property, e.g. a foreclosure, short sale or estate sale, his lender will probably still require a termite inspection, but the seller will not be liable for any treatment or repairs if any infestation is found. The buyer should include an inspection contingency so that if an expensive situation is found, he can choose to correct the problem himself or walk away from the contract.
Bottom line -- if you're a buyer, always ask your lender about a termite inspection requirement upfront so you'll know how to negotiate that in your offer to protect yourself. If you're a seller, know that unless you're selling your home "as is" the state of VA will require you to deliver a termite-free home to the buyer. And, everyone should get the inspection early enough to leave enough time before the settlement for treatment and repairs should they be necessary. The lender will want to see evidence of that before closing.
Best of luck to you!
Erik J. Weisskopf,ABR,CDPE,CRS,GRI
I am assuming that you are asking this question because paragraph 16 of your NVAR contract is marked that the Seller will both pay and provide for a termite inspection. Your financing entity's not requiring one does not grant the Seller a waiver. I have seen financing whereby processors state that they do not need one for a condo purchase, and later on underwriting says that they do. So the Seller should pay the $50 +- fee and just get it done! The Seller should not risk being in non-compliance with the contract.
The Virginia Supreme Court has issued various decisions on termite damages based on non-survival and survival provisions as well as allegations of violations of Virginia's consumer protection laws. Only a license attorney will be able to provide you with the proper information in case there is damage.
Hope this is helpful - Robert Lepelletier - Keller Williams Realty Alexandria/Kingstowne