Gail Mercedes Cole
Kawain Payne, Realtor
Here are your options:
1. You can move forward with the escrow and do any repairs after you own the home.
2. You can complete a Request for Repairs and ask the Seller to perform certain repairs or compensate you with a cash equivalent. Even if it is a bank (REO or Short Sale), there is always the option to negotiate. The bank does not want to start over with another buyer and have the same problem come up. If they do not agree, then you will have to decide if you still want the home.
3. You can cancel, assuming you have not removed your inspection contingencies.
Inspections are great, but you do not want to invest your money into repairs until you own the home.
My question to you is this? Is it worth to spend a certain $$$ to give you a peace of mind that the house is termite-free?
Best of Luck.
If your Inspection revealed the termites;
The Seller is responsible for Section One repairs, which includes active termites, (even the Banks will do this on a Foreclosure), don't be afraid to ask,
I am hoping that you have an Inspection Contingency, but it doesn't matter in this case, ASK THEM,
But, if you're out in the cold, at least wait until it is your house; you could spend $1000 and then lose the deal, and NO ONE will pay you back that $1000!!!
Even if the lender is not asking for termite work as part of the loan conditions, the termite work is very important. If the termite work is not done, termite will eat your home's wood over time causing extensive damage and reducing the value. What may cost $3,000 today, will cost many times that as termite continue to cause damage. When escrow closes, make the termite work a priority.......
Read the real estate purchase agreement; i always include termite inspection and repair to be completed by the seller unless the seller is a bank. Short Sale and Foreclosure banks usually will not pay for this.