2) Did you have an inspection? Did you have a tree specialist come out to the home and give you estimates on the cost of cutting down the tree versus leaving it up. It sounds to me like a removal of the tree and proper treatment of the stump area and filling the hole might be the best long term option. There are plenty of companies who do this kind of work. You can start by checking Angie's List online for highest rated tree service near you.
3) In regards to buying the home versus not buying the home. There are plenty of buyer's out there that would see the tree as a none issue or small issue and some that may see this a big issue, therefore making it very difficult for us agents to tell you to buy or not buy because it is very personal. In terms of how does the tree effect the value of the overall home, it doesn't by much as this, in the grand scheme of home ownership/maintenance, is a treatable problem. However, there is a cost associated with such treatment and that should be taken into account during the negotiations. So, call a professional tree company and get an estimate for removal and also an estimate on fixing the driveway and see if the owner/seller will either pay the total or partial.
I hope you will sincerely consider #1 in all future real estate transactions. It can save you a lot of headache and $$.
Massachusetts Premier Real Estate Agency for Buyer's
They will assess the condition of the tree, explain your options, may provide some estimates, and will have much better answers than a web site that can't see the actual tree and location.
If you haven't already, I would contact a local real estate professional to save time and money.
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
Our first house had termites in it. We had Cambridge Chemical treat it, and they gave us warrantee.
The house was inspected each year after - and we sold it quickly and with a warranty, no problem.
That house had no trees near foundation or anything, but termites were there anyway.
Our 2nd house had trees all around - near the stairway, near the driveway...
One of those trees was sick and had to go anyway, and the other one we had to get permission from the city (with the help of the city known tree cutting company) to cut it. We had firewood cut from the trunks, and enjoyed many nights by the fire place.
Once the tree was cut, our driveway stayed the same - we waited a few years to see what happens, and nothing really did. It takes years to settle for the trees without a tree attached to them.
So, this was fine too.
5K is a lot of money. Do you love the house? - If yeas - go ahead and buy and enjoy!
Hope this helps,
Beachfront Realty, Inc.
I would agree somewhat with the Mario (Hey Mario) but the way I look at is this.. what the seller is willing to give you to remove the tree ($5000) is a lot of money and more then likely enough to cover the cost of removing the tree. I was just quoted $1100 to remove a tree that was enormous, granted it wasn't right in front of a structure and the roots didn't need to come out.. but still, it most cases if the tree is good shape the tree company will discount you because they make money on the wood. Secondly, all of this can be treated with a good termite contract .. Cambridge Chemical is great for this. They will give you the additional insurance you'll need to make the move. I would highly suggest treating for termites after the removal of the roots.. that should protect your house/garage. I think you should go for it.. if you love the house and you did a lot of looking for the right place don't let a tree stand in your way!
I wouldn't chance taking a guess in such cases but would hire a professional tree removal. These guys would give you more of an accurate number ($$) vs. listening the the real estate agent that could be wrong and the damage could be a lot more than what it seems.
It doesn't hurt to ask to a real professional since you are investing money and are a first time home buyer.
Best of luck!
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Ellen G. Friedman, Vice President for Residential Sales, Keller Williams Realty-Cambridge/Somerville