we are interested in a house built on 1920. According to disclosure statement, the property had a termite damage back to 11 years ago, but mostly reparied. Is that common for the old house in Lincoln with termite damage? Can we buy this kind of house?
Sue,
If paying cash for the property, you should have no problem.
On the other hand, if financing, the bank will want to protect their interests through a variety of safeguards that may include a pest inspection. It would be reasonable for them to take the position of requiring the home be free of WDO's(wood destroying organisms)
Talk to your agent about how to wordsmith your purchase offer to insure that your interests are protected either by the seller remediating any identified problems or you as the buyer being able to walk without compromising your escrow money.
Good luck
The Eckler Team
Yes When you purchase any home with a loan; the lender requires a termite inspection. So when the inspector goes out he will note the previous damage; but most importantly, whether or not there is "activity" with new damage. If there's no sign of "present activity" it will become a noted statement of "previous activity and sign of treatment". If there's not a sign of it being treated; just old tunnels....usually treatment is required as a preventative. Even though ther may not be any activity. This is for the protection of the property. They drill holes in concrete around the home; and they chemically treat. Any wood damaged that shows sign of termites will be replaced; as a beam or post could be replaced. The inspector will know.
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