Property Q&A in Florida>Question Details

Pauline Dink…, Home Buyer in Tampa, FL

i found a foreclosure that did not pass termite inspection .who pays to correct problem seller or buyer?

Asked by Pauline Dinkins, Tampa, FL Mon Nov 23, 2009

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Hi Pauline,

I would answer your question one of several ways. The most important criteria is how your contract was structured. While it is true that bank owned are as is sales, assuming you purchased a bank owned, you should have placed a contigency in the contract relating to a satisfactory home and termite inspection and if those inspections were not satisfactory, you could void the contract within the specified time frame and receive your deposit back. Secondly, regarding a failed termite inspection, did it fail due to the home having termites and/or termite damage or did it fail due to some basic wood rot? Wood rot frequently is a fairly simple and not overly expensive fix. If it is termites etc and you had the proper inspection contingency, I would recommend you request in writing that the bank rectify the problem in order for you to go forward. Keep in mind, that if your deal falls through, the seller(bank) must disclose to future purchasers the existence of the termite issue.

Best of luck.

Marty Kaiser
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0 votes Thank Flag Link Tue Nov 24, 2009
Normally a foreclosure sale (bank owned) will be an "as is" purchase--the buyer would have two choices--pay for the repairs themselves or walk away, providing the buyer has fulfilled all the time and notification requirements. If you bought on the courthouse steps, the inspections should have been done prior to the purchase. This is one of the risks a buyer might be taking if buying foreclosure properties without the advice of a professional realtor. Certainly consult your contract and take it to a real estate attorney for further clarification.

I hope this works out for you and that you have gotten a great deal.

Myke Triebold, GRI, CNAS
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0 votes Thank Flag Link Mon Nov 23, 2009
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