Asked by adalynmarie10, Belleville, IL Thu Feb 7, 2013

We are looking at a foreclosure with Bank of America and when we first looked through it my dad noticed what he thought was termite damage along one of the baseboards in the living room..our agent said we can't get a termite inspection until we are under contract. (is that normal?) and the bank isn't budging on the there a way of letting them know we KNOW it has termite damage and that is why we are asking for a few thousand less than their asking price..They only budged $200..We wish we knew the extent of the damage so we know what we can really afford..Thanks!

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Yolanda Hoversten’s answer
Yolanda Hove…, Agent, OFallon, IL
Tue Feb 26, 2013
This might be too late to help you, but I just want to address your question about having a termite inspection (or any inspection) before an accepted contract. There's no law in IL that I'm aware of that prevents a buyer to have inspections before contract. As long as there's permission from seller to do so, buyers can have, and pay for any inspections on the property, even before buyer makes an offer.

However, realize that inspection fees are out of pocket costs for the buyer, and is not refundable. Best of luck to you.
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adalynmarie10, Home Buyer, Belleville, IL
Fri Feb 8, 2013
They counter offered our offer. They were asking like 54 and we offered 47 cause we got approved for a 203k loan and wanted to get the damage fixed and carpet replaced and a couple windows replaced. So is there a way of backing out if the extent of the damage is severe? We had to put 1000 earnest money down. Our mortgage lady said since we have 203k then we can use that money to fix the damage because FHA requires a termite inspection and we will have to address the damage. Thanks so much for the quick response. We offered two days ago and they counter offered last night and they said if we didn't respond within 24 hours then it falls through.
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Run it by your realtor. and your lender. You would still have your finance contingency.
Flag Fri Feb 8, 2013
Marge Haworth, Agent, wood River, IL
Fri Feb 8, 2013
In IL you do NOT have inspections until you have a signed contract. While you are getting an inspection some one else could be getting an accepted offer. Then you would have spent your money on a property that you are not going to be buying. - I would get that termite inspection the day my offer was accepted and before you spend money on an apprasial or whole house inspection. Then you can make a decision if it is worth working with. and proceed. One note is that your bank may not make a loan on an active termite report. Check with the lender if this is so. No matter what the seller says you can and should still ask - can't hurt.
BTW - how could you know they only budged 200. If you do not have an accepted offer??
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Tina Lam, Agent, San Jose, CA
Thu Feb 7, 2013
That's odd. As long as you've been granted access to inspect a property, you can order a termite inspection. But, in this situation, the bank may very likely hold firm on their price, regardless of what you say or let them know about termite. The bank will only consider lowering the price if they don't sell the property in 30-60 days. In this market, I doubt that would happen if you're interested at their list price.
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