Investor to Investor Deal : No SPDS w/ Obvious Seller Repairs

[Brooke T.]

Good Afternoon, So I'm coming up on the end of my inspection period and struggling a little bit to wrap my head around a few things that have been recently uncovered; and would very much appreciate any opinions and advice on what may (or may not) be going on. The property is a 1500 sqft 3/2 built in 75 and is all original. It was bought out of a tax lien by the current investor a little over three years ago and has been vacant for that long or longer. It came up through the MLS, and although needed some obvious cosmetic work and updates, appeared to be nearly livable with the exception of a single roof leak coming from a unsealed gas line entering above the dryer in the kitchen. Anyway it is clear to me that since taking possession of the property about three months ago, the current owner has replaced the roof, along with some drywall in the garage and painted inside and out. What I find strange however, is they have chosen to repopcorn the ceilings. I'm assuming this is because due to the vacancy and the leaking roof staining the ceilings, that this would be the cheapest way to hide these stains? Its still a little odd to me as I never hear of anyone doing this before, its clearly new popcorn not painted. Also, there appears to be patching over parts of the new popcorn, and I found 2 cans of popcorn patch in the trach can outside. Ive been on the roof twice now trying to figure out why there would be a need to patch new popcorn; plus had nearly every roofer in town tell me its fine; but still don't completely understand the patching. What is far more concerning is the discovery of active termites in a few parts of the garage and a small localized area of the house. I've been told by two termite inspectors who don't seem to be concerned about any possibility of any major structural damage that the problem is minor . "Worst case replacing a couple of studs' here or there" Side note: it is a block construction house but the back exterior wall is siding and wood framing with drywall. It is also apparent the the current owner replaces the door jam and door entering the garage and large amounts of drywall within the garage. I understand that once all termites are remediated, I wont need to worry about replacing this again, so long as the damage bellow is not already to great; and its not according to the experts. It is just not adding up to me why they would fix the drywall without fixing the existing termite problem. I'm somewhat concerned the new popcorn in the house, and drywall in the garage may be intentionally hiding a HUGE problem despite all the roof and termite experts thinking I'm crazy with my conspiracy theory! lol I'm going to need some serious seller concessions to insulate myself from what I may find when I start removing the new popcorn with newer patches, as I will not be left hold the bag, for this deal to go through. Does anyone have any thoughts on what may be going on here. I Dont understand the logic behind some of the repairs because they easily could've also replaced some baseboards in the garage and totally hid the termite problem (which I understand would've been very illegal). Also, I understand that just because it is no SPDS, they aren't relieved from disclosing known issues if I specifically ask, But dont fully understand the technicalities of this. So additionally, any advice on how to go about asking for a list of repairs done by the current owner? Thankyou for reading my long vent and I so appreciate any wisdom on how to proceed. Much luck and success to everyone!