Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
SELLING: How To handle termite inspection & possible treatments??
Had a cash buyer submit a low offer *and* they wanted me to pay for a termite inspection. I told them to raise the offer and they pay for the termite inspection. Their price is still more than $10k below my asking price, but they are now paying for the termite inspection.
It *should* be a non-issue... however, shortly after replacing my roof last year, I noticed a small, golf ball sized hole in a piece of soffit in the rear. I ignored it for a month or so and then whadda ya know, a friggin' raccoon tore that hole open to the size of a fist (or maybe softball? Haven't seen it in a year...). I just patched it with a piece of plywood screwed around the hole after removing the coon & her babies last year and am now attempting to sell the home AS IS. All potential buyers are very aware that all interior walls and rear wall outside need to be repainted, as well as the soffit and 2 or 3 pieces of exterior trim that will also need to be replaced. I would rather them do it all, but they WILL NOT forgo the termite contingency even tho it'd only be $500?? for them to treat the localized area (if it's even a concern, which it might not even be a concern yet), which would almost be silly since they already know they have to replace that soffit and fascia anyway, which should solve the problem anyway, no??
My thoughts and concerns on the matter are....
- If the buyer pays for a termite inspection & there *are* termites in that localized area (the only area I'd expect them, seeing as how it's the only wood on the house I've known to ever be wet)...
(1) Will a $500 treatment be enough to solve the problem, considering the buyers are aware that the soffit and fascia in that localized are already need to be replaced?? Replacing that wood is already on their list of things THEY will need to replace on their own, which would seem to me the real solution to the problem, not a treatment. But how likely is it that a termite treatment alone on the local area would be enough to satisfy them?
(2) Would I possibly get a better deal with a potential termite treatment if I am the one paying for the inspection and shop around first? I'll definitely be shopping around if it's found that there are termites, but should I just try to nudge the price higher and pay for the inspection myself, securing the same termite crew to inspect and do potential work. Seems like that would be the better route, for continuity's sake.
But anything to save a buck, right? There are so many ways to haggle, I didn't really see it coming down to termite inspection & buyer's agent commission coming down to the make or break point. Thinking of asking the buyer's agent to consider dropping her commission in half if neither buyer nor myself are willing to budge on price. For example, I've provided a number that is my bottom dollar $94.5k *after* buyer's agent commission, but they offered $95k *before* buyer's agent commission of 3%. Neither of us are budging, so the only way to make the numbers work is if the buyer's agent agrees to a 0.5% commission. Very likely she won't take it, but I'll see tomorrow. Trying to figure out the best way to handle this termite inspection & potential treatment first, however. Any tips or suggestions to smooth this process along?? Was trying to forgo painting, repairs, etc. to make things EASIER on me, but I don't know if that's actually happening.