Previous Termite Damage Found (HELP!!!)

[Gabriel DeVita]

Hello All,

I'm working on closing my first rental property and everything was going according to plan until the termite inspection revealed prior damage and higher than normal wood moisture content in the crawlspace. It's a 800 sqft 2/1 here in the upstate of SC. Purchase Price was $72k.

The report reads as follows:

Infestation 4- Excessive moisture conditions; wood moisture 23% in left and right front quadrant; 20% center. There was dead air space at the front due to no foundation ventilation.

Damage- the front sill and sub floor, the center beam, damage under some old plumbing at the rear center; tube scarring on numerous floor joists. Powder post beetle holes in substructure.

My question is this, what to do now? Should I ask for a reduction in price or just walk away?  Thank you in advance for your help!

[Darren Lenick]

Based on your posting the damage seems to be extensive, especially since it’s affecting the structure of the home such as a floor beam, sill plate and subfloors.

It appears there is active termites as well as a beetle issue and both must be resolved before repairs can de done.

You didn’t mention home value, just purchase price so it’s difficult to say what to do from this point.

At a minimum, I would have the termites and beetles dealt with and get a bond from the termite company to cover the first year for more treatment.

Also, have a licensed contractor give you a repair estimate. Keep in mind that they usually find additional damage once walls are opened up and that will cost more. Since the sill plates are affected, it’s safe to assume some wall studs may also be damaged.

If the property is not worth much more then the purchase price, personally I would walk away.