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New York Real Estate

Residential properties that suffer termite damage

On Behalf of | Dec 21, 2021 | Residential Real Estate

Home shoppers may look for deals, and a “fixer-upper” property might present a less costly way to buy real estate. Repairing and renovating a home becomes necessary when the property presents significant damage that could undermine safety. When purchasing a New York home with apparent termite damage, the purchasers should understand the challenges facing them.

Properties with termite damage

The presence of termites inside a home could be dangerous. Termites destroy wood, which could mean significant structural damage. Wooden support beams might weaken from the damage the infestation causes, creating a potential safety hazard. Both fixing the affected wood and getting rid of the termites should be a top priority for any occupant.

The seller may not even know there is an infestation present. Termites hide inside the walls and underneath the house. A home inspection might reveal the damage, changing the dynamics of the bidding process. Simply put, the infestation could lower the value of the house tremendously.

Other problems may exist with the property, which is why a home inspection and disclosure report are helpful. Cash buyers may waive these requirements to speed up the purchasing process. However, some mortgage lenders may demand an inspection before approving a loan.

Negotiating the purchase

A buyer may still choose to purchase residential real estate even with the termite infestation. If the infestation is not too severe, the buyer could offer a lower bid and then take steps to get rid of the insects and fix the house.

The buyer could demand the seller fix the problem. The seller might agree to repairs and termite removals as part of the purchase contract agreement. The seller would have until the closing date to meet the requirements.

Be mindful that sellers who lie on disclosure forms or try to hide material defects may get themselves in trouble. The buyer may sue upon discovering the termite infestation.