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Everything was strolling alone fine. The Appraisal went well, and on Monday my file was reading for the underwriting process pending the clearance termite letter. The inspection found active termite, and it will cost $1600 to treat everything. I do have a real estate agent, but I think the seller should be responsible for the $1600.00 or the VA loan want go through. I'm I right for thinking this?
What does your sales contract say ? The VA requires the seller to pay for the test but anyone can pay for the repairs unless you have wording in your contract otherwise. .
Ideally the seller should pay for the repair. If your sale falls through the termites will still be there and the seller is just going to have to deal with the problem down the road with another buyer. That said, things don't always work out ideally.
Your real estate agent is now going to have to be a good negotiator on your behalf and see what can be worked out.
The standard contract in our region specifies the seller is responsible for (up to) $1000 in repairs (that amount is combined with well and septic repairs) unless a different amount is inserted. Check your contract.
The standard contract in our region specifies the seller is responsible for (up to) $1000 in repairs (that amount is combined with well and septic repairs) unless a different amount is inserted. Check your contract.
The VA Amendatory Escape Clause protects you in a case like this. It is a document that you and the seller signed, part of the bank's disclosures.
Basically, all bets are off and you are entitled to a refund of your earnest money unless and until accord can be reached between you and the seller.
Can't get the appraisal fee refunded. But you have the upper hand, because the seller is going to have to address this if they stop working with you and put the house back on the market.
And before you fret too much, get another opinion as $1600 is very high for a termite treatment. The seller would only be obligated to treat to get rid of them and show a clear report, and if you're wanting a more expensive treatment plan/process, you can't force the seller to pay for that. That part is on you.
We're refinancing our home. The termite inspector came out and found no termites. However, during his inspection he found 3 very SMALL areas of "dry rot" on our patio overhang (40' long & 10' wide) and made note of it on the "Termite Report". It's now hanging up the closing of our loan. The dry rot is no where near the actual structure of the house and the actual structure of the overhang is not compromised. We were fully aware of these 3 little areas on the roof and planned to replace the entire roofing this fall (it's currently plywood, felt & rolled roofing material) with either corrugated metal or plastic. In the meantime, our loan is being held up until the dry rot is remediated. The VA asked for a "Termite Inspection". We've complied. Now they're making us face yet another obstacle that has absolutely no impact on the house. Where do we go from here? We don't have the money to replace the entire overhang yet.
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