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My son is buying a home around Phillipsburg, in NW NJ. The homw was listed in the $160's and he offered $150K. Then we noticed some termite damage to the tune of approximately 70 feet of sill plate, some rim joist, and about 12 floor joists. The sellers are having the damage repaired- replacing the sill plate and rim joist, and adding sister floor joists. They also had the home treated.
He's going for an FHA mortgage, so I hope they do a good inspection.
I'm wondering if my son shouldn't offer a lower price due to the termite damage, as I would think the resale down the road will be affected, even though the damage is repaired. I know I would be a little gun shy if I walked in a home with termite damage, as you never know how much more there was that wasn't fixed. Can he request another apprasal?
If you think the future resale is going to be lower then yes. I think I would not agree to just 'sister' joints though. That sound like it will come back to haunt you. Check out Selling a house with termite history | Pest Cemetery and get some good information.
Right, they do check for safety and habitability issues (missing/broken windows, bad electrical, water damage, etc), and may require certain repairs to be made as a condition of getting the loan, but it is part of their appraisal process and not a separate inspection. I'm going through that now with a bank owned property that got dinged for some FHA required repairs. You should get your own inspector for a comprehensive inspection of the home.
Where I come from in the City almost every house has had termites in some fashion at some point, as the average build date is 1900-1910, so resale is not affected.
But, a single family in a rural area I would assume that to be a big factor in resale.
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