TERMITES DISCOVERED DURING HOME INSPECTION ON FIX AND FLIP HOME PHOENIX, ARIZONA

TERMITES DISCOVERED DURING HOME INSPECTION ON FIX AND FLIP HOME PHOENIX, ARIZONA

TERMITES

I am working with a new investor doing a fix and flip house in Phoenix, Arizona. The investor purchased this home at the Arizona Trustee Sale at a great price. So, the investor did all the repairs on his own. He was very excited to have a full price offer within two days of being listed on the real estate market. The buyer is very excited about the house. We are in the ten day inspection period by the buyer. I received an Email with the termite report attached for my perusal. I noticed that the home has termites. There are two types of homes in Phoenix-homes with termites and homes that will get termites.

I Emailed my investor the report. He was a little concerned about the report. He asked me if this was going to kill the deal. I informed him that the damage is light. The termite report gave an estimate of $700 to repair the termites with a one year warranty. Again, I have sent the report to my General Contractor to see if he can obtain a better price for the termite treatment. Overall, this is not a major thing that will kill a real estate transaction. It is customary for the seller to pay for this treatment to ensure the buyer receives a house free of termites. The seller has agreed to pay for the treatment.

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4 comments • Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, Networker, ePRO, CDPE • March 07 2010 12:36PM

Comments

Live and learn. As you said, house with termites or will get termites, so that new investor will just know to figure that line item in as a precaution on the budget next time.

Posted by Cynthia (Cindy) Vogt (Long & Foster Real Estate) almost 2 years ago

Just part of the education process

Posted by Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, Networker, ePRO, CDPE (Properties R Us LLC) almost 2 years ago

I always find your blog posts very informative. Thanks for the continued contribution on ActiveRain.

Posted by Eric Villaverde (DoubleTree Home Inspection Services L.L.C.) almost 2 years ago

Thanks for another rain making blog post. Best wishes to you

Posted by Tim Green (Real Estate and Beyond LLC) almost 2 years ago

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