Termites!
Does anybody have experience with termites? I have located a hud home that looks like a possibility to flip, but I just found out it has termites. I dont know how much, if any damage. Bt if it's not badly damaged would this still be a good opportunity? Or is having termites a death sentence on a property?
In many parts of the country, termites are just a way of life. Termites do not need to be the death knell of the property. Assuming the infestation has not caused structural damage to the property, an infestation can many times be treated for under $1K (depending on the size of the house of course). Have a licensed pest control company come out and give you an estimate for treatment. Then factor that cost into your offer.
My last two properties had an active or past infestation. As stated above, just as long as there is not any structural damage you should be fine as long as you have a treatment. Usually a treatment comes with a one year service agreement, in which, they come and check to make sure those little critters have gone away. If anything you should use that to your advantage, as in bargaining power.
Good luck,
Matt
Thanks. Thats good to know. This will be my first property and my nerves are running wild! I went and looked at the house last night and it's old, the floors aren't level but it was built in 1880. It's not bad, just a little scary!
Floors not being level is not a good thing.
Depending upon the reason, there could be a foundation problem, water under the house (drainage problem), etc.
I'd find out why the floors aren't level before purchasing the property. Jacking up a house to level out the floors is costly. I don't know of many investors that will buy a house with uneven floors.
Hope This Helps!
Mrs. Meltzer
My house was built in 1889 and has floors that aren't level. Houses sink over time as foundations settle. I do not agree that this is necessarily a reason to run from a property. Is the house in a historic district? Someone (like me) who likes old colonials or old victorians will appreciate the floors not being entirely level and consider it part of its charm. Do be aware of course that old houses can mean more repairs...be sure the electric, plumbing and furnace is up to date.
If the house is in a historic district that's "up and coming" and being renovated this could be an excellent opportunity. Ask lots of questions...
The floors not being level doesn't concern me so much because I grew up in a similar house in the same town and it also had some slope in the floors. Unfortunately, there is nothing historic about this neighborhood. The main concern for me was this suspected termite problem. I still haven't received the structure report from the listing agent that will tell me more, so I'm still waiting on that before I make any descisions.
As your pest company can confirm with a renewable warranty that pays for additional damage. " A treated home is better than an untreated home without bugs. Untreated homes can get bugs anytime. Treated ones don't. Ive had buyers walk away saying termits. I think It simply wasn't there dream home with a built in easy objection. No problem for the right buyer.
Uneven floors may spell disaster for a slab house not usually for a basement house. We don't have to go back to the 1800's to find undersized framing members and crooked floors.
Every pichure tells a story. If this house has a basement and it looks normal it most likly is.
Under normal conditions wood stops changing and becomes fixed in a decade or two
In the South there's only two kinds of houses: houses that have termites, and houses that are going to get termites. In Dallas, it is estimated that there are 4 to 6 termite colonies per acre. Just realize that a large termite colony can only eat about a 3 ft. 2x4 in one year. If you catch them early then no harm done. I, unfortunately, have hands-on experience with termites.
iglooman
Here is the builder's point of view. I have dealt with termite problems from $100 to $20,000. All things are possible, I once had a case where the little suckers had eaten the 18" off the joists where they met the outside wall and the kitchen was sinking.
Get someone in to check! There is peace of mind by knowing what the problems are and how to deal with them rather than guessing.
Uneven floors are no big deal, in fact quite common in older homes and unless the walls are cracking as well shouldn't present too much of a problem in a house that age.
I have jacked up 2 story affairs for less than $1000. Should it be needed. Much depends on the specifics of the property, the room to work in etc.
Good Luck!
[addsig]
Just keep in mind that the days of getting a real bargain on a HUD house ended around five years ago. Most of the homes they offer are way overpriced. They are mostly saleable because of low downpayment requirements.