⮩ Can I Sell a House With Termites & What is it Worth?
⮩ Is it legal to sell a house with termites?
⮩ Who is responsible for paying to exterminate termites?
⮩ Who would buy a house with termites?
⮩ Is a house with a termite infestation worth less money?
⮩ If you’re looking to sell your house with termites fast
From foundation and structural problems to replacing frames and floors, termite infestations range from minor annoyances to significant safety issues. But one issue is always present: termite damage comes with significant repair and extermination costs. Many times, it’s not worth trying to remove the infestation and repair the damage yourself. Instead, you might want to sell the house—and sell it fast. But that leaves a bunch of questions, like:
- Is it legal to sell a house with termites?
- Who would buy a house with termites?
- How much is the house worth?
- Why would someone want it?
The people looking to buy houses with termite infestations are usually real estate investors and wholesalers. The reason they want the home is that they are not planning on living in it. Instead, they will usually invest some money to fix the termite damage and make some other property upgrades. Then they will try to sell the property for a profit. Investors and wholesalers will research different parts of a city to know what a property value for a completely renovated house will be. If the cost of buying a house with termites plus the cost of fixing the damage is less than the price the renovated property can sell for, then it makes sense for the investor. But because the costs of fixing termite damage can be extremely high, it doesn’t always make sense to fix it yourself, especially if you don’t have spare money lying around.
Selling to a real estate investor can give you some immediate cash to find a new home, which also helps by saving you money from staying in a hotel or short-term rental while the termite extermination and home repairs are being completed. If you’d like to learn more about selling your house with a bad termite infestation, keep reading below. You’ll get answers to all of your questions about selling a house with bad termite problems.
Selling Houses with Termites: FAQs
Can I Sell a House With Termites & What is it Worth?
Yes, there are plenty of buyers. But keep in mind that because of the damage that termites cause, you won’t be able to sell for as much as your next-door neighbor without termites. Don’t expect to get as much money for your house as other people in your neighborhood. But depending on your specific situation, you can still get some cash out of your house by selling to real estate investors and land buyers. One other benefit of these buyers is that they may be planning on totally rebuilding the house or just tearing it down. If they do this, they won’t ask for more expensive home-inspection repairs that a traditional buyer would. That means less time for you to close the deal and potentially more money you don’t have to spend on property taxes, mortgages and inspectors.
Is it legal to sell a house with termites?
Yes, it is legal to sell a house with termites as long as the buyer is aware of termite damage. In most states, you declare the termite issue within the property disclosure report.
This report is typically made available to buyers before the closing of the house, or after the inspector has done his or her walk through. The reason you want to be truthful about the disclosure is because the buyer can come back and sue you after closing if you knew about the problem and didn’t disclose it. If you don’t disclose and they sue, you may end up having to buy the house back. If you need to sell your termite infested house fast, this not only sets you back further financially, but in a worst-case scenario, you’re out-of-pocket for the legal fees and you’re also stuck with the home again.
With that said, for the most part, home buyers are responsible for hiring an inspector, whose job it is to uncover any existing termite damage. But it is usually better to be safe than sorry.
Who is responsible for paying to exterminate termites?
Once termite damage is found, the buyer may request that you cover the cost of repairs before purchasing the home. If a seller refuses, the buyer is welcome to renegotiate or even cancel their offer. If this becomes the deal-breaker because the costs of repair are too high, you may want to consider selling to a real estate investor or house buying company as they specialize in these purchases. Because they’re planning on rebuilding or rehabbing the house anyway, they may be able to close the deal faster.
Who would buy a house with termites?
House flippers, property investors, and real estate investors are always interested in repair projects. Often, these companies have the money to invest in significant renovations to damaged properties and probably specialize in these specific issues. Because of their experience, they are able to get a loan that builds the repair costs in and they can make a profit by selling the newly improved and repaired property. But that leaves the question, why shouldn’t I do it myself? The simple answer for many people is that it’s too expensive and they don’t have enough free cash sitting around.
Property investors that buy termite infested homes have their own funds and often can get better pricing on major repairs for a home. This allows them to make a profit while it might not make sense for you to do the same. If you want to try and do this on your own, make sure to evaluate all the costs of the repairs as well as the costs of a hotel during the time your house is getting repaired. Sometimes this additional expense might make it no longer affordable for you as the seller. In these cases, selling a house with a termite infestation to a real estate investor is a good alternative.
Is a house with a termite infestation worth less money?
Yes, a termite infested house is worth less than the other homes in the area. Termites are a major issue and the costs to get rid of them plus the costs to fix the damage they cause can be extremely high. Exactly how much termites take away from the value of your home depends on the amount of the damage and what the property will be worth once it is infestation free. You should not expect to get the same amount for your home as your neighbors who have recently sold theirs if they did not have termites.
If you’re looking to sell your house with termites fast, we at 365 Property Buyers are ready to help. Call us today at (501)369-0365 finally get rid of your termite problem once and for all.
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