Posted: 5/13/2015 12:07:12 PM EDT
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My BIL lives in OKC. He wants to sell his house. He has a termite infestation. He hasn't had an estimate yet, for abatement and repairs. He's guessing $5,000, up to $10,000 to get it ready to sell.
The problem is, he has no money to pay for abatement and repairs. Let us assume he gets estimates to solve the problem and make repairs. How does the bank get comfortable enough to lend the buyer money, and let the buyer make the remedies? Reduce the purchase price by whatever amount it takes to assure the bank that the buyer will not get screwed? How can my BIL sell the house as is? I'm not sure if it's legal to sell an infested house in Oklahoma. |
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Way way way overthinking this.
Bank won't care as long as it passes inspection. And even then I've seen loans close with active termites before. Edit: a treatment on an average home will be less than $1000.00.... And you can get some as low as $300 in some areas of the country. So it would have to have a very significant amount of damge to be in the $5000-$10000 range for repairs. We just did an entire corner of a home for about $2300 in repairs and that included replacing it all the way down to the studs. Have him get 3-4 quotes and go from there. The costs can sometimes be taken out at closing. We do that fairly often on treatments and repairs. |