Feasting on Foreclosures – Termite Inspection is the Key

The recession has been in full swing for several years now. Unemployment amounts are frightening. Millions of homes are in foreclosures. As well as the real estate market has been stagnant. Nevertheless if you think those homes have been empty, think again. Guess who moved in. Termites!

The root reason behind the condition of course, is neglect. The longer a home has been neglected, the bigger the risk for termites. In some instances the homeowner was in financial trouble long before foreclosure. This can be a safe guess that termite inspections were never done. Plumbing and roof leaks, also a result of neglect, make vacant homes even more appealing to termites. termite inspection near me

Experts approximate that the amount of damage caused by termites each year exceeds the damage done by all the tornadoes, hurricanes and wind storms put along. The cost of dealing with and restoring termite destruction is estimated between $1. 2 and $5 million dollars each year in the US alone. Gross annual termite inspections could prevent much of that harm.

Termite researchers tell all of us that the typical drywood insect colony contains 5, 1000 to 10, 000 termites. It will require a colony about four years to develop fully to the point that they get started to swarm. During that time one colony may grow into multiple colonies.

The normal insect inspection/treatment/repair cycle prior to the recession has recently been postponed indefinitely for in foreclosure houses. Experts are worried the termite colonies in vacant, uninspected homes could be growing bigger than normal. In fact findings by termite control experts in Florida and Washington dc are reporting larger and more active swarms.

Banking companies selling foreclosed homes have typically never seen those homes. They have no understanding of the condition of the home or of any problems that might exist. No property disclosure report is given to buyers and the homes are sold in “as-is” condition. The buyer has the right of inspection, however. Savvy buyers will obtain both an insect inspection and a complete home inspection by reputable professionals.

If a pest inspection reveals problems, the bank will not make repairs. Unfortunately, there is no negotiation on this issue. This is the time to get estimations for both termite control and damage repair. Virtually any offer made on the foreclosed property should reveal the value of the exact property minus termite treatment and repairs.

The bottom series is that homes in foreclosure have typically recently been neglected, often for a long time. These types of properties have an increased risk of termite infestation. The longer the period of neglect, the higher the risk. Before investing in purchasing such a property, an expert termite inspection should be expected. The cost of the inspection and pest control is minimal in contrast to the expense of future destruction.

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