You finally found the right home for you and put in a purchase offer. The seller accepted your offer and now you’re making plans to move. To keep the ball rolling, you’ve hired a home inspector and are crossing your fingers because the bank is sending out an appraiser. You know the mortgage is based on the figure the appraiser comes up with; so, that seems to be your only real worry.
Now, while you’re making plans about which furniture to put where in your new home, comes the home inspector’s report. Its got a few minor items on it, but nothing that would make you change your mind. The inspector mentions he saw what might be signs of pests and recommends you get a pest inspection.
You gladly spend that little bit of money to know for sure, and follow through with the suggestion, hiring a pest inspector. Unfortunately, the news is not welcoming, there’s an infestation in the home and it’s not going to be cheap to get rid of those bugs. This completely changes the situation and now you’re wondering if you or the seller will be the one to cough up the dough.
Purchasing a Home Should be a Wise Investment
Because of this issue, there’s a lot of emotions you’re feeling. Most likely, you’re not very happy with the findings, and probably feel anxious about the near future. What’s more, you don’t want to purchase a case of buyers remorse, simply to to fill your dream because it can easily turn into a nightmare.
“Though there’s no such thing as a perfect house — every home, even newly-constructed ones, will have some issue or another — the trick is to make sure the home is free of any major problems before signing the dotted line. Like when buying anything, purchasing a home is a financial transaction and should be treated as such.” —AOL Real Estate
This is when you’ll have to remind yourself this is a financial decision that’s going to significantly impact you for the next several years. Buying a home can be a great investment. However, the opposite holds true and if you buy a problem-prone property, you’re purchasing a plethora of guilt. It’s best to step back and try to look at it objectively, turning to trusted family and friends, as well as to your buyer’s agent, to make a rational and financially feasible decision.
Getting Rid of Bugs Found During a Pest Inspection
What to do about those bugs is a no-brainer: get rid of every last one. Who’s going to pay for it is another matter; you, or the seller? If you had your choice, it would be the current owners footing the bill. However, sellers aren’t typically motivated to take care of a problem that will not affect them. Because they will no longer live in the home, they won’t be wildly enthusiastic about paying for something someone else will benefit from. So, let’s take a look at your options:
- Amend and your purchase offer. Often called “seller concessions”, these are conditions which are placed on the seller to perform in order to facilitate a transaction. Simply request the seller be the one to rid the home of bugs with the remainder of the deal remaining intact.
- Stipulate you’ll pay for the extermination, but, buy the home for less. You can deduct the cost from your purchase offer and take on the responsibility of getting rid of the pests, but will not pay the originally agreed price because of the added expense.
- Request the seller pay all of the closing costs. Should the original agreement make you responsible for paying some or all of the closing cost, recoup the expense of the pest eradication by demanding the seller pay the closing costs.
- Withdraw your offer with the contingency to come back. This might jolt the seller into taking action, making them realize they will run into this problem time and again. If their goal is to really sell their property, the seller will do what is necessary to make that happen.