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f/u termites (we walked away)
I wanted to f/u on our termite problems of last week (see a post from awhile ago)...quick update for those who didn't read, we were in contact on a short sale townhome and set to close 10/14. The home inspection showed some stuff that needed to be repaired ($3500 in electric panels) and some that could wait (AC is original from 1970, water heater will need to go soon, etc.)...We did the pest inspection and found a drywall termite infestation...exact extent unknown--inspector recommended doing $5K in repairs and then another inspection to determine extent of damage...oh, and that inspection would be ~$500.
We found out that the HOA does not cover termite damage.
We decided to walk away from the house--although we love it, there are just too many upfront costs that need to be dealt with immediately...the carpet needs to be replaced and we were going to tear down the popcorn ceiling (for aesthetic reasons, although it has asbestos, so we wanted it down anyways)...
Thank you for everyone with the advice on termites, SS, etc...we think we're going to take a break from house hunting and figure out our next steps...maybe save up a bigger DP so that we can buy a newer home w/o so many problems...
Re: f/u termites (we walked away)
Thank you so much for your reassurance. This was a really tough decision for us...especially given we had paid for $1000 in inspections on the place...but better $1000 in inspections than $400K plus who knows how much termite damage...
Again, thank you for the comment---I needed the pat on the head that we are doing the right thing
Thank you all so much for the reassurance--this feels like a gnarly break up where you know you're doing the right thing, but it still sucks. Guess it just means it's time for some
, right?
I know it was a tough decision. Good luck with your house hunt.
Just wanted to add two cents about asbestos. It is extremely safe when installed. It is the installation and tearing out when it is most dangerous because it gets into the air. So when you do remove asbestos, be sure that it is done properly and disposed of properly (it is a toxic waste and illegal to 'dump'). It is easiest done when a property is vacant b/c it is easier to clean up and doesn't get into your belongings. I've helped a number of clients arrange remediation and it really is pretty easy.
Sorry, I'm not trying to be negative at all. Just sharing a word to the wise
Good luck!
Lighthouse State Beach, Santa Cruz.