We really need help on this. When we were about to offer on the house, the sellers disclosed that they had done a termite inspection and termite damages totalled $6000. Since there was another offer and we had an inspection contingency we said we are ready for it. Now, during inspection, we find that the house also has dry rot which was not there in the first inspection. The costs are estimated to be $9000. The inspector also advises tenting/fumigation for the dry rot. The inspector was referred to by our agent and the agent has been very eager to convince us to buy the house. Now we are ver worried whether we should buy this house. How bad is dryrot ? How bad is subterranen ? Should we worry about severe infestation or possible future damage from these pests ? Our agent is pushing us to just ask for tenting costs from the sellers. The house is : a.47 years old - the builders are famous for building these homes very strongly. The foundation is supposed to be very well-laid. b.Cosmetic fixer-upper c.Good structurally according to the home inspection - d.Location is great. e.Priced 100 K lower than homes in prime condition. f.But it needs remodelling of :kitchen,bathrooms,paint on inner walls,new roof ,french doors need tempered glass,landscaping,hardwood floors need sanding, electrical grounding, needs correction of minor sloping in 2/3 places, new downspouts/splashblocks, sealing etc. g. Found rodent droppings in the attic by inspector. Not sure if it is fresh. g. Furnace is new h. Water heater is new
Now should we back off because of the termite and rodent damage ? Is the deal too pricey with all the things that needs to be done bearing the age and current prices in the locality ?
What would be a good ballpark to estimate costs for the above mentioned items ? What can we negotiate with the seller ? Thanks Kris