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Topic: Who pays to satisfy pest report findings? (Read 691 times)
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cmgith
Newbie

Posts: 3
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Briefly, I and two siblings own equal shares of property as tenants in common (long story). IThe house in in El Dorado County, California. We all are residents of California. I am buying them out and having trouble determining what to offer. House appraised at $386K, $390K, $465K, the high appraisal obtained by my siblings lawyer. Have had multiple inspections, termite, whole house etc. Regarding termite and rot, the cost to cure averages $80,000.00 (range is $40K to $110K) according to several bids by contractors. The loan we are obtaining doesn't demand Section 1 findings be cured, although I could get a better loan if the house were brought up to FHA standards. Since the seller (my siblings) is usually responsible for any pre-sale repairs, I think that at least 2/3 of the cost to repair should be taken into consideration when I determine what my offer to them is for their shares. Whether that amount should be taken off their asking price, or some other method of compensating me, I don't know. Do you have any ideas about this issue?
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