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About Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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You are here: Experts > Shopping > Home Buying/Selling > Buying or Selling a Home > Walk away from a house known to have termites?
Expert: Jim Root
Date: 9/2/2008
Subject: Walk away from a house known to have termites?
Question
Hi there. My fiance and I have been looking at houses in our area, and we recently saw a gingerbread house built in 1901. I found the property online through CLRSEARCH.COM, and we requested a showing through the seller's agent, as we have none of our own. We signed no papers for her to act as a dual agent. She told us that another couple had looked at the house, and then had a contractor friend (not a licensed termite professional) take a look. The friend supposedly informed the current owner of a termite infestation. No actual termite inspection has been performed yet. The current owner bought the house 8 years ago for $74,000, and supposedly had some kind of termite treatment performed 3 years ago. (I don't know why she would have done that if she did not already know she had a problem.) She is asking $102,000, without having made any improvements to the property, and the market has pretty much crashed here. The tax value is $60,000 and some change. We have not put in an offer, and are not sure if we should, knowing there is indeed a problem. If we do, how can we protect ourselves? I have been researching termites online, and it appears we would definitely need a thorough termite inspection, and it would be wise to bring in a structural engineer to assess damage. I asked the agent if the owner was planning on doing anything about the termites, and was told the seller was waiting for an offer. Sounds bad, as the house has been on the market for over a year. Who knows how long the termites have been eating the house... Maybe she simply doesn't have the money to do anything about it herself? Why else would she not protect her investment? It would not be enough to require the seller to treat the problem at a cost of $1000- $2000, or reflect that in the price, if there is structural damage to the tune of several thousands of dollars. So, should we request these inspections at our cost before we submit an offer, or just have contengencies to the inpections within the offer, and how should things be worded so that offering price reflects the damages we feel sure will be uncovered? Or, should I walk away from a house I just couldn't help falling in love with to keep from losing the bank?
Thanks for your advice!
Ansley
Burgaw, NC
Answer
Hi ANSLEY--
Wow! First let me say this--YOU NEED TO GET A "BUYER'S AGENT" WORKING FOR YOU! Listing Agents,even when working a "Dual Agency" tend to "lean towards" their "Client," the Seller's BEST INTERESTS.
You need an Agent who'll look out for you--and answer all the questions you've asked me.
But I'm GLAD you asked! If I were your Agent, I'd first attempt to dissuade you form purchasing this property.It may be "Gingerbread," but it's s-o-o-o OLD and you can expect a lot of ongoing maintenance costs as it's Homeowner.
If you MUST have it, however, I'd NOT suggest that YOU pay for a Termite Inspection or Structural Engineers Report, but would help you make an Offer subject to the Seller providing evidence that the Home is currently Termite free and that the Structural integrity of the dwelling has not been compromised by previous infestation! The Offer would make it clear that Inspections and Treatments in support of removing this Contingency would be at the Sellers expense and that if you withdrew your Offer because of the results of the Termite or Structural Inspections, you would get your Earnest Money Deposit back!
Again, I suggest "moving on" to another Home--one that's NOT so ancient and with a bad past history And find a Buyer's Agent to help you! Can't you see from explanations above how much you need the help of a "Professional?" GOOD LUCK!
--JIM
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