I made an offer on a property in a very good area which was originally listed for $480.000 before the owners discovered that the property had termite damage. Since then they have dropped the price by $50.000. After closer inspection it seems the termites have been eradicated and are no longer active. The land value of the area seems to be between $350.000 and $380.000. My unconditional offer of $355.000 was knocked back.My strategy was to fix white ant damage. Rent place out for 6 months and have bank value property and cash in on extra equity. Before making another offer I was wondering if insurance and bank will create problems in the future. Any advice appreciated.
Regards Layer181
P.S. Cannot ascertain full extent of termite damage because owners (understandably) dont want further probing.
Regards Layer181
P.S. Cannot ascertain full extent of termite damage because owners (understandably) dont want further probing.