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Presumably infestation does refer to some sort of insect, or worse, rodent. I've never actually seen that on any of my appraisals, just on the inspection report. Did you get a pest inspection and a general inspection of the property? If not, these are strongly, strongly recommended.
Arms-length transaction means that you and the seller don't have any relationship with each other, whether it be personal or financial. That is, you're not buying the home from your sister or your business partner, for example.
depending on where you live... termites are not an 'if' you get them but a 'when' you get them proposition.....
good luck
arms length transactions are subject to additional loan guidelines.
DallasLoanGuy wrote:
depending on where you live... termites are not an 'if' you get them but a 'when' you get them proposition.....
good luck
+1
Here in California, just about every home that is not new construction has some evidence of termite activity. It's a fact of life. We've got a colony of subterranean termites about 10 feet away from our home; we know it's there because we see swarms a few times every year.
Assuming that you live in an area where termites are endemic, the big thing you want to find out from the inspection is whether there is any serious structural damage. It's possible to have prior termite activity without significant damage.
If there is evidence of current termite activity, you should also get an estimate of what it will cost to eliminate them - for now. It's not a one-and-done sort of deal; you may require regular treatment to protect your home.