According to recent figures from the USDA, termites damage approximately 600,000 homes in the U.S. each year. It is estimated that U.S. residents spend nearly $5 billion annually to control termites and repair damage. To make matters worse, Georgia is one of 8 states in the U.S. with the greatest amount of termite damage to residences.
Very few lenders currently require a purchaser/borrower to obtain a termite letter prior to purchasing a home. The same applies to a termite bond. However, that does not mean it is not wise to inspect for active or previous infestation of termites or other wood destroying organisms during the process of buying a home.
It is important to note that all lenders will require a home have a recent termite letter (now called a Wood Infestation Report) in order to qualify for a VA loan. The letter must show that there is no active infestation of wood destroying organisms. If there is damage caused by termites, it may need to be repaired prior to closing, depending on the severity.
In addition to the Wood Infestation Report above, many people opt for a termite bond. This is effectively a warranty and service provided by a pest control company to deter termites from the home as well as a promise to repair damage caused to the home by termite during the term of that bond. These can provide a great deal of peace of mind to homeowners so they know their house will either remain free of termite damage, or any such damage will be repaired.
Like many other services, there are a number of qualified pest control companies in the metro-Atlanta area that provide these services. Always check references and reviews in addition to prices. Cheap may not always be good.
As always, at Ganek, PC we have trained and helpful attorneys and staff to assist you with questions on this or any other topic related to real property purchases in Georgia.