Serving Memphis, Cordova, Germantown & Collierville TN
The real estate market in Memphis is booming. The Commercial Appeal recently reported that home sales in 2024 were on pace for an increase of 3.2% over 2023 numbers, and that the median sale price had seen a 3.7% decrease. Whether you are looking to buy or sell, a termite letter needs to be part of the transaction. Today on the blog, we explain the importance of a termite letter.
What is a termite letter?
This document also is referred to as a wood destroying insect (WDI) report or a clearance letter. By whatever name you choose, a termite letter serves as documentation that a termite inspection has been performed on a property and that the results of that inspection have determined no termite infestation exists. If termites are detected during the inspection, the letter details the type of infestation, any damage to property or the structure and a recommended course of treatment.
A termite letter protects all parties in a real estate transaction
For all parties involved, a termite letter expedites the sales process.
The buyer: No buyer would want to purchase a home that is infested by termites. Having a termite letter gives you a sense of security in the pending transaction. For those who are applying for a loan through the Federal Housing Administration or Department of Veteran Affairs to purchase a home, proof of a termite inspection is required as part of the loan approval process.
The seller: As a homeowner, you can jeopardize potential sales if termites are on your property. It also protects the seller from being accused of hiding potential issues with the home or not disclosing a termite problem – either of which could cause significant legal issues including a lawsuit after the sale is complete. A termite letter can even increase the sale price on a property.
The lender: Many mortgage companies also require some sort of documentation that a termite inspection has been completed. From the perspective of the mortgage company, a termite letter provides protection so that they do not finance a home that has experienced significant termite damage, which therefore would make it much more likely that the loan goes into default.
Termite control in Memphis and Cordova in Tennessee
The price of the termite inspection on a property varies depending on the size of the home, the complexity of the structure and your specific needs. AAA Termite and Pest can perform a termite inspection and issue a letter as part of our program of termite control. This entails regular preventive treatments that form a barrier around your property and deter termites from entering. Our technicians have the training and experience to detect signs of termites that would otherwise go unnoticed. From there, they use products to repel termites – or eradicate them, if an existing infestation is identified – that are effective and also administered without posing any potential hazards to people and pets.
If you are in the midst of a real estate transaction or proving to buy or sell your home, then make sure a termite letter is part of the plan. Contact AAA Termite & Pest today by calling (901) 737-7378 or contacting us online.