8. Survey:
In some states, after the loan is approved, or earlier at the discretion of the loan officer, a survey is ordered by the buyer, their agent, or their lender. This usually does not occur until the last 10 days of the process. The only evidence of the survey having been done is the classic wood stakes with red or orange ribbon at the corners of your property.
9. Pest Inspection:
The “termite” inspection is an inspection of all wood-destroying organisms, including but not limited to dry wood and subterranean termites, wood-boring beetles, carpenter ants, and wood rot caused by wet rot or by fungi.
10. Pest Inspection Results:
If you ordered the report yourself, please advise your agent by whom and when the inspection is being performed, so your agent can follow up on the paperwork. Copies must be sent to all parties concerned, including the lender, closing agent, and the buyer or buyer’s agent. Negative Reports: Occasionally a negative report is received indicating that a termite infestation has been found, or worse than that, a wood-boring beetle infestation. If you have a subterranean termite infestation, then a ground treatment is done, which might involve boring holes in the slab. If you have a dry wood or boring beetle infestation, then your home may have to be tented. This can run over $2,000.
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