Mold

[jgravittjr]

If I'm going to buy a foreclosure with about $46K profit to make, would you still move forward if a posted message said "Mold Present"?

[ThreeRiversREI]

If I'm going to buy a foreclosure with about $46K profit to make, would you still move forward if a posted message said "Mold Present"?

$46k pays for a LOT of mold remediation.

I wouldn't run away from the deal, but I'd look at it carefully.

[Debbie]

Is the whole property covered in mold? If yes---I'd definitely pass this!

Is there a small moldy area in the bathroom? If yes---easy fix. Most likely it's mildew but if it's definitely mold, it's still an easy fix. It's a keeper.

Are the trusses moldy (due to leaky roof)? If yes---that really depends on the walls that the leaks came into contact with. If not too much replacement cost, I'd consider it.

Is there mold in the basement? If yes---that depends on the condition of the walls, etc. If not too much replacement cost, I'd consider it.

So the phrase "Mold Present" can mean anything....

P.S. - you won't catch me do any mold clean up (remediation)! I'll let the pros handle it!

[Debbie]

If I'm going to buy a foreclosure with about $46K profit to make, would you still move forward if a posted message said "Mold Present"?

Oh wait a minute! Are you asking if you buy the foreclosure, not do a thing about it (no mold remediation) and flip it?

If yes, this is my response:

Aw, come on! Do the right thing!

[jgravittjr]

I will definitely do the right thing. I just thought if there was a mold problem I might stay away from it. When I said there is $46K to make on it, I would still have to do all of my sub work and pay the realator out of that $46K. Thanks for everyones input. I do appreciate it.

[steve-homefree]

Where is the moisture coming from?
Still a problem? How big?

I've dried alot of houses in my day job,but some have structural problems that require extensive repair to correct.

If it is a foreclosure,you may not be able to inspect it pryor to sale.
Or is it a REO foreclosure?

We need more info.
Could be small,could be big.

The mold problem can be corrected.
Structural problems can be corrected.
Was that $46k before or after?

[steve-homefree]

Ok, you posted while I typed(slowly).
Find out what the source of the moisture is and how extensive the damage is before you make your offer.
You're already into that 46k,I wouldn't guess at this point.
You need to know if the water is coming in from above(the roof) or below(foundation).
I'll take the roof anyday personally.

[jgravittjr]

yeah, the $46K is what I have to work with and to try an make a profit after everything is said and done. I will let you know more as I find out.

[brianb_cobbres]

yeah, the $46K is what I have to work with and to try an make a profit after everything is said and done. I will let you know more as I find out.


Keep in mind that you will have to disclose the mold now that it appears to be public knowledge. You are going to need to use a mold remediation company that will provide test results and a guarantee/warrenty of some type.

Once public knowledge you have to do it right.

[Rich_in_CT]

Mold can be a bargaining tool rather than a deal breaker......get them to lower the price even more. ;)

[jgravittjr]

Great, thanks for the heads up!!

[k6saunde]

Keep in mind that you will have to disclose the mold now that it appears to be public knowledge. You are going to need to use a mold remediation company that will provide test results and a guarantee/warrenty of some type.

Once public knowledge you have to do it right.

Good Point Brian, But even after the remediation has been done isn't it more difficult to find a buyer willing to buy a property that had mold?

I heard that it was, is that the case?

[brianb_cobbres]

Good Point Brian, But even after the remediation has been done isn't it more difficult to find a buyer willing to buy a property that had mold?

I heard that it was, is that the case?

Yes you are correct. That is why you need to disclose it and be able to show professional remediation and a guarantee/warantee. I seem to recall someone on this site writing an ebook whose entire premise was based on eliminating the buyers fears. Now who could that have been.

[k6saunde]

Yes you are correct. That is why you need to disclose it and be able to show professional remediation and a guarantee/warantee. I seem to recall someone on this site writing an ebook whose entire premise was based on eliminating the buyers fears. Now who could that have been.

Any chance you could post the link or the book for those of us that just know enough to be dangerous?