Home Buying in Lincolnshire>Question Details

Jana M, Home Buyer in 60089

Does previous black mold affect property value even if remediated?

Asked by Jana M, 60089 Fri Mar 28, 2014

I'm buying a house and the inspector found black mold in the attic. The sellers agreed to take care if it properly. If I proceed with the purchase, will this affect the future value of the home once I want to sell it?

Help the community by answering this question:

Answers

6
No, it does not.
This will be true also of termite damage, plumbing leaks and other malfunctions that may occur in a home.
Having evidence the issue has been resolved by receipts from contractors or a current inspection designed for the specific purpose of detecting mold, leaks and termites.

Now, even the best prepared plans be be turned to ruin by those who are undisciplined.

If you ignore your REALTORS advise and choose to be present when a buyer is looking at the house and they ask, "Got mold?" If your response is "OMG, the attic was full of toxic black mold everywhere! We had to have a contractor fix it. I was so scared I stayed a week at Motel 8!"

Your home just lost $30,000 of value.

This is way you need the professionals between you and the wind trying to push your ship onto the rocks. DON"T BE THERE during a showing.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727. 420. 4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Mar 28, 2014
There are 2 things here, one is eliminating the mold now, which done by a professional and documented that would be perfect. No Worries.
But for you as the new homeowner, creating better conditions in the attic so this never happens again is key moving forward owning this home.
When selling your home in the future, sharing the history, showing there was something, we fixed it and did x to make sure it has never come back again and it has been fine ever since. That is what most buyers want to see.
0 votes Thank Flag Link Fri Mar 28, 2014
First, an appraiser will not go into the attic - so value is not what the issue is. If it is remediated (and I would have another inspection by a mold expert to be sure of that), then the problem is solved. What caused the problem should be of more concern to ensure that is properly fixed.

Once items are corrected, they no longer exist and should not affect the value, but ensuring they are corrected before you buy is essential and they will not recoccur to become a problem later.
0 votes Thank Flag Link Fri Mar 28, 2014
it is really important it is removed in the proper manner and also the cause of it fixed. most likely it is a bathroom fan venting improperly into the attic (I see all the time) or other reasons.
there is a company called Allen environmental that will go in and assess the situation. They will give you a recommendation on how to remove it safely. They do not do the work, they only do recommendations on removal. It may be a good idea to call them. I am sure your agent is knowledgeable on the topic. I would want all documentation on how the sellers handled it.
0 votes Thank Flag Link Fri Mar 28, 2014
It shouldn't as long as it is done properly. That means getting rid of the mold and also doing an air quality test. Be sure they use a reputable mold remediation company and get everything documented.

Chris
0 votes Thank Flag Link Fri Mar 28, 2014
Hi Jana,

There is always the potential of anything negatively affecting the value of a home once there has been a problem with the property. Since everything that is known about the property should be disclosed, to avoid any legal issues down the road.
0 votes Thank Flag Link Fri Mar 28, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer