Home Buying in Mullica Hill>Question Details

Daneen Dispi…, Both Buyer and Seller in Hazleton, PA

How can we obtain a loan for a house w mold in it? It is a short sail and do not want to use a 203k loan.

Asked by Daneen Dispirito, Hazleton, PA Tue Nov 27, 2012

Found a home in Nj, has mold in basement. It is a short sale. Cannot obtain a CO. Do not want to use a 203k loan. Anybody have any ideas? I think the bank that owns it may be the same bank as our current mortgage holder.

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another option if you want the home and can not get the bank to do it, once you come to an agreement with the bank is to have it remediated prior to closing

there is a god chance the bank may be willing to do it if you present the estimates and have a good negotiator.
0 votes Thank Flag Link Wed Nov 28, 2012
Is it a Short Sale or Bank Owned...If a Short Sale the Seller still owns the home. Maybe you should see if the Seller is willing to remedy the problem, or you could contact your local Mortgage Broker/Mortgage Advisor for further financing options.

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0 votes Thank Flag Link Tue Nov 27, 2012
The Florida agent is correct, if it is a short sale the bank does not "own" the home yet. Have a mold remediation company do an estimate and make your offer contingent on the mold remediation being completed prior to settlement. The bank, if they foreclose, will have to remediate the mold so they may pay for it upfront. How extensive is the mold problem, in this case, I would think the bigger the problem the more the bank may cooperate.
Web Reference: http://www.gyleshomes.com
0 votes Thank Flag Link Tue Nov 27, 2012
If the property is a short sale the bank does NOT own it. The contract is between buyer and seller but subject to third party (lender/bank) approval. I doubt you will be able to find a lender who will loan you money for a home that has mold. You should see if the seller can remediate the mold to eliminate that issue when it comes to getting the loan.
0 votes Thank Flag Link Tue Nov 27, 2012
if the bank owns it, make the offer with the bank doing the remediation. if they refuse, you can always do a hold harmless with the seller to do remediation yourself
0 votes Thank Flag Link Tue Nov 27, 2012
The Bank "normally" has to take care of HEALTH and SAFETY issues and SCHEDULE ONE problems:
What does your CONTRACT say?
What does your Realtor advise?
0 votes Thank Flag Link Tue Nov 27, 2012
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