There is no need to panic when hear mold. What you should do this hire a independent remediation house contractor to see how much repair would be. Let the owner of the house see the estimate, than bargain from that.
SELLSTATE Dominion Realty
10268 Lake Arbor Way
Bowie, MD, 20721
Investors say mold is gold! Put this usually comes with knowledge and experience of addressing it. Mold in a home can be expense to remedy as noted previously in other answers and difficult to finance. Some mold companies will come out and give you a scope of work and estimate for cost.
For most loans, mold must be remediated before the lender will approve financing on the home. Mold remediation can be costly and sometimes the cost to remediate would be over and above the value of the home. Call a certified mold remediation company and find out what they would cost to estimate the damage.
Trying to sell a property with severe mold would be difficult as anyone coming in with government financing such as FHA, VA or USDA will not be able to qualify for the loan until the mold remediation has been completed...thus, this limits the bidders on your property to those with Conventional financing that does not require mold remediation to be completed or cash purchasers.
Renovation loans, such as the FHA 203k allow for mold remediation to be included in the new purchaser's financing, however, if the expense of repairing the property is greater than the value of the home after improvements, the loan will not go through. Many loans are killed because the damage to the property is so great that the cost to improve exceeds the marketable value of the home.
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
cell 202 573-6035
> MLO# 194172 FIMC NMLS# 2289