Their inspector said it would cost anywhere from $1500 to $2000 to remove the mold and encapsolate the attic. The current owners said they will give them $1500 at closing to cover the repair work. My question is - Will my daughter and her husband have any recourse if the repairs cost more than the $1500? The current owner also said that the estimate of $1500 they received from a repair man said the mold was dormant. Should my daughter insist on having the repair done by the current owner or proceed with the closing and accept the $1500 offer?
If they really like the House, then present at least 3 other estimates from certified mold specialist , via their attorney who can make an addendum on the contract to cover their rights.
My concern would be if when they remove the mold is there other issues and how is your daughter & her husband protected ? Try to have the sellers do the work prior to closing if at all possible.
Another factor is how will the time delay effect the mortgage program, if at all, a simple question to the mortgage company. Better safe than sorry.
Chris,
I agree with Erin below. I would call a few more inspectors to get an accurate quote. This will give you a better idea of what it will really cost. However, I have run into this situation a few times and the quote given for around $1500 is pretty accurate if the mold is dormant. I also agree with Erin that I wouldnt make this a deal killer. If they got a good deal on the house, a $1500 credit is pretty resonable. I hope everything works out great for your daughter!
Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlamericorp@aol.com
708-250-2696
They should call around and get a few more quotes. You may suggest that they get their quotes in writing. If the sellers are only agreeing to pay for $1,500 and it ends up costing $2,000, your daughter will be liable for the difference. Your daughter can ask and see if they can pay more than that but the seller may not have the money to do it. Ultimately, your daughter and her husband have to decide to accept his offer...I guess it depends how much the like the home and how good of a deal they got up front.
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