Asked by Ak, Lansing, MI • Mon Apr 20, 2009
I'm purchasing a bank-owned home with some water damage, via 203k loan in Michigan. I already expected the obvious repairs of plumbing, drywalling, flooring, etc. The problem is there is a substance on walls (mold, mildew, whatever). Inspector told me he would not be including that in the write-up because FHA / HUD does not require him to. My realtor told me the appraiser might write it up & lender might require me to correct it. Inspector says the appraiser should not write it up either because they follow the same federal guidelines.
Inspector said an air test can be done for about $200. Yet, a restoration company said air test alone is $2,000.00 and he estimated $35,000 for mitigation. This would cause me to not be able to afford the home. I know I should not be emotionally attached to it, but I am, and the thought of losing it is just devastating. General Contractor said he would just buy abatement chemicals, masks, etc. and treat it.
What are my options??
Real Estate in Lansing
Popular Categories in Lansing
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!