A lot of houses for sale in Canarsie have flooded out due to Hurricane Sandy...what about mold!!! and will these homes be lowered in price?

Asked by May, Brooklyn, NY Thu Nov 1, 2012

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Nov 1, 2012
Hi May. Damage caused by the storm is not necessarily going to lead to a reduced price. Some sellers might address any damages done prior to finding a buyer, either out of their own expense or insurance coverage, etc.

Most of us haven't experienced this type of natural disaster in the northeast. I would advice you to pay for an engineer's report and make sure you're aware of the property's condition beyond possible mold.

Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
1 vote
Martina Ryan, Agent, Bayside, NY
Fri Nov 2, 2012
It depends on the extent of the damage. If the damage is extensive they will be most likely be more negotiable.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Nov 1, 2012
Depends, some owners may choose to remedy repair issues caused by the storm, including mold.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Thu Nov 1, 2012
Dear May:

This to shall pass. Once the home is emptied of water and the power comes back on, the insurance companies and FEMA will pay for the repairs. They will probably be in better condition after the fact than they were before hand, at least that is how I look at it. The is an act of nature and a rare occurrence, it is not indicative of an ongoing problem. The mold and everything else will be addressed. For many homes, Hurricane Sandy was the first time water even entered the basements.

Most homes will get back to normal within the next couple of months. Before this hurricane, often times a home would sell with mold problems and the new owners would take care of it. It is nothing that a little money can't fix!

Most of the time when you purchase a home you hire an inspector to check out the house. These inspectors can tell you if there is presence of moisture and/or mold. If it is really a concern, you can even hire a mold specialist to check it out for you.

Because this is not something that is a material defect with the house and/or an ongoing problem, the homeowner may not have to disclose it. But if it is a concern for you, you can always ask the homeowner, then they would have to answer you honestly.

If there is damage and the homeowner is trying to sell the property as-is, they will probably have to take less, that goes without saying. If it gets fixed, then it is fixed and no longer an issue.

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Mitchell- I love and appreciate your positive attitude, and intelligent response. It is very refreshing! Thank you.
Flag Fri Nov 2, 2012
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