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