The Consumer Product Safety Commission and the Dept. of Housing and Urban Development (HUD) have prepared "Interim Remediation Guidance" because homeowners wanted to do something to begin the process of repairing their homes. "The guidance is designed as a conservative, common sense approach to the challenges facing homeowners, and is offered in advance of a complete understanding of certain scientific matters at issue." Replacing all the Chinese drywall in a property is an interim solution. Chinese drywall permeates all the porous surfaces of the property and furniture. Electrical and some of the plumbing components of the home are also being replaced.
You may access the links mentioned above and topics like Buyer Beware, 21 Critical Mistakes Buyers Make and more important information for all buyers at http://www.FloridaBuyerBroker.com
Now the real question is how much?
Were only a few sheets used? Is it in the whole house? Did the testing Company really find it all?
Will all the electrical have to be replaced? The insulation? Copper plumbing? All the duct work?
Will the whole house have to be stripped to bare studs?
There are places that will test and any Agent worth they salt will add a chinese Dyrywall addendum with a submitted offer on any house in order to protect you the buyer. If your buying at Auction than NO there is no inspection period, It can cost up $85 per sq to remediate
Are you really getting a bargain or a headache?
Will you always have to disclose of it past presence, which may stigmatise the property and hurt sales in the future? IT'S A GAMBLE !!
Best regards ,
Susan Callahan, ABR, CNS
Coldwell Banker Residential Real Estate LLC
The best way to test a whole house is with the X-ray gun. Google it. =)
HAve a Great Day!
Good luck with your purchase!
It is normal practice in this area to have a defective drywall addenda presented along with your purchase offer, so yes the sale can be made contingent on this issue.
Not only is financing a home with defective drywall an issue, but insuring these homes is also a problem. Not only does cost to remediate far outweigh the savings in most cases, but there is simply not enough information available at this time that tells us how safe these homes are after remediation.
Maranatha Realty Group, LLC
Most agencies today require a "Chinese Drywall" addendum that explains the concern for this material. Read it carefully and ask for an explanation if it is not understood.
Chinese drywall is normally easily detected but extremely difficult to remediate. We recommend that when writing an offer that you have your agent include a contingency that protects you from this nuisance. Make you home inspector aware of your concerns and they can check to be sure. It's a matter of pulling a few electrical cover plates and examining exposed copper wire. If the normally shiney copper is "black" you have tested positive. This is the easiest of several ways to identify the problem.
Legally a seller has to disclose any KNOWN material defects - if they have knowledge they are obligated to share that with any potential purchaser. There are some agents that will disclose signs/evidence in the confidential remarks section of the listing vs the public remarks section so it is possible that certain listings will be positive without & you may not realize it unless your agent fully reads the listing.