house we like had structural damage fixed (?)and mold and mildew job done through co that no longer in business. should we consider or walk away?

Asked by fastik, Cherry Hill, NJ Mon Jul 30, 2012

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Jonathan E. Brill, Ph.D.’s answer
Jonathan E.…, Agent, voorhees, NJ
Tue Jul 31, 2012
It sounds as if you do not have an agent representing you under a Buyer's Agency Agreement. (If you do, speak with your agent.) Regardless, this type of question demonstrates one of the MANY reasons you should hire an agent to represent you. (Another important reason is that, by default, all agents in New Jersey work for the seller - not you! - if you are not represented under a Buyer's Agency Agreement. Agents also have database search capabilities that are far more powerful and comprehensive than those the consumer has access to via Realtor.com, Trulia.com, Zillow.com, or other public real estate sites.) Why not enter into a Buyer's Agency Agreement with a smart agent? - it typically does not cost you even a penny!

With respect to this property you like, if you had hired an agent, your agent would be able to recommend qualified and trustworthy inspectors to evaluate the situation. Absent representation by an agent, however, I recommend you hire your own inspectors. You should not only hire a licensed general home inspector, but also a licensed environmental/mold hazard engineer and, perhaps, a licensed structural engineer to inspect and evaluate the situation.

How do you find such inspectors and how to you determine which inspectors are good? Without an agent, you will have to search on your own and you might be at a severe disadvantage in evaluating their competence and quality. Which is why, once again, you might want to consider hiring a knowledgeable agent now.

And, not incidentally, if there are issues, your agent can help guide you about whether to walk away or tender an offer and negotiate based on your inspection findings. Some agents (like me) even have considerable formal training in negotiation skills and in contract law, enabling them to maximize your likelihood of negotiating a top value deal for your dollar while ensuring that your financial exposure under the terms of the contract is minimized.

Jonathan E. Brill, Ph.D.
Realtor Associate
Keller Williams Realty
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0 votes
Jeannette Ba…, Agent, Brooklyn, NY
Tue Jul 31, 2012
That sounds like to much work for a contracting company to be out of business, I would wonder about that could sound shady. But if the price is right and you can negotiate, so if extra money is needed for these problems then go for it. A job like that could cost anywhere from $50,000 more or less. But word of advice if the house is not your dream house then don't settle even if it means it will cost you more time on the market looking....Hope my answer was helpful wish you the Best! Jeannette Batsikas
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Tue Jul 31, 2012
Your question suggests that you would benefit from the seller providing you documentation on these subjects and that you get the home inspected by a qualified licensed professional.
0 votes
Janet Larsen, Agent, Turnersville, NJ
Tue Jul 31, 2012
I agree with having the home inspected and Mikes comment about the recession however I will say there was a local mold and waterproofing company that went out of business under their trade name that did not do great work. The warranty should still be insured ask to see the warranty and see I recently had to contact the insurer for a past basement repair that did not hold up for an ok client. We found that the company now trades under a new name but the old policy had new owners name in it . A couple quick calls and the new company came out to fix the issue .

Janet Larsen.
Web Reference:  http://Www.njrealtorjan.com
0 votes
Elisa Dewees, Agent, Cherry Hill, NJ
Mon Jul 30, 2012
Hire a structural engineer to look at the repairs to make sure they were done correctly and are holding up. As for mold, you can have an air sample test done to make sure the mold has not returned. If you like the home, get facts from experts which will hopefully give you peace of mind to move forward with your purchase.
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Mon Jul 30, 2012
Was it fixed satisfactorily? Have an structural engineer inspect. Why did the mold company go out of business? Were they not good? Or did they simply retire?

More importantly, did they simply fix the damage? Or did the determine and address what caused it in the first place? For example, if a leak caused the mold and they haven't addressed the leak, it could happen again.

Perhaps there are other homes you would like just as much if not more, with less headache.

New construction is also an option.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.617.1212
axelson@kurfiss.com
Web Reference:  http://kurfiss.com
0 votes
Michael Emery, , Minneapolis, MN
Mon Jul 30, 2012
There has been many companies that folded during the housing recession (through no fault of their own or question of their work). Personally, I would make the decision to either go forward or walk away AFTER I had the home thoroughly and professionally inspected. As it had structural issues I might even have a structural engineer inspect the home IF my inspector had ANY doubts of structural integrity.
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