When there is mold in the property is it sellable?

Asked by gabriel palotas, Pompano Beach, FL Fri Apr 15, 2011

How is that effect disclosure and the estimate for value in an appraisal process on a foreclosed property?
Should that property be demolished?

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4
Lou Barbee /…, Agent, Rocky River, OH
Fri Apr 15, 2011
BEST ANSWER
Realtors should not be answering this. A lot depends of the type of mold and the extent.
A mold specialist (usually an environmental engineer) will best be able to answer this question properly.

Can the property be sold? Sure...with full discloure.
Should the home be demolished? That is outside our sphere of knowledge.

Check the internet or yellow pages or consult a Realtor in the area fpr a referral to get an "EXPERT" opinion.
Having said that, most types of mold can be mitigated.
2 votes
David Jaffe, Agent, Arlington Heights, IL
Fri Apr 15, 2011
Hi Gabriel,

The home is sellable after it is remediated... The appraisal of the home and the final purchase price should factor the cost of making the home habitable again. There are quite a few variables when dealing with this issue: how extensive is the mold problem, the cause of the mold, the cost of removing the affected materials, and the cost of installing new drywall, insulation, roofing materials, and interior finishes. Remember, mold spores can travel throughout the home, even if the mold is confined to one specific area. You will need to have the home throroughly cleaned including the furnace and ductwork with a biocide to kill any remaining mold spores.

I would encourage you to speak with a Licensed Mold Remediation Company and a Licensed Environmental Inspector to get estimates on this home before making your offer and agreeing to a purchase price. You can use this estimate to your advantage when negotiating with the bank.

Best of luck,

David Jaffe-SRES, CDPE
Realtor-Coldwell Banker
1 vote
Candie Cain, Agent, Hesperia, CA
Fri Apr 15, 2011
Yes it is sellable but it does have to be disclosed and should be priced taking that into consideration.
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Fri Apr 15, 2011
Demolished? That's like killing the patent to stop the illness, yes it worked but was there a better way? Mold is a hot button and often confused with mildew and its cousins. Mold mitigation is a remedy that is available and I have seen it work wonders. I am also in an ocean / water environment here so we see it now and then, but never have I seen a problem worthy of demolition.
1 vote
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