Mold - Big Problem Or No?
I am considering backing out of a property as I am getting a shady feeling from the seller.
Upon acceptance of the contract, they want 3% in earnest money, plus they sent a mold disclosure, and a 15 page addendum. No mention of mold was made before, although I had been told there was an addendum that would be issued after a contract was accepted.
How big of an issue is mold? Should I be concerned?
That definitely makes me feel better. Thanks.
Also helps knowing that 3% is standard now on bank-owned properties. I have bought foreclosures before, but the last one was 2 years ago so systems easily could have changed.
kjohns18 -
you hit the nail on the head. find the moisture problem: roof leak, window leak, condensation from duct work, AC dehumidifier not working properly.
fix that, then deal with the mold. disclose it was fixed. no problem after that.
N
Who said 3% is standard on a REO? Never heard of it. They usually could careless about the earnest money.
Addendums are the standard of REOs though. You buy it on their terms or not at all.
good coments by spinwilly
dont play into the whiped up mold scare it will be costly, it really is over done & prices have soared
John
I recently purchased a REO and we only put 1% earnest money down. We also had a mold prblem in the 1,200 square foot basement. It cost us $2,500 to have the mold removed and we replaced all the gyp board and flooring. It was a very obvious problem, but well worth the cost to fix.
I recently bought a REO w/ $100.00 earnest money /close in 30 days
The mosat I EVER put up is $500.00
After fixing the moisture problem where the leaks are is where I would like to know about.
What do you do to get rid f the mold? Do you have to tear it out and redo the sheetrock and tiling or is there a product that will just scrub it off to remove this and without the moisture it should not come back.
I am sorry if sounds stupid but I have not had this problem and know nothing about it but have a house in mind which is also a foreclosure and it is stated has MOLD so wanted to look more into the expense part or the hassle part of it to give me an idea ?
Start locking the door, obviously you need to be there before he keeps doing work for free.
I have not paid him anything yet. Yes his bid is in writting but simply says remove acoustic ceiling,prime texture and paint the ceiling. We only discussed doing an orange peel finish. I mean who would think to do a skiptrowel finish with smooth wall? Does anyone ever request this?
I certainly will do this in the future but what do you think my recourse is now? Do you think it is unreasonable to make him sand this down or whatever he needs to do to get it smoother? To me it looks as rough as having acoustic! Even if it were knock down instead of this skiptrowel job it would be better.
I went to the property today and was happy to see the painter there and he had already scraped the ceiling!