House Mold
l am looking to buy my first property to flip. The broker told me there is a mold issue with a one family house I am going to see. Should I run? The mold remediation company I spoke with told me it will cost about $350 to test. If the mold is toxic and I remediate will I have to tell my buyers?[ Edited by pamhoff on Date 02/12/2004 ]
In my book mold is a huge buying opportunity. I would negotiate the price way down, well in the range of 50-55% of FMV.
The mold-myth makes an infected property very very undesirable in the public's mind, so you should really use the fact that you're possibly the only potential buyer to your advantege.
There are some very toxic molds, but those are the exceptions to the rule.
Mold is a result of moisture, either through a leak or through poor or no ventilation.
Put on some gloves and protect your mouth and nose.
Fix the leak, replace the affected areas, apply some elbow grease with a bleach solution, dry well, allow to ventilate well for a few days, killz over and paint.
If need be put a de-humidifier in for a few days before you paint.
Total cost to you could very well be no more than $500 to $1000.
So yes, It makes sense to do your own testing; those $350 may pay themselves back many times.
And yes, when you sell, disclose that there was a mold problem, but that it has been remediated.
As it is no longer there, the buyer should be fine with that.
Down here we do termite treatments all the time, and buyers feel more secure as a result.
But beware of the toxic (black) mold.
That ranks way up there with asbestos.
Leave that to the guys in the funny suits.
Just my 5c worth...
Happy investing.
[addsig]
thanks for the advise. I will proceed with caution and let you know what happens