Looking to invest in a house, it has mold. Anyone have experience

Kruser6 · May 26, 2009

Ok here are the details of the house;

Assessed at 183,000
Foreclosure, sale price 125,000
Comparable in the are just sold for 191,000

Up and coming suburb of Des Moines. Great school district, backyard is one lot from a golf course, nice neighborhood, market is good. Not a ton of houses for sale.

Ok, so here is the issue. When the people walked away they left their water on and the plumbing between the joists of the top floor and 2nd floor leaked through the main floor into the basement. The main floor is completely ruined, all subfloor has to be replaced and a new hardwood floor would have to be installed. The drywall also needs to be replace.

The basement has a very bad case of mold. I can get an inspection for $250, and they said it is an average of $7,500 to 10,000 to remove the mold.

should I get the inspection or is the mold too big of a problem to deal with?
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awmllc2000 · May 26, 2009

Absolutely get an inspection. Being one of the biggest reo brokers in my area I see alot of these. Mold is one of those things that need to be left for the experts.

bigbet1234 · May 26, 2009

Dont do it, im still fighting the shit. once you have it you will always have it.

not sure if you have to disclose this when selling, but if you do, you will probably sit on it for a long time

Rev_Al · May 26, 2009

Jack Herrer,

Please don't drop the ball here.

Thanks,
Rev. Al

joeyp · May 26, 2009

aznybody want a huge house in scranton. PA main house and two rentals very nice neiborhood, church on corner and large double lot

2o minutes from the track lol

Gravy · May 26, 2009

Unless you have alot of money to remodel the house and get rid of the mold I wouldnt touch the house at all.To many headaches that you will end up with and get the inspection if you want to buy the house that is a must.

BadCo · May 26, 2009

My sister is a mold inspector in Ca.

If you want I will PM you her e-mail.

Betallsports · May 26, 2009

IndiansK6 said:
Ok here are the details of the house;

Assessed at 183,000
Foreclosure, sale price 125,000
Comparable in the are just sold for 191,000

Up and coming suburb of Des Moines. Great school district, backyard is one lot from a golf course, nice neighborhood, market is good. Not a ton of houses for sale.

Ok, so here is the issue. When the people walked away they left their water on and the plumbing between the joists of the top floor and 2nd floor leaked through the main floor into the basement. The main floor is completely ruined, all subfloor has to be replaced and a new hardwood floor would have to be installed. The drywall also needs to be replace.

The basement has a very bad case of mold. I can get an inspection for $250, and they said it is an average of $7,500 to 10,000 to remove the mold.

should I get the inspection or is the mold too big of a problem to deal with?

No way it will Only cost $7,500-$10K, I'll tell you right now.
If the House had Mold in one area or Floor, It's All over and hard to get rid of.
You have a lot of Info there though. But you will have to Gut the whole house. All sheet rock must go.

Had a Friend of mine that had this problem last year. Split-level house
and the main Mold problem was on the 1st level. Had like these Mushroom type stuff on top of the windowsils.
He thought all he had to do is take care of that level of the house. But the Mold had gone up
Plus he has 3 Kids, and this problem is a Health issue.
So you must take care of it all.
Cost me friend, $30K+

Get the Inspection !

Betsmart · May 26, 2009

I have to agree with these guys. I had a crack in my foundation and water leaked in,despite my cleaning all the water I got mold in my basement. First,just to test for the mold will cost about 600-1000. I put drains in,sheetrock ripped out, the rest of the walls washed down, hepa filters placed in the basement for weeks. Wham,I get it tested again more mold.....My advice stay away with anything to do with mold. Good Luck

valium · May 26, 2009

Run away as fast as you can. i know a couple of people that had a mold problem and it was a compete nightmare. lawsuits against the builder, and many months of trying to get rid of the mold.

tatehill2000 · May 26, 2009

IndiansK6 said:
Ok here are the details of the house;

Assessed at 183,000
Foreclosure, sale price 125,000
Comparable in the are just sold for 191,000

Up and coming suburb of Des Moines. Great school district, backyard is one lot from a golf course, nice neighborhood, market is good. Not a ton of houses for sale.

Ok, so here is the issue. When the people walked away they left their water on and the plumbing between the joists of the top floor and 2nd floor leaked through the main floor into the basement. The main floor is completely ruined, all subfloor has to be replaced and a new hardwood floor would have to be installed. The drywall also needs to be replace.

The basement has a very bad case of mold. I can get an inspection for $250, and they said it is an average of $7,500 to 10,000 to remove the mold.

should I get the inspection or is the mold too big of a problem to deal with?
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NO FUKN WAY it costs 10 G!!!!!!!

thats a FKN LIE!

especially if it is so as you described, BAS is SPOT ON with his 30G prediction,

DONT DONT do it unless they give you the hosue for 100,000 even,

and with that you would STILL be doing them a favor!

tater

quantumleap · May 26, 2009

Burn it to the ground.

G$$ · May 27, 2009

get the inspection, and go from there

the inspectors can tell you how serious the mold problem is and what steps are needed to fix it

TomGshotput · May 27, 2009

Mold itself isn't the problem, if it is a dry part of the country and a part of house where it is unlikely to spread. The problem is, if a house is being sold with mold, it has not been taken care of. $10k to fix this problem; how much is it worth to risk questionable pipes, furnace, roof, etc?

steaktartar · May 27, 2009

Mods-mold forum please

Betallsports · May 27, 2009

steak tartar said:
Mods-mold forum please

I was going to open up a Mold Forum, but I'm thinking about a Wine Tasting Forum instead :drink:

SportsRadioShow · May 27, 2009

wait, real estate hasnt hit a bottom like most people think

FairWarning · May 27, 2009

Betallsports said:
I was going to open up a Mold Forum, but I'm thinking about a Wine Tasting Forum instead :drink:

Give me Merlot for the Max, Alex.

Looking to invest in a house, it has mold. Anyone have experience

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