House butted up against property has rampant mold.

I've been spending a lot of time looking at houses. I finally found something which fits my needs and is in my price range. However, when the real estate agents and I exited the home, we noticed that the house butted up against it was foreclosed on. The real estate agent had the foreclosure key and we were able to go inside the foreclosed house as well.
The previous owner had left the upstairs water running and the house smelled rancid of mold (the water is now off).
The properties are butted upagainst eachother, but I dont think they are of the same construction-- but ONLY on the 2nd floor butts up against the house, since there is a walk way between the houses... but the house itself over hangs the wallway. The houses are both frame construction.
Does anyone know or understand any of the risks involved? If there are none I can simply use it as a card to get the price down since the house is in a very popular area and the owner is asking three-times the price he paid for the property in 2003.
I do not want to simply write this off as a lost cause, the house fits me too well to do this. I figure with a good home inspection and possibly a mold specialist I'd be able to determine what risks are involved.
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My first question is how close do the houses come? Do they touch?
What are the zoning requirements in the neighborhood for set backs?
I would be very concerned about the mold issue, being that close. What about the other property, any chance it will sell?
I would get the best inspector you can and I would be checking with my insurance company about this.
Being that close, I would also be concerned aboout fire in the next house. It goes (abandoned property), yours will go.
Bejay snipped-for-privacy@yahoo.com wrote:

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bejay wrote:

Am I the only one having a problem trying to picture this? The second stories butt up against each other, but the first floor does not because there is a walkway? Are these row houses? If the structures are in fact seperate, then water/mold in one should have no effect on the other.
The other thing that is most peculiar is that the place is for sale for 3X what it was sold for 3 years ago. Either there must have been one hell of a rebuild, or else they struck oil.
Maybe you should look at the foreclosure house instead.
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What is the siding between the houses, if weather can get in the space (if there is a space) and maintenance is impossible between the units, you could have some bad deterioration, mould or rot starting. If the units are physically joined with a solid roof over the joint, I would be looking for some form of firewall between the units. Personally I would NOT buy a house that close to another, as any space will form a chimney and pull flames into the space spreading the fire very quickly. I don't like drywall firewalls. I prefer solid masonry firewalls with no penetrations, then cover it with drywall.
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Here is a photograph:
http://wpn.mlxchange.com/WPNimages/36/639524_101_12.jpg
Notice the walk way in between the two houses. The house adjacent is the one that has been foreclosed on and has the mold. As you can see the houses aren't of the same construction (row) but butted up against eachother.
I'm not sure if there is siding or anything inbetween them ( I can check tomarrow). If there is it would be insulbrick.
To answer your question about the property next door selling, it's almost assured that it will sell very quickly because the area is very very bustling and property values have skyrocketed in the last few years. The moldy property will probably sell for more then the the owner paid for the property I'm thinking about buying (the only thing he did to it was remodel a bathroom). Eventhough the boom in this area has somewhat subsided, and it is a buyers market now, they are still asking rediculous prices. My offer will be a low ball one, that is for sure.
EXT wrote:

If the units are

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Please also note that I'm talking about the house in the middle of the photo and the house to the right of it (not the obvious walkway with the white fence). The walk way is behind the green door. snipped-for-privacy@yahoo.com wrote:

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I've found out that the property was taken for taxes by the city, and is owned by the city. It has sat this way since 2003
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On 1 Oct 2006 14:44:43 -0700, snipped-for-privacy@yahoo.com wrote:

How much does the city want for that one? Can you buy it cheaply enough to have it taken down completely, and then sell (or keep) the empty lot? Or, if it's not too bad, take out the intervening wall and double the size of your house?

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snipped-for-privacy@yahoo.com wrote in wrote:

I would think the EMF from that rat's nest of wires will kill anything.
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