Thinking about.....buying home with mold

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It's not clear from your post if you are thinking of this to flip and sell, or thinking of this as a way to get a home for yourself to live in at a good price.
If the former, take into account that you'll probably have to disclose the mold fix to buyers, and buyers will probably not be interested unless the fix is sure. Basically, if you are doing this to sell, you are going to have to do this the right and careful way.
On the other hand, if you are buying the home for yourself to live in, you don't have to be as careful. You might be willing to go for a cheaper solution that has, say, an 80% chance of taking care of the problem, taking the risk that you'll have to do more later, whereas a buyer is not likely to find that acceptable.
In other words, people have different levels of risk they find acceptable. If the house is for you, you only have to bring it up to your level. If it is to sell, you'll probably have to bring it to a higher level.
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wrote:

Or, as the seller is doing now, you will have to mark down the price once more and find a "motivated" buyer. At which point, someone will buy it below appraisal, and there will be an electrical short.
Steve
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I guess that assumes this is the last house she'll ever buy, because if it's not she still has a similar problem when she goes to sell it. Granted, if you live there for 110 years and there is no more evidence of a mold problem, then it's less of an issue, but in many places it would still have to be disclosed and could scare off some buyers.
Any house with mold this extensive, I'd be very cautious about. At a minimum, I'd have the mold lab tested and document what mold it is. If it's stachybotrys, the house is a tear down. If it's harmless, you have documentation of what it is and can choose the appropriate remediation.
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cherie9g wrote:

mold is EVERYWHERE. it is only a problem if it is wet. dry it up. clean with soapy water. you'll never know how bad it is in the walls till you tear off the sheetrock. does the sheetrock on the above floors look eaten up by the mold or just some surface mold? you can guess by looking up at the floor from the basement. do the joists look really bad? or just some surface mold that can be washed off? maybe tear off small area of sheetrock where it looks the worst to see whats in the wall.
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I believe it is just surface mold. We pulled up the carpet and there was no water marks what so ever or any mold residue underneath the carpet. It was the basement that flooded as I was told. It wasn't even all the way, it was just the subpump that was broken for a little while but is fixed now. I am going to the house again on Sunday to do some cleanup tests...grab just a little bleach and do some test spots to see if it is just surface. The wall isn't bubbling or cracking or anything, we have checked the floors, no soft spots... I was also thinking about buying a mold kit....so after we do the small bleach tests....to see if we disturbed any of the spores and see if it is airborne. If something forms I will consider sending it in to see if it is black mold. If it is anything else I will not be as concerned... especially if it is just surface. I will see if I can take pictures on Sunday and I will try to post them up here for all of you.
I do not think the market is the best right now to flip, although I am getting pressure from my boyfriend to do so (because that is all that he is used to doing and this is a great price). I would love to live in this home for at least 3 years and make renovations to it....even finish out the basement, maybe add another bath down there (since it is only 1.5 baths).
Thank you for all the great feedback and I will keep all of you updated. :) Grahmey wrote:

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I wouldn't let a boyfriend run my financial life (or a girlfriend, in my case.)

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cherie9g wrote:

maybe time for a new boyfriend. ;)
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I did not mean this..... he is just used to flipping homes and I want to actually live in one. Trust me, I am putting my foot down on this, it is just tempting to him because he thinks that (if the mold issue isn't bad and is just surface mold) he would do a few things to make it look nice and put it back on the market.
I on the other hand would like to live there for a little while. I have a "real estate" plan......I am sure all of you have heard it. Live in a place for 3-4 years, sell it take that equity roll it over into a little nicer of a home, live in that one for 3-4 years, do the same thing...and 3-4 times doing that, you will be in a home that you love.
I have to get started somewhere, but I am wondering if this will be the right home. Especially now that all of you are stating that I will have to disclose this issue to buyers when the selling time does come, even if the mold is removed.
Thanks for the advice. :) But I might be keeping the boyfriend... ;) Grahammey wrote:

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if you don't have a professional mold specialist come out & make an exaggerated report to drum up business for his company, there will be far less to disclose, eh?
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On Fri, 18 May 2007 13:09:48 GMT, "cherie9g via HomeKB.com"

Would't work for me. I might have the energy to fix the first or even second one up the way I want it, but by the 3rd or 4th, I'd just take it as I found it. I'd tell myself that all but the last fix-up was work to earn income, but in my case, I don't think I could convince myselt. I'm a lot like a duck. I get hooked on the first think I see (at least that is pretty good) and have a hard time liking something else. But everyone is different.

You may have to disclose his faults to the next girlfriend. Well, if she is paying you directly.

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It might not be a big deal, then. Is the mold known, or presumed? You'll have to disclose, but you don't have to disclose what you don't know about, let alone what you looked for and didn't find.

DANGER WILL ROBINSON. (Or rather, danger Cherie).
Your boyfriend is your boyfriend, not your business partner or your husband. With no legally recognized financial relationship, you can be taking a bath on this all alone.
If he has been flipping houses, where are the proceeds from that, or has he been successful?? Why isn't he funding the purchase of this house if he wants to make a project of this?
Think about it...
Banty
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cherie9g says...

And you're a highly trained experienced professional with all the knowledge and testing equipment to identify and evaluate this mole. Right?
We pulled up the carpet and there was no

Ah yes, scientific testing and remediation.
The wall

Just wait until you see if you start feeling bad or having breathing problems.
If something forms I will consider sending it in to see if it

By then, it will be growing in your lungs. You should see a medical specialist, too.

Sounds like you're planning an exit strategy already. If you DO make any money on the house, I'd put it in a special account to pay for the legal costs. It won't pay for them all, but it might get you started.

By then, you will know if you are right, or you'll be dead. Won't do as you're told? You need to find another boyfriend unless you like to be manipulated, controlled, intimidated, and slapped around. And in case you haven't heard the news lately, or seen a newspaper, yes, the market right now is "down", and that's putting it kindly. There's lots of houses for sale out there, and as a buyer, I wouldn't take the one out of 100 that had a serious mold problem. I'd take one of the others that are going cheaply today.
Steve
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Mass panic by another save the world know it all. Mold & Radon gas have been around forever. We all grew up with it. don't freak out.
The preservatives in our everyday foods are far worse than anything on the walls.
you guys do know that antibiotics are also molds & they SAVE lives.
dry it up, seal it up, move in. forget about it
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"Cherie" said that, not me. Which I would just interpret as a case of piggybacking (I never thought that was such a bad thing in Usenet...), except that below....

...you seem to have confused my response with her writings.

She's not qualified to say so in a disclosure, sure - - but death?? Oh, my my...

Whoa whoa! Being careful about investing with someone without any financial relationship is one thing, but the rest of this?
You're being hysterical.
Banty
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You are underplaying it to at least the same extent that he is overplaying it.
CWM
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Thank you, CWM. At the present time, I own four houses and land in three states. In my life I have owned six houses previous to that, and two of those I did an owner contractor on. I have done many remodels and building trades work. At the present time, I am negotiating for 4.13 acres on which to build 8 houses for sale. I did not just fall off the turnip truck.
That said, I can only say that I ME personally, would never even consider a house that has mold problems. And that included if I got to the point where the house looked good, and the mold was revealed by inspection or the disclosures.
That's just me. There are certain deal killers when it comes to houses, and every person has theirs, be it located on a busy street, poor drainage, lack of landscaping, site irregularities, and on and on and on. Each of us has something that they would not even go look at. And there is no need explaining to everyone else.
If you're buying a house, and you're happy with the deal, and full disclosure has been made, go for it. If you're selling a house, let your conscience be your guide, and have a good attorney if you don't have a good conscience.
Steve
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cherie9g says...

Sorry, but as the thread becomes more complex, and with the snips, it becomes almost impossible for anyone to exactly quote who said what.
I just know two things. Cherie has two problems. Mold and a boyfriend who's "pressuring" her.
I did get that much straight, right?
If so, that about sums up my position.
Sorry if I got your posts mixed. I promise it WILL happen again.
Steve
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Actually my problem is just the mold....I am handling the "pressure" and it is not just from the b/f....it is from those that aren't afraid to take risk (where I am a little more cautious). There is not much mold down in the basement though.....just on a piece of drywall that is near the stairway... the rest of the basement is not finished. There is no discolorations on the concrete and tomorrow I am checking out the "ceiling" of the basement to see how much mold is formed there.
I think the word "pressure" was the wrong word. I am just more concerned about the mold to be honest.
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On Sat, 19 May 2007 03:41:13 GMT, "cherie9g via HomeKB.com"

There were a lot of post to read through on a very interesting subject.
Your above detail is to me the most important. Its an unfinished basement where everything is exposed and can be inspected. The mold there is not serious although the humidity from the leak and a sealed house must have created mold heaven. The mold problem sounds fixable without too much risk of recurrence. Ask they neighbors if they have to watch for occasional mold colonies in their houses.
What is the year round climate like? Is the ambient humidity mold friendly? You mentioned a dehumidifier. I live in Alberta where the air is quite dry. Unless constantly damp, such as runoff condensation on a window sill in winter, mold is not a problem. I got rid of the furnace humidifier (horrendous lime build-up) and that fixed a lot of humidity related issues.
If you decide to buy exaggerate the mold problem to the agent and maybe he'll knck down the price further.
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There is also mold that has formed on the main floor because of the basement situation. I live in Michigan so the climate is somewhat humid, especially spring/summer time. I am taking pictures today so be on the look out.
I was curious if flooding from the basement can cause mold spores on the main floor?
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