The house has mold problems the & previous owners had to move out. Now it is on the market & the price is approximately half of what it would be if it had no mold. As far as I've learned, there are no other problems such as foundation, roof, electrical or plumbing that could be considered as costly repairs. The appliances will need updating and electrical fixtures also. The bathrooms also need updating. I don't know the source of the mold and can't seem to find out. The lender now owns the property because the original owners could not keep it and do the repairs required by law. What do I do to correct the mold problem if I purchase the house & will I need bio hazard people to get involved? What will be my cost for this? I'm new at flipping with some building experience & do not want to make costly mistakes. I don't want to be discourged but helped with a solution. I was sick & could not maintain my job. Now my family & I need this job. At 54 it is extremely difficult to get a new job.
2007-09-02 17:33:55 · 6 answers · asked by Jack Mac 1 in Home & Garden ➔ Maintenance & Repairs
I would pass on this home. I've been remodeling homes for twenty years now and this is one problem I pass on by.
Your going to have to get a Haz mat team in there that specializes in mold and can guarantee and certify, has insurance and bonded, all above, to clean up the mold. They'll more then probably strip all the wall board out, bare the walls and then spray them, under the house also, strip everything down to the basic structure.
That and rebuilding, could run much more then you'd ever claim back. Run, don't walk away from the house.
2007-09-02 23:59:31 · answer #1 · answered by cowboydoc 7 · 0⤊ 0⤋
Have you consulted an environmental engineer? If I were you (and believe me, I feel your pain, I'm a cough *few*cough years older than you and am now looking for work myself...Grrrrr. But before you sink a bunch of dough into a money pit, and after you've generously over-estimated the cost of the updating, etc., you MUST find out the source and cause of the mold. Mold/mildew is THE buzzword in terms of inspection contingencies, etc. Do NOT have the lender do the inspection: hire your own inspector(s). Be there when they do the inspection. Double their estimated cost of the remediation. IF this is such a good deal, make your offer to the lender, but add a clause to the contract that reads something like this "this sale is contingent upon the acceptance or rejection of the _____ (structural, environmental, building...whatever and whichever are applicable) inspection report at the sole discretion of the purchaser; which inspection will be at the prospective buyer's expense within (30, 45, 60 days) ____days from the signing of this contract." [Run that one by a real estate lawyer]. Good luck, amigo
2007-09-03 01:03:12 · answer #2 · answered by Dept. of Redundancy Department 7 · 0⤊ 0⤋
It has mold, so that means no humans can occupy the home period. No one can show you the home, you cannot go in and see the home. Therefore, the entire purchase is based on what you were told or able to find out. You could get in after taking care of the costly mold removal, and learn of other problems.
If it is going for half the price you should figure it will probably cost " At Least" the other half for the mold issue.
Me, I would never ever purchase a property I could not check out myself, or have someone I trust do so on my behalf.
You will need to get a contactor who deals with Mold Removal in there, you have no idea how extensive this is either so I'd be prepared for a huge job.
Once it is seen by the contractor he will tell you if he can do this job, or refer you on to a company locally that can handle the job.
Also, get estimates, but you should be thinking in " Time" because if company 'B' charges more but it is going to be done sooner that could be a greater savings than going with company ' A '
2007-09-03 00:55:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There is a critical factor that has been omitted from your post. What is the typical value of this property in its given market? If the house is in Detroit where properties are selling for $29,000 a savings of 1/2 is not a good deal. If this is in Orange County, Ca. and you are saving $375,000 on a $750,000 home, it is a great deal. I would contact a mold remediation contractor to give you a worst case scenario for the mold remediation part of it, and then look get a quote from a drywall contractor to re-drywall the entire house (again, worst case scenario). Lastly you need to identify the source of moisture and repair it, but this will probably be your cheapest cost overall.
2007-09-03 01:33:11 · answer #4 · answered by Just wonderin' 5 · 0⤊ 0⤋
do not buy this house. mold problems have one solution, take out all the drywall. you will have to have it done by qualified people who will cost you tons. this is not a good buy. find another with less problems so you can do the work yourself.
2007-09-03 00:43:59 · answer #5 · answered by 1oldone 5 · 1⤊ 0⤋
I agree with the other poster. Do not buy this house.
2007-09-03 00:49:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋