I believe there is a law regarding warranty of habitibility in the state of California. Would black mold violate that law?
2007-11-14 17:35:21 · 7 answers · asked by Tizzo 2 in Business & Finance ➔ Renting & Real Estate
I'm not selling the house...I'm the potential buyer!
This is a foreclosure, and bank sent out several pages of disclosures saying that they are not aware of the problem. However after I signed off on this, I notice there was visible water damage, so I had a piece of the drywall tested. Unfortunately, the results show that there are high levels of the toxic mold.
The bank has pretty much said that the home is sold as is, and that they won't fix anything. Would they have to remediate this mold problem, or are they clear from it since it's sold "as is"?
2007-11-14 17:51:22 · update #1
It's being sold as is. Unless the mold poses a health concern to others in the neighborhood, the bank doesn't have to do anything. Warranty of Habitability has to do with leasing to others. They don't have to fix the black mold, but you can negotiate with them. Get a mold remediation estimate.
2007-11-14 18:27:26 · answer #1 · answered by Legend 4 · 0⤊ 0⤋
The bank does not have to repair the mold. If you buy it 'as is" YOU get to remediate the mold. The choice to buy or not buy is yours. When you buy 'bank owned', what you see is what you get. They do not make repairs of any sort.
It sounds to me like you have found a deal on a property and now want the bank to turn this property into what YOU want. Not going to happen.
Hire an inspector to determine the severity of the mold, and then obtain estimates from a couple of mold remediation firms to determine what it would cost you to fix the issue.
Proceed accordingly once you have determined the severity and costs of the problem.
2007-11-15 10:12:53 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Did you find out about the mold during the inspection period or after?
If you found out before, decide whether or not you want to live there, and if so, find out how much it will cost to fix and try to renegotiate your price to cover repairs. If you don't want to buy, you should be able to get your earnest money back.
If you foundout about the mold after the inspection period, you are obligated to buy the house as is or lose your earnest money. You have a lot to think about it.
You will have a hard time getting the bank to fix the property. It is an as-is purchase, which means "You are buying the house no matter what you find wrong with it."
2007-11-15 02:35:46 · answer #3 · answered by rochelletherealtor 2 · 0⤊ 0⤋
You must disclose the existence of any mold that you know about. As long as you disclose that fact you can sell the house.
Personally if I were selling the property I would get a mold inspection and then hire a remediation expert who specializes in the remediation of mold to clear the property of all harmful molds before I put the property on the market.
2007-11-15 01:42:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There is no law like that in CA. You can sell a house without walls. Buyers get to pick.
You might want to get an estimate on repairs before purchase, you might find that the walls, floors and ceiling all have to be replaced. Also, your bank may refuse to finance the house. If it appraises for more then 100k over asking (and the bank expects asking here in CA) then you may be OK with a loan as 100k will cover most repairs.
A lot of those homes in CA are purchased and then simply torn down and a new house built. It is really hard to build a new home here, but this is technically a remodel and much simpler.
2007-11-15 06:33:48 · answer #5 · answered by Landlord 7 · 2⤊ 1⤋
You can sell it, but still need to get it treated. If the buyer hire an inspection and found out there is mold, it still come back to you. They can use that for a reason to back out.
2007-11-15 01:46:05 · answer #6 · answered by TheOne 4 · 0⤊ 0⤋
In VA the building inspection would fail and the seller would have to fix the defect.
2007-11-15 01:42:54 · answer #7 · answered by Carl P 7 · 0⤊ 0⤋