Posted by Karen (MI) on April 26, 2003 at 22:55:41:
There could be. It would depend on the type of mold. It might be a good idea to have the homeowner do a mold test. If it is simple harmless mold, bingo you may not have a big problem. If it is the black mold that is so devastating there could be a HUGE problem. I have known people that deal with mold to buy such houses. The problem is if it is black mold it can cost many thousands of dollars to correct. It also depends where the mold is in the house. Talk to a mold expert on this one.
Anyone with experience with mold in a home: To what degree is there a market for a house with mold? Will another investor be willing to buy my contract (flip) on this house or can I clean up the mold through a professional company and retail sell the house myself?
This is a $400,000 home, very nice, empty for two years with no air conditioning on here in Houston, Texas. Owner will sell for $300,000.
beverley, the mold that you are probably describing is the type of mold that would grow on any surface in houston. i’ve been in many hud foreclosures that were closed up for extended periods and mold would form on a wall. ask a mold remediator and he’ll tell you that the house has to be gutted and completely rehabbed… ask someone who has dealt with the problem with a bottle of bleachwater and they’ll tell you everythings fine doing it like that.
if it’s the type of mold that’s back behind the walls and has never been cleaned up or the cause of the mold has not been detected, you could be looking at some problems… leaky in the wall pipes, that kind of thing…