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PWC_Guy
Posts: 46
Registered: ‎03-06-2009
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Bank owned properties with Black Mold???????

I've been looking for properties in PWC.  I prefer houses but am looking for only 250k and less.  I'm married and have a baby and as such would like to have a good school district (who doesn't?).  My wife and I have seen just under 20 properties.  A lot of the properties in our price range (and in good school districts) seem to be trashed.  The few that we walked into that weren't trashed had black mold growing in the basement.  Our realitor told us to "run" when we see that kind of mold.  Some of those houses are VERY NICE but have what appears to be a black carpet on the wall.  These are virtually all bank owned (although we saw a short sale like this too).  Is this really something that is difficult and expensive to fix?  If I see black mold in the basement, should I just move on to the next listing?
MCT
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MCT
Posts: 1
Registered: ‎03-06-2009
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Re: Bank owned properties with Black Mold???????

Do you really want to expose your new kid to a home full of potentially toxic mold?
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zane
Posts: 1
Registered: ‎03-06-2009
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Re: Bank owned properties with Black Mold???????

Hi Jeff, it may comfort you to know that I am a rehabber whom has acquired homes with mold damage. The remediation process is detailed and requires a specialist. However, if not done correctly, could pose a threat to your family.

 

 

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KJPG
Posts: 9
Registered: ‎12-27-2008
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Re: Bank owned properties with Black Mold???????

[ Edited ]

Please be careful when looking at houses. Husband saw one 2 weeks ago and took pictures of the moldy basement. A week later, the basement had been freshly painted. I don't think they had even tried to "clean the mold off" as you could see places where it was still dark under the paint. We took more pics and found areas that were still covered in mold and unpainted. 

 

I think the house is out of the running but I would definitely have my inspector pay particular attention to those areas if an offer was made. Bank promised remediation and painting does no equal remediation in my mind. Make sure your inspector checks for moisture levels in walls! (To me, you need to do what they did in NOLA - you pull off drywall, treat and/or replace studs and put up new insulation & drywall as needed to make sure you are clean and safe!)

Message Edited by KJPG on 03-12-2009 03:43 AM
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skababy
Posts: 2
Registered: ‎03-17-2008
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Re: Bank owned properties with Black Mold???????

It depends on what is causing the mold also. A lot of bank owned homes have been sitting vacant for 1 year or more, and when a house goes through an entire year (especially with Maryland weather) with no temperature control, the house will sweat. This will cause mold. It doesn't always mean that there is water leaking through the walls.

 

I actually bought a home with a similar problem. I had a mold removal specialist come in and tell me honestly to just pull the drywall out, replace anything behind that looked like it might be damaged and rip the flooring out. We did and there wasn't a speck of mold anywhere behind the drywall. So the total renovation cost us about 1500$ and 2 weeks of time. It was worth it. I also had the mold removal specialist come out during and after the process. Luckily he was nice and for a small fee didn't mind coming out to check on the progress.

 

I think a lot of mold problems need to be evaluated on a case by case basis. There are a lot of deals to be had right now. Good luck!