Is "Mold" a viable issue to raise?
A house down our block was bought by a young couple, almost completely rehabbed - minus trim on new windows of some rooms and replacing baseboards after new carpet went down and then apparently let go back to the bank.( Rumor has it that their children were sensitive to mold/mildew)
As the house is on a slab and actually status of any "mold" is unknown, should this issue be raised when contacting the bank who owns it (unsold at sheriff's sale)? A little black mildew is evident in the ceiling of one room, however for a house that has been empty all winter it's obviously not very damp, showing mold on windows etc.
A neighbor and I believe we could buy it and finish the rehab/landscaping easily for 1-2k and sell for a modest profit. Any input regarding what may be a reasonable approach with the bank to get the inside track without loosing out to someone else - because we asked for too much of a discount or raised an issue they might not validate?
Numbers: Unpaid Principle 82.5K Judgement total 91K
Estimated FMV 105-115K
Marketability of neighborhood - excellent!
I'm thinking of letting them know we are interested and pursuing further discussion pending access to the property for a closer inspection, then if all is lookng good starting with an offer of 80K and working for something less than 90K.
An allegation of a mold problem is a valid issue. Get a local environmental remediation/mold guy to give you an estimate for eliminating a potential mold problem... even if none now exists.
Blend that estimate (use as many technical words as possible) with your comprehensive cost to cure estimates.
If you need tips or hands-on help preparing your Proposal, feel free to Email me at: theshortsalepro@foreclosurefocusNJ.com