Mold
I have come across a number of properties (mainly HUD) with mold. I was wondering if I should avoid mold properties all together, our buy for the right price? I recall reading an article that said that mold was not as bad as people make it out to be, and that it could be fixed relativly easily for a nice profit. If any of you know anything about this I would appreciate some insight as to what i should do the next time i come across mold in a property. By the way, I do not mean mold around an old bathroom or in a damp basement, i am refering more to mold on a kitchen ceiling, etc, etc. :-?
I purchased a property last summer that had mold throughout because it was vacant with water in the basement. My first reaction was to pass on it as a mold house like this has such a stigma it might as well be radioactive. I ended up buying it for less than the land value and sold it to a contractor for a nice profit for about what the raw land was worth. It was too far away for me to have the house fixed.
I had trouble finding a Realtor to list this house; but when I found one she placed warning signs on the property and sold it almost immediately. Before he bought, the contractor was clever enough to have the mold tested for killer mold. My property did not have killer mold. I suspect this contractor made a huge profit on the house.
My advice: If the house is loaded with mold treat it as a vacant lot; you just might have to bulldoze it. If the mold is localized, remedy the cause, remove mold and repair.
Your best step is to keep educating yourself. Reading the one article was a good 1st step, continue reading and researching until you are an expert on mold, remediation, disclosure, then you will be empowered and have a basis of information to start with.