Mold????????????
I am looking at a HUD repossesion that has posted on the front door "Evidence of Mold". Any suggestions as to who I need to have look at the property to give me an idea of the cost of cleanup so I can determine a bid price or whether it is worth pursuing or not. Mold seems to be taking over alot of properties where owners are in trouble financially here in the south. I need to be prepared for accurate cost of cleanup.
There are now contractors who specialize in mold remediation. Search them out on the internet and read their websites, or find one locally and take him to lunch.
It's a big problem, and becoming bigger!
Whoa. Been there, done that.
First, ask the agent if you can get a copy of the mold inspection report. If there is evidence of mold, you need to know what you are dealing with (species), and where the mold is. My first suspects are bathrooms and air conditioning drip pan leaks that have gone on a long time. The inspection report should tell you a lot.
Next, do your best to find a reputable mold remediation contractor. I would check with BBB as well as your insurance agent to find one who is reputable. They may know who can do the job, as well as who will charge reasonable prices. Also check your local licensing restrictions fo rmold remediation. In general, the most experienced will be those who have had experience in asbestos remediation and water flood cleanup.
Then, get the pricing on ripping out & remediation, as well as what will need to be reinstalled. You'll need reputable contractors.
I've been there. It is no fun.
PM me & I'll share more horror story.
Also to be sure that when examining the house, you wear proper protective gear (masks, etc). If you have allergies, they can be aggravated.
I can tell you that in a way no one wants to deal with mold and everyone runs. However, if no one is buying it and everyone runs, someone out there IS buying them and making $$$. But, it is very expensive to clean up the mold. Just FYI, make a bid very low or offer very very low, clean it up and make the profit. From what I have seen in the past, they are usually in the cellars.
Am I missing something?
If you can have the source of the water (leaky pipe, roof) taken care of, and then spray molded areas with bleach/water, wouldn't that be it?
I'm of the distinct opinion that since mold was here before we were, and it grows on litterally everything that it's not as big of a deal as people are making. Someone with bad alergies maybe, but normal people shouldn't be effected by it.
I think the Mold scare is a scam.
I agree that it seems like it's been blown out of proportion.
I believe the problem is something called toxic mold, that gets into every fiber (drywall, carpet, etc) it can reach, and can be costly to remove. This type of mold will cause even people with no allergies at all to have respiratory problems.
Of course, since mold damage is covered by most insurance contracts, the hype has allowed insurance companies to put a cap on the amount of damage they will cover due to mold. Read you most recent insurance renewals. I'll bet there is something in there about a mold exclusion/limit of coverage.
Those of you who think the mold claims are blown out of proportion probably live in nice dry climates. It only takes a few reports about stachybotrys mold (or the like) and the effect it has on people to make you want to steer clear. I'm not talking about sneezing.
Anyway... it has created a homeowners insurance crisis here in Texas. Adding even a modest amount of mold coverage here is likely to double your insurance costs.
The point is well taken... there is probably money to be made if you can figure out how to clean up and still make a profit. The problem is that this is a very emotional issue... you may have trouble finding a buyer who will deal rationally when they find out there was a mold problem.
There are molds and then there are toxic molds. The kind that is very black and very toxic. That could really mess your whole system up. So, the mold itself might be too much hype. BUT, toxic mold is not something to play around with and one has to get a professional which, to get rid of toxic mold, is very expensive...at least here in NJ.
Mold is this decades version of asbestos and the attorneys are having a field day.
With that said.... mold has 3 needs, shelter ,food and moisture...the report may not report the cause only ****Must Reach Senior Investor status before posting URL's*** would get a copy of the report and do a careful inspection,if the price of the property is right by all means buy it.
Good luck
Mike