Hey guys, have a property I just looked at that is bank owned. It looks like the basement was waterproofed all the way around on the inside so my assumption is when they shutoff the power the sump pump flooded. I did the walkthrough and it doesn’t look like the serious mold. They’ve also came in and essentially ripped everything in the basement down to the concrete. There’s still a little more mold to remove. The bank is asking 90k for this. I know they have a pretty limited market on who they can sell this to. Has anyone purchased a house with mold and is there a rule of thumb on what they would accept. My thought is to low ball this and see what happens. Any suggestions?
I just made an offer on a house that the bank lowered to 91,000.00. I looked at the neighborhood, prayed and decided to offer 73,000.00 with the bank covering 2,000.00 closing costs. Figured I can always raise price but not lower it…offer was accepted!!!
As far as the mold: Had another foreclosure with mold and my sister told me to spray it with 1/2 water and bleach…I used all bleach… waited 1/2 hr…hosed basement down…than sprayed half water and half bleach…IT WORKED!!!
HOPE THIS HELPS! J ;D
With houses that have mold you have an advantage because nobody wants to mess with a house with mold, but if you can effectively get rid of the mold for cheap then your sitting good. If the mold issue seems over your head, have a specialist look at it and tell you what they think.
I would check out the EPA website when it comes to mold. I have heard they have covered mold issues including mold removal to great lengths.