Selling a House with Mold and How to Deal With it
Mold is one of the most misunderstood issues in houses today, which can make Selling a House with Mold tricky. It can be very costly to mess with. If your house has mold, can you sell it?
Newsflash: Mold is everywhere. So what’s the big deal? The good news is that most molds are not dangerous. There are a few, like black mold (Stachybotrys) which can cause health issues or even law suits. But generally serious mold issues occur because of long term moisture problems. The typical bathroom mold is usually not a great cause of concern. More below. But mold issue have bitten property owners wanting to sell in the past. How can you protect yourself, and how can you get a fair price for your property without taking on the liability or risk of lawsuit if their property has mold?
Selling a house with mold is not something to take lightly. Many buyers will run away at the first sign of mold. There is no reason why they should pay for a home with the need to inspect for mold issues when they could find an equally good deal on a home without such problems.
Can You Sell A House As-Is With Mold?
You can sell a house as-is with mold, however you must disclose what you know. When in doubt, disclose! Make sure you do so in writing. This will help relieve you of potential liabilities, however if you’re in doubt make sure to contact a professional. When selling a house with mold as-is, the most likely buyer will be a cash buyer. Lenders typically will not lend on houses with mold.
If you see black spots developing on a wall in a poorly ventilated room, for example, you are probably noticing the beginning stages of a mold problem.
Mold is all around you. Mold exists in airborne spores ready to develop further in an ideal moist place. In small amounts, mold is not a problem. But when mold finds a moist place in your home, and it is undetected, it can quickly develop into a serious problem.
Undoubtedly, a buyer will lower their price, often substantially, if mold was discovered. Most of the time, buyers just revoke their offer. Until a buyer gets an estimate from a mold remediation company, he is not sure what the cost impacts will be.
When You Are Selling and Discover Mold
Always make the proper disclosures of any defects or adverse conditions such as mold to the buyers. This is required by law. The process of removing mold can sometimes take time and require measures to seal off rooms during remediation. This time delays buyers and increases the Days-on-Market for your property. This is not good for your business. To check for mold, check attic, beneath the house, bathrooms, kitchen, and anywhere where moisture is present. Repair leaks in any pipes. Mold thrives in moist surroundings, so dryness is your friend. Get a mold inspection if you have problems beyond typical bathroom mold. If you think there may be mold in your house beyond the typical variety, go ahead and get the inspection.
If there is mold in the house beyond the ordinary, and you must contract with a company to treat your property, plan for the additional time. The first step is removing the mold. The next is preventing it from growing back. Obtain a warranty for the work they’ve done.
Don’t take mold lightly. Lawsuits and costly repairs are likely to happen if you ignore the issue. If your house has mold, get it taken care of. This will save you money and avoid lawsuits in the long run. And if you choose not to pay for the repairs, selling your house “as-is” is always an option. Just disclose!
If you have a mold issue and don’t want to or can’t deal with it, give us a call for a fast, all cash, “As-Is” offer.