Did you plan to sell your house and suddenly encountered mold? Are you worried it might hinder your selling process? Are you looking to purchase a house and you are concerned about mold being hidden either purposefully or subsequently? Well, the reality of a house with mold is inevitable. They grow and prosper anywhere they find moisture. So, it’s pretty obvious they are present in your home. It’s true that the buyers are reluctant in buying a house with mold and it can be a pain for the real estate community, but the solution to this isn’t hard. Consult, clean, remove, and verify! Then, you are all set to go!
What Problems Does a House with Mold Face?
First, let’s talk about the problems sellers have to face if mold is present in their property. Buying a house is pretty much once-in-a-lifetime kind of investment, so the buyers have got every right to protest if their health isn’t safe there. Moreover, why would a buyer go for a house with mold when he has multiple other options? As a seller, you have got to be cautious about these issues.
Law Suit and Price Drop
If someone bought a house from you and later found mold in it, he can challenge you with a lawsuit and your life can get in a serious trouble. This is a very high risk when sellers know that there is mold present and attempt to hide it by painting over it. In a short period of time, mold will eat through the paint and reveal itself. Even if you didn’t know about the problem before selling or you tried to fix it but couldn’t, there is a good chance you will face consequences. Therefore, it is a very serious issue and you just can’t ignore it.
Furthermore, if the buyer inspects the house prior to the purchase and found mold, he will ask for a price drop as the problem is severe. The price margin will be inversely proportional to the intensity of the problem; the greater the infestation, the lower the price. Sometimes, the buyers might back out altogether, so there is a good chance of losing potential customers.
Recommended Guidelines for Sellers, Buyers & Realtors Available Here:
- Guide for SELLERS to Have a Smooth Real Estate Transaction with Mold
- Guide for BUYERS to Have a Smooth Real Estate Transaction with Mold
- Guide for REALTORS to Have a Smooth Real Estate Transaction with Mold