by Sue A. Sponte

Created on: March 06, 2007   Last Updated: December 13, 2010

A property with mold presents some significant challenges for a potential buyer.  This is definitely a time to call in the experts and have them give you some major advice.  Whether to go through with this purchase depends on the type of mold, whether you have the opportunity to force the seller to remediate the mold problem, whether the asking price reflects this major defect, and whether the mold is a symptom of a larger problem.

Mold remediation can cost a lot.  One of the reasons is that while some strands of mold are unsightly, others can be toxic.  Knowing the difference and being able to rid a house of mold is a job that requires specialized skill.  It is definitely not in the average home buyer's skill set, and should not even be left to your run-of-the-mill home inspector.  Time for a specialized mold inspection.

Assuming that your mold inspection leaves you assured that you can remediate the mold, the next question is whether you are in a position to get the seller to do this for you.  It is a truism that it's a buyers' market right now.  But recognize that many sellers are strapped and do not have the cash to do the remediation.  They might also have so little equity that they are unable to lower the price to reflect the problem.  if you are considering a short sale or bank-owned foreclosure, the bank might refuse to make any repairs or negotiate the price.  If that's the case, the question becomes whether you are getting such a good deal that the house is worth the hassle and cost of remediating the mold.

A final thought: even if you are happy with the price and the prospect of fixing the problem, you have to know whether the mold is a symptom of a larger problem.  Mold might be the result of a single accidental flood, or a long period of neglect while the house was on the market.  But it might also be a sign that the water tight integrity of the house is in question.  if the mold requires water - are you buying a house with a major roof leak or other source of water such as leaky pipes?  Somebody needs to verify the cause of the mold before you can make an informed decision about whether to buy.

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