I'm looking at a property that has a room in the basement with drop ceiling. The ceiling is completely covered with mold and bowed out. I didn't see any evidence of mold anywhere else in the house but I'm sure it could be there. I don't have a clue what it could cost to have a professional come in to remove the mold and therefore don't know what I could offer. I called mold specialists but they won't even give me a range. They want $75 to look at it and give me an estimate which I could deduct from the repair bill. I don't want to pay someone to do an estimate and then end up not making an offer because the repairs are too costly. Any advice or has anyone had mold removed? Do the prices range in the tens of thousands or just the thousands? I hate to pass this one up but I won't make an uneducated offer.
kastinka
I had a property under contract that had mold really bad on the bathroom ceiling on the main floor and in the bathroom in the basement. A contractor that looked at it didn't seem to think it would be a big deal. He said they would put some sort of chemical on it to kill it and then fix the ceiling. I guess it would depend on whether it was inside rather than just on the surface. But I have no idea... I'm just telling you what they told me. Maybe someone else who has had experience with mold could help you better.
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Thank you, that does help.
I bought a house with some mold issues in the basement; we had to take out the drywall, and replace the studs behind the wall that were damaged as well; it cost me a couple of thousands....
Valerie
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Kate, do you know the color of the mold? Is it black or white? Depending on the color and if it has spread behind the walls the repair could be in the thousands. I was once looking at a house which had black mold in one of the bedrooms and the three estimates all came within a couple hundred dollars of each other. The estimate was $22,000 to remove the mold. The reason why it is very expensive is because the mold company is taking all the liability for any and all future mold. Also, remember that once you try to sell the house you must disclose this to the new owner. A lot of people don't want anything to do with mold. I would ask the owner if this has been a problem in the past, I would also see if this was disclosed on the previous buy. If it's a very good deal it might be worth moving forward otherwise I would move on to the next house. My advise is to move on unless it's a very good deal, good deal in the sense of free!!
Ray
Thanks everyone for the help. The house is an REO. I need to go see it again so I can see if the moldy room is under one of the bathrooms. The other rooms all look good. I'll wear a mask and look under the ceiling tiles. It is blue/green mold (I think). Once I look at it again, if I'm still unsure, I'll pass on this one.
Kathy
Kate,
Hold on, you said that the property is REO (bank owned).....mold is your friend in this case. Get it under contract (make sure you still have a contingency in case you need to get out).....very very very low (maybe lot value or less??) and then get your contractor in there for a $75 estimate. Would you invest $75 if you knew you could make $15 - 20,000???? Of course you would.
I would use the mold issue as a negotiating tool. Take lot's of dig pix, and submit them with your offer. Get your Mold Re-mediator to define what type of mold it is and the 'rough' remediation costs....this will all support your very very low offer.
Also check with your Rehab Buyers.....get very specific and ask them if mold scares them (it won't for most serious Rehab Buyers). In fact mold is the color and smell of money.....as they know that they can get this deal VERY VERY cheap.
Full disclosure once it is re-mediated, but this could be a great opportunity with a handsome payoff in the end! Good luck.