Selling A House With Mold As-Is
What To Do And How To Deal With ItMold Can Be Very Costly To Clean Up
So, you want to sell your house but it has mold?
Oh no! Newsflash: Mold is everywhere. So what’s the big deal? The fact of the matter is most molds are not dangerous. There are a few, like black mold or chart arum that can cause health issues. Not to mention costly law suits!
So, here’s the million-dollar question:
How does a seller get a fair price for their 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. Most 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. When in doubt, just 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, generally in airborne spores searching for an ideal place to land and develop. In small amounts it is not a problem, but when it finds a moist place in your home and you fail to notice it, 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.
What To Do If You Are Selling And Spot Mold
When selling a house with mold, or any issue, always make the proper disclosures to the buyers, no matter who it is. This is required by law.
The most prudent way to address the issue is fix the problem prior to listing the property. The process of removing mold can take time, and holding up buyers and adding to the “Days on Market” of your property is never good.
Firstly, check your house. Look in the attic, basement if you have one, bathrooms, kitchen, really anywhere where moisture is present.
Second, fix any leaks or moisture problems. Mold comes from moisture, so addressing this issue is vital.
Third, get a mold inspection. If you think there might be mold in your house, do yourself and your buyer a favor and get the inspection.
If there is mold, and you contract someone to treat your property, know that it might take some time. This process usually takes two steps. The first step is killing the mold and the next is preventing it from growing back. It would be prudent to find a mold removal company that issues warranties on the work they’ve done. While you may not want to pay for repairs on a house that will no longer be yours, you may save yourself greater expenses later on.
Selling a house with mold is not something to take lightly. Lawsuits and costly repairs are likely to happen if you ignore the issue. If your house has mold, fix it before listing. This can save you money and lawsuits in the long run. If you don’t feel like paying for the repairs, selling your house “as-is” is always an option.
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.