Sometimes a home inspection reveals the high probability of a major concern and upon further investigation, it is confirmed. This is often the case when signs of water damage are present and upon a deeper look, mold is discovered in a home that is for sale. For many potential buyers, the discovery of mold can be an automatic disqualifier. However, it doesn’t have to be if you play the discovery right.
Discovering Mold: Not The End Of A Home Sale
If, during the home inspection mold is discovered—or even highly suspected, don’t panic! Have a mold inspection completed to confirm the presence and the extent of the mold problem. Speak to mold removal and treatment specialists about the estimated cost for repair and collect the estimates and data you have been provided. Have your real estate agent contact the seller’s realtor and let the negotiations begin.
The discovery of mold does not mean a home is unlivable, just that it will need some maintenance before you move in. Maintenance and upkeep are a main part of owning a home and since the presence of mold indicates that this may have been lacking by the current homeowner, you may be able to offer 10-15% less than asking price (but then handle the mold on your own) or have the cost of the mold treatment to be covered by the seller.
Handling the mold issue on your own may seem like a scary and too daring of a move; however, with the right professionals, it could potentially pay off big time. Mold can scare away prospective buyers and even if the seller has reduced the asking price, the presence of mold and your willingness to take control of the issue yourself can allow more room to negotiate on the cost of an already reduced home—and prove to be a valuable move in the long run. By getting the home at a significantly reduce price, affording the mold removal process is more plausible for a recent homebuyer—and it also provides a great renovation opportunity if you find a mold remediation company that also handles reconstruction. For a single cost you could get more than just mold removal, you could also get the home design of your dreams and a significant amount of equity into your home once renovations are complete and the value of the home rises above the originally reduced asking price!