How much would you offer on a foreclosure with basement leaking and mold problems?

Question

We recently looked at a beautiful home in a very nice area. The only problem is the basement. The home sits on a slant so there is a water problem and severe mold was growing in the basement. They are asking 109900 for the home. We had considered asking around 80k with a sump pump and mold clean up. Does that seem reasonable?

Answer 1

If they listed the going cost of this house without these problems then by all means bring the price down to cover the cost of cleanup. Sump pumps are not that costly.  The labor varies but will likely be around $1,000 or less without the pump.  The cost of mildew and mold removal will vary on how much of a build up there is and where it is.  Where the water is coming from would have to be checked out by a professional to determine if there is a foundational problem.   It would be best to get 2 quotes.   If there is a more serious problem other than an ineffective sump pump that caused the damage then this would have to be reconsidered in how much the house is worth and if you are prepared to buy or not.

My friend has a similar problem when she purchased her home.  The foundation was not thoroughly checked out by specialists of her choosing.  After buying the house the next rainy season caused havoc to her basement due to "unseen cracks" in the foundation.

There are loads of options right now, so just keep looking for the best home for yourself in the range you can afford..

Answer 2

I suffered brain damage from toxic mold. get a repair estimate from a mold specialist and include that in your estimation for your consideration. it could end up costing you millions if someone gets sick in that home.

Answer 3

I would get a professional estimate before I bought this money pit.

Answer 4

Make  sure the foundation and the land underneath are in good shape, otherwise just pumping it and cleaning the mold won't help and you will have a $100,000 repair bill.  If that checks out ok, then yes, 80k is a good price.

Answer 5

keep looking, leaky basements and mold problems are very hard and very expensive to fix.  like someone else said, it's unlikely to be limited to the basement.

Answer 6

Stay away from homes with mold issues.  It won't be limited to just the basement.  You'll have to worry about spores getting into ventilation systems and spreading to other parts of the house.  If you have small children, that's even more reason to stay away from moldy homes.  Health issues like chronic asthma will be the least of your worries.  With the housing market in it's current condition, couldn't you find a house that's in better condition?

Answer 7

I agree with those above who have said that mold is a very serious matter. Here is a list of symptoms:

https://www.moldrx4u.com/Symptoms.asp

Use that knowledge (and perhaps a remediation bid) to get the selling price down.

However, check out the remarkable research on toxic mold removal done by environmental expert Dr Ed Close. Simply diffusing a therapeutic-grade essential oil regularly in this building will likely result in an environment very hostel to mold.

http://www.secretofthieves.com/mold.cfm

I've always thought an investor buying at remediation prices could rake in the profits if, upon successfully trying the Thieves approach first, it actually solves the problem.

Cost of a couple bottles of Thieves Household Cleaner to wipe down the walls and a diffuser with a couple bottles of Thieves oil: about $250.