As the number of foreclosed homes rises, the deals are plenty – but so are the potential problems. One of the fastest growing issues with foreclosed and bank-owned homes is mold.
When homes are occupied, a cycle of ventilation occurs and moisture gets sucked out, often times driven by heating and air conditioning. When homes are abandoned, however, the electricity is shut off so there is no circulation of air and no sump pump to push standing water out of the basement, which can cause major mold problems. The infestation of mold in bank-owned, vacant houses is growing throughout the country. Water leaks and flood problems go untreated, and can lead to mold issues within days.
If you can see mold or smell a musty odor in a home, you can be sure that there is a lot more mold that you cannot see hiding – especially behind the walls and under the floor boards and carpets. Because of this, any mold damage might require expensive remediation efforts to once again make the home habitable.
Since buyers purchase these homes in an as-is condition, they need to be aware of the potential problems and added-costs a mold infestation brings with it. Many bank-owned properties will not have documented histories about past conditions or treatments. Even if you make an offer on a house right away, banks often take months to process the paperwork and by then it’s too late and a small mold problem is now a full-house infestation that can cost thousands of dollars to fix. Once a residence is severely infested with mold, often times the floors and walls must be completely torn out to correct the problems.
Exposure to mold, especially toxic mold, can cause a variety of health problems. People suffering from asthma or allergies, including small children, infants, the elderly, and people with acute health problems are more susceptible to health problems related to mold infestation.
The safest way to proceed with a foreclosed home is to have a mold inspection done by a certified professional. They can tell you exactly what it will cost you to fix the problem, and then you can weigh your options and figure out if the house is still a good deal.