Re: HUD home with Mold …Avoid? - Posted by Killer Joe
Posted by Killer Joe on June 23, 2005 at 13:25:07:
I just sold a rehab that had a mold issue crop up at the last moment due to the wifes sudden anxiety over the issue (love those office watercoolers). I had to pay $1200.00 to have some plaster removed, the studs treated, and new drywall installed. The owners signed a release form stating they were now solely responsible for any and all molds found in the house, and that I am no longer liable (for whatever that’s worth), but a legal document none the less.
This was done outside the “Mold Remediation Police” circles, as once they are brought in the costs to me would have been about $12K (big diff!!!) I guess what I’m saying to you is if the mold problem in that house has been ‘institutionalized’ and needs to be handled by ‘the pros’, the costs could easily wipe out any profit you may have seen.
I recommend you do your homework on this one. These mold remediation problems are the new Lawyer ATMs, and if your buyer suddenly catches a cold in your place, they now have the guns to go after you. Get a release from your buyers like I did if you can. It may help down the road.