Mold in Foreclosed, Vacant Properties

As the number of vacant bank-owned properties rises, the link between foreclosure and mold keeps growing. The recent downturn in real estate has led to a growing number of vacant or abandoned homes owned by the mortgage holders that have serious mold problems.

Mold infestation in vacant properties is a serious problem throughout the country. Water, sewage, flooding and leaking problems go untreated when the homeowner is not there to notice and fix them. Even without the event of a major water intrusion many vacant houses—especially in areas with high humidity—can develop mold problems due to factors such as poor ventilation, lack of regular housecleaning, etc.

It also stands to reason that even if the previous owner knew they had a problem that they, more than likely, did not get it inspected or fixed properly while they were in the foreclosure process or planning to abandon the property.

Mold problems or even the suspicion of one can potentially scare away buyers! Most people just are not educated about mold. Chances are, though, that they’ve seen a news story on the television or read an article about “toxic mold” or “black mold” and that’s the extent of their knowledge of the subject. Whether the stories they’ve heard are exaggerated or not, the end result is the same – they’d rather just not bother going through the process of buying a house that has, or may have, a mold problem.

Even if a buyer isn’t scared away a mold problem or potential mold problem can drive the price of a property. Because mold growth not detected and repaired early enough can quickly add up to thousands of dollars of damage to take care of you can be sure that it will be a major factor in the price negotiations.

If history is any indication we will likely see more lawsuits brought by buyers that have purchased bank-owned properties and found a mold issue. Frivolous or not, lawsuits cost a lot of time and money for all involved to come to a settlement – a lot of time and money that might not have to be wasted if there are documented actions that can show due diligence to detect and remedy any mold problems by hiring professionals certified in the mold industry.

These are a few good reasons why it is important to have a mold inspection done by an independent, certified mold inspector first to find out whether there is a problem and what the scope of the problem is.

1. Ordering a mold inspection by an independent, certified mold inspection & testing service helps ensure that there is no conflict of interest presented by an inspection service that is also in the business of fixing the problems it can find.

2. For all parties involved in a real estate transaction, knowing the “what, where and why” of a mold problem can save headaches and money over the long run. Get the full picture in a timely manner, preferably before any price negotiations so that you can enter negotiations with the information you need.

3. By acting and showing “due diligence”, you can help avoid any future legal issues surrounding mold issues.

AMI Environmental Testing Northwest, Inc. is an independent Indoor Air Quality service that has nearly a decade of experience and customer satisfaction to bring to your service. Call us today at (503) 383-9457 and we’ll be glad to speak with you about how we can help you.