How much will this lower the final selling price?

By
Real Estate Agent with Keller Williams Realty 302690

There is a home that I will be listing within the this December and the sellers had a question for which I thought I would get others advice on. They purchased there home in 2003 as soon as it was finished being built. Six months later they discovered a huge mold problem which had taken over the crawlspace. The home owners have been in a very long battle with the builders trying to get this fixed under warranty for the past six years. They are supposed to have a judge make a final decision on who is responsible for what sometime within the next week. Their attorney called me and wanted to know what my opinion was on how much less the home would sell for if the mold is not removed and all the issues causing the mold were not repaired. The home would sell for around $270,000 in todays market assuming it had no major issues or defects such as the mold. What is your opinion on how much it would reduce the selling price if it is not fixed? The estimated repair cost is around $30,000 to get everything repaired and corrected. I look forward to hearing your opinions and any past experiences you can share.

Posted by

Blake Rickels, Realtor

The Blake Rickels Group

Knoxville Realtor Blake Rickels 

KELLER WILLIAMS REALTY

CLICK HERE TO SEARCH for "Knoxville Homes For Sale"

Each office is independently owned & operated

 

 

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Rainer
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Dawn Bush
Exit Landmark Realty - Waldorf, MD
Southern Maryland Real Estate

I would think the best way to determine deficiency is what you have done already about getting the repair estimates.  I would figure high due to the declining market and the bargaining outlook of most of todays buyers.  Good luck!

Nov 10, 2009 04:57 AM #1
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Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy there Blake

First I'd like to tank ya for stoping by to visit.

One of the bad things about a home haven a Mold problem, is folks will usual always fill it will show back up, even after its been taken care of.

Have all the other parts of the home been checked out?

Baker Home Commercial Proerties Inspections and Consulting AR Signature

Nov 10, 2009 01:49 PM #2
Rainer
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Lesley Burton-Dallas
Turtle Clan Global - Stratford, CT
Environmental Consultant

Hi Blake!

Great question! You are on the right track by getting estimates for repair.

My question, was the home tested first? Without a test that would give a scope of work or "blueprint' for the remediation companies to follow. If they don't have this they are flying blind and will go into house as if it is a condition 3 contamination and take walls down to studs.

We have definitely seen mold change the negotiating table. That's why it is super imporant to have a reputable testing company that provides you with black and white science as to what the extent of contamination is.

Remember ALL HOUSES have mold! You need to find out how much more mold exists on the inside than the outside, and determine what kind of mold it is, then find a remediator who follows the IICRC protocols.  Get the estimates and take it off at closing.

The problem is if the contamination is not fixed immediately, it will keep getting worse, so what the estimate is today will be different in a couple months when the entire house is dosed. Here again is a good reason for a test. You can prove this!

Our experience has been that once a house has been 'stigmatized' with a mold issue, it's almost as if it has 'KOODIES'! When in fact it's quite simple to fix when you work with the right people( check out IAQA.com for contractors in your area)

Hope this helps! You can contact me if you have any more questions...I unfortunately,lol, live for this stuff!

Miss MOLD

 

Nov 18, 2009 03:34 AM #3
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Blake Rickels

"The Name Friends Recommend"
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