Mold

By
Mortgage and Lending with Capital State Mortgage

The cost of Mold can be extremely expensive to repair. There are more litigation cases which have arisen because of individuals who have allegedly suffered illness due to mold. One of the major causes of mold is standing water. Mold is a serious issue and needs to be addressed. If you are planning on putting in an offer on a home where there may be mold present, please note that in order for financing to take place the mold issue must be taken care of prior to the funding of the loan. Because Mold is a health issue, lenders are not allowed to fund the loan until it has been removed and an inspection is done to varify that. Either the seller of the home or the buyer must pay to get the mold removed, so this would be something that needs to be addressed up front.

Posted by

Trish Brown, Your Sr. Loan Consultant

 

Comments (2)

Glen Fisher
National Property Inspections of Southern New Jersey, LLC - Oaklyn, NJ

Often the mold is removed and the moisture that caused the mold is never addressed. 

On Saturday, I just performed a home inspection on a property that I originally inspected nine months prior that had a major mold problem at that time.  Following, my original inspection thousands of dollars were spent on mold clean-up.

Now nine moths later the the mold is back as the moisture problems were never addressed.

 

Jan 20, 2010 10:32 AM
Anonymous
Trish Brown

Glen, Thank you for letting me know, I will make sure that my clients are getting the issue fixed and not just the mold. That is a great to know.

Jan 22, 2010 01:26 AM
#2