Most home buyers run at the sight of mold. And I agree in many cases you should run. If you can't afford to fix the cause of the mold or afford to re-mediate the mold correctly you should run. Many times it can become a major project because the mold has come down the walls and is behind the walls. Those types of projects can become nightmares because you don't know how bad the mold is behind the walls.
But mold in the basement is one area, I think should not worry all Michigan home buyers. If you and your family member don't have allergies or asthma this might be a problem that can be corrected. If you have allergies or asthma you should stay away from homes with mold.
I think there is opportunity to buy a home at a great price is when the sump pump backs up and floods the basement. When Michigan home owners walk away from their foreclosed house they shut off the electricity. Sometimes the bank doesn't even know the homeowners have left. So when it rains the sump fills up, the basement floods, then the mold starts to grow. This is what you seeing in these pictures.
A basement flooding happens quite often in Michigan foreclosed homes because of the electricity being off. The flooding stops as soon as the electricity is on and sump pump starts working.
This foreclosed home was in Southfield Michigan.
But when the basement floods the drywall will draw up the water like a sponge. Then the mold will grow as high up the drywall as the water got absorbed. The water could have been one or two inches deep and cause all this mold.
What is great is that the mold can be cleaned up. Of course whoever does the work should be qualified to do the clean up. Masks and protective clothing should be worn. But basically gutting the basement down to the cement walls most likely can be the solution. Then cleaning up the cement walls and repainting can get the home back in livable shape.
On the other hand when a home floods because of broken pipes and there is on mold on the ceiling, walls, floor trusses in the basement and on the walls of the main floor. Then I would run the other way. That home is a major project. You may not be able to get all the mold out in a home like that.
So don't cross off the house with the moldy basement if you are a cash buyer. But if you are a buyer that needs a mortgage then forget about the home and move on. The only time I ever saw a home get bought with mold was a USDA rural housing loan. I don't know how it slipped through.
I have seen homes that are absolutely beautiful upstairs and have mold downstairs. Homes that need no work but have a moldy basement. Those are the homes you might want to consider if you have the money and the people to clean it up.