Mold Issue on multi-million dollar deal

By
Real Estate Agent with Exclusive Estates a division of Scott Gordon Realty

It is common to hear about Mold in Palm Beach County, Florida, as the climate is tropical, but you hope and keep your fingers crossed that it is not present in the home you about to sell. 

My encounter with Mold occured while I was representing the buyer of a multi-million dollar property in Palm Beach, Florida.  Here's what happened:  My client and I walked into an Oceanfront Condo, as we entered the property I saw my clients face exhibit a glow, she was excited and I knew this had to be the one! 

We came in with a low offer that was declined by the seller.  Actually, the seller would not even counter.  Two months passed as we continued to look at other properties and my buyer decided to give another offer to the property that she feel in love with.  The property was still available (as many are in this market), it took 3 weeks to negotiate a price.  Finally, we had the property under contract. 

Then the sellers agent made a strange remark to me when I phoned her to make an appointment for a home inspection along with a mold inspection.  She replied by saying tell your buyer that she does not have to spend the money for the mold testing (which can cost over $1K) as I will give her a letter from an attorney stating that their is no mold present in the condo at closing.  Humm, that is strange, why do that?  I asked for a property disclosure, which she replied their is no property disclosure.  So I just asked her is thier Mold in the condo?  She said no.  I asked then why would you not want us to do a Mold Test?  She just said why spend the $$$.

I presisted with getting an appointment for the Mold Test, when the agent finally confessed that Mold had been present and that it was getting Remediated.  Okay now I have to disclose this info to my client.  She freaks out and wants out of the contract, which I did for her. 

Mold can be entirely taken out of a property by remediation, so why was this not disclosed?  Why wasn't the buyer told when we first went to the property?

The good news is that we found an amazing condo without mold and we closed in July.......

 

Comments (6)

Cristy Smith
mmm - Austin, TX

Wow  you have to really look at the houses you buy. That would make me wonder to if someone told me not to get a mold inspection.

Thanks for the great info,

Cristy Redden

Aug 02, 2007 04:14 AM
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

I can't believe the listing agent tried to hide that! I'd beware of that agent in the future.

Lisa Hill

Aug 02, 2007 04:17 AM
Lynda Facci
Exclusive Estates a division of Scott Gordon Realty - Manalapan, FL

Cristy,

Thanks for reading my Blog- I couldn't believe that the mold issue was not disclosed.  If in fact I had not asked for the Mold Testing we would have never known.  Good thing I have a Great Home Inspector/Mold Expert that I recommend to all my clients. 

Thanks again, Lynda

Aug 02, 2007 04:40 AM
Lynda Facci
Exclusive Estates a division of Scott Gordon Realty - Manalapan, FL

Lisa,

Thank you for reading my blog.  Yipes, I know I have to beware of any listings this agent has!   I feel as if I now am a Mold Expert and  confident that this will never occur again, as Realtor's do have Ethic's.

Thanks again, Lynda

Aug 02, 2007 04:48 AM
Mitchell Jamel
Brite Real Estate Professionals - Saint Augustine Florida - Saint Augustine, FL
e-PRO Realtor
Lynda: I love your style, After my experience with mold, I learn my lesson. now I always use a Mold Addendum as well as a Test with all of my Contracts
Aug 03, 2007 04:02 PM
Lynda Facci
Exclusive Estates a division of Scott Gordon Realty - Manalapan, FL

Hey Mitch your right on - use a "Mold Addendum" and Test always protect your clients and Test for Mold.

Thanks for posting to my blog.............Lynda

Aug 04, 2007 04:20 AM