Mold is a form of water damage that can complicate the process of selling your home. As a home seller, you cannot afford the growth of mold. The presence of any amount of moisture can lead to the growth of mold. Molds such as Stachybotrys chart arum, or black mold can have serious health complications and can lead to substantial liability issues for the sellers of home that contain black mold.
Lately, the real estate communities have started taking this issue seriously and have become increasingly aware of serious mold issues that can do significant damage to home sales. Mold is almost everywhere especially in airborne spores searching for an ideal place to land and develop. If the amount of mold is present in a small amount, it might not create an issue but it may turn into a problem if it finds a moist place in your home which you fail to notice.
Thousands of different molds exist in the environment, and among them, only a selected few can prove harmful to humans through their proximity. These are the toxic molds.
Among the toxic molds, the most powerful is the black mold. They can damage your lungs and can lead to general ill-health. The most vulnerable are the asthma sufferers, infants, elderly or those with lung complications. But it is also capable of making a healthy person sick. However, this argument may hold little weight in front of potential buyers.
Why buy a home with mold?
No matter how big or small is the issue of the mold formation in your home, the buyers have every right to be cautious when mold issues might be present, as buying a home is probably one of the biggest decision in any one’s life. Also, there is no reason to go for a home with a mold issue when they could easily find an equally good deal on another home.
Selling a home with mold is not something you should take lightly. In case a home buyer finds the mold problem after buying the property, he or she can come after you with a lawsuit.
And whether you forgot to mention the problem or didn’t take the time and expense to determine the issue beforehand, you may find yourself facing some real consequences.
You might find it difficult to get the price you want for the home if the buyer’s home inspector discovers a mold problem in your home. The price deduction will depend on the severity of the problem, but you can have little hope of asking for a bigger price with a mold infestation. Many times it may lead to the backing out of the buyer even if you agree to take care of the problem. Molds can be one of the things which can spook out home buyers.
Is selling a house with mold legal?
Yes, it is legal to sell a house with mold. Although there are no legal restrictions against this there are some states that have legal restrictions against selling a property without disclosing past or present mold issues to the potential buyer.
What precautions can be taken as a seller?
Start right away! If you are thinking of selling your home, you should consider addressing potential mold problems before you put your home on the market. Mold clean will take some time, and you don’t want buyers to associate your home with ongoing mold remediation.
Begin to look at your home as thoroughly as possible. Are there any possible areas for mold accumulation? Are there any places you have not looked in a while? Did you recently face any water damage issue?
Examine your house from every hook and corner for moisture penetration or accumulation. Not every home has a mold problem but every property is at the risk of developing one. So it could be wise to be cautious before any issues occur.
The main cause of mold infestations is water damage. Repair if any such problem arises and keeps an eye for any probable mold formation while making repairs.
In removing materials you might come across infestations behind walls or in ceilings. If you see serious mold growth, it is advisable to take help from mold clean up professionals.
Get a mold inspection:
If you get the feeling that there are chances of mold contamination, it could be a good idea to get a prior mold inspection done. Inspections don’t come cheap but they will tell you whether there is any reason to worry or not. If they tell you about some issues, you can immediately take care of it and can also show the records demonstrating this fact to the buyers.
There are many mold remediation companies to take care of all your problems. The mold remediation consists of a two-step process. First, the molds are treated with chemicals that will kill the mold. And the second step is the treatment which prevents the mold from growing back.
Documented records of all repairs:
It would be wise to document all the repairs you make and test results you receive. This will provide you with documents available for buyers with questions about mold. You can demonstrate that you have addressed the issue as thoroughly as possible. Also, it can protect you in case the buyer pursues legal action after they purchase the home. A few scenarios of how to sell your house with a mold:
Sell To an Investor:
The cash home buyer companies consist of real estate investors who help homeowners who face difficulty in selling their home. They purchase the property AS-IS, repair it and resell it for profit. The transactions with the investors take much less time in comparison to the traditional transactions.
How to find a home buying company:
It is important to select the right company who will buy your home. Try to avoid those who are new to the industry and ask for offers from established and reputable home investors.
It is important to do your homework properly to get the best possible selling experience. Make a list of all the cash home buyers in your area and try to get as much information as possible to them. Select the top three and schedule a meeting. Request a cash offer from each of the buyers and select the best one. In case you choose to go for a traditional real estate sale, you will have a prospective realtor, who will look into your house and discuss its sale.
They will also provide comparable properties to show how much your house is worthy of. They will suggest minor updates if any required helping you get a better deal. They will also talk to you about staging your home to advance its appeal to probable buyers. A good realtor will be with you right from setting the asking price to the final closing.
Sell To An Agent
How to choose the right real estate agent:
Selecting the right agent can go a long way in making the right deal for the selling of your home. You can look out for family and friends who have recently sold properties through agents or may also look for certain websites who can also help you with agent recommendation.
Contact the recommended agents and talk to them about your property. Compare their prices and go for the best price you get. In case you find agents who are offering significantly higher or lower prices, drop them as agents who know what they are doing will suggest similar asking prices.
Sell The House With Mold Yourself
This is one of the options while selling your home- to sell it yourself.
It might seem one of the best possible ways to sell your home as you will be saving the entire real estate commission. But it is only a probability as selling your home yourself on the traditional market is one of the most difficult options of all. You will be responsible for everything whether it is setting the asking price or the closing. Although there are a few advantages, there are also many disadvantages associated with selling your home on your own.
You will be setting the asking price on your own, which will mean if you set your house price too high, your house will not sell and if you set the price too low, you risk losing money unnecessarily.
Mold is a fact of homeownership for most of the sellers. Like everyone, you will also want to sell your home as fast as possible. But if you tend to ignore the mold issue, you can face problems after the sale is supposedly over. If a buyer finds out mold formation in your home they will most likely ask you for remediation or may even back out from the deal if the issue is severe. Try to address your mold issues head-on, and enjoy a peaceful and clean sale.
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