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Can mold kill a mortgage ?
We had our home inspection yesterday and significant mold was found in the attic. The inspector is a mold remediation specialist and his recommendation was that since the roof needs to be replaced to remove the roof down to the sheathings and replace all of the plywood so that the mold is removed and install a ventilation system. A co-worker who just bought said that they saw a house with a mold issue and was told by her mortgage broker that the bank may deny the mortgage if the situation isn't fixed prior to closing. Our realtor has a roofer coming out today to do the estimate, but I am nervous that the seller may balk at having to do this since his agent told DH yesterday that he was very surprised that he had agreed to come down in price.
Other than the roof/mold issue we're not asking for a lot of other stuff. There is a bat or mouse living in the attic that needs to be removed and all of the droppings cleaned and the furance needs to be serviced and have two pipes replaced that are currently leaking or not connected properly. If the seller pushes back we would probably drop the furance and just have someone come out and service ourself.
TIA!
Re: Can mold kill a mortgage ?
I'm pretty sure it can, especially if it's significant. I think someone on here had an inspection where the inspector wrote that there *might* be mold and her bank made them get something saying there was no mold.
Chances are, unless they are prepared to sell below market value to a cash buyer, they would have to make the mold fix for anyone.
Yes, it can. But the seller would be an idiot to not just fix it. He'll have to disclose the mold problem to any potential buyers now that it's been found.
However, I wouldn't be surprised if he suggests splitting the cost somehow.
http://pandce.proboards.com/index.cgi#general
I Dont know if it would kill a mortgage but for sure, it would kill my wanting to live there.
And most of them have mold! Unless you live in the desert. Sheesh, it's not the end of the world. People THINK it is, thanks to the insurance company bust of the early 00's, but **it's something that can be fixed, no one will die (unless they're allergic AND have asthma), it's not the end of the world!** This I know. My dad owned a mold remediation company for years, he fully admitted that he felt like a damn crook until he sold it.
Planned Executed