Mold found in crawl space/buyer backed out!

[Kimmielee]

Be sure to have the mold inspection and the remediation proof handy!! If the appraiser mentions it and/or the seller disclosure makes its way into the buyers loan package... the mortgage underwriter (that's what I do for a living) will be the next person wanting to see the documentation.

Mold is a HUGE issue and I've stopped 2 loans from closing just this week due to this problem. If it's isn't taken care of the whole house is at risk and then it has to be destroyed! It's truly a health hazard!

So sorry this had to happen to you. I always suggest anyone looking to sell should have an inspection to ward off these issues first! Yes, you must still disclose it but proof of remedy will assist in reassuring a buyer! Good luck!!

 

[DisneyTarheel]

Was it just in your crawlspace? I'd be surprised if a crawlspace, especially down here in NC, did not have some mold in it. I assume it was more extensive than what is typically found?

 

[cats mom]

Good Luck - hopefully the right buyer will come along soon!


We had a similar situation with a buyer who backed out after the inspector found evidence of termites. We had the problem taken care of, attached supporting evidence to all our paperwork and sold the house about a month later.


You should have seen our disclosure statement when we sold a house in CA.
I asked our realtor why in the world anyone would ever buy a house that appeared to have so much wrong with it? But she was adamant that we include absolutely anything and everything imaginable to protect ourselves from lawsuits down the road.

 

[christineann]

Most if not all homeowners policies have a specific exclusion for mold. I would think twice about buying a house that has had mold remediation, because there is no insurance coverage for repairs. I do sympathize with you - if I ever decide to sell my house, I am sure I will have to disclose that my house was gutted and rebuilt after Hurricane Hugo because it flooded. The house had to be treated chemically and dried out (this was 5 months later) before construction could begin. The house across the street was cleaned with no additional treatment, and I shudder to think what's growing over there!