The housing marketing is very competitive and you need to act fast when you find your dream home. However, finding mold during the home inspection does not mean you have to start your search all over. We explain what you need to know about buying a house with mold and knowing when you should walk away.
Should I Buy a House With Mold?
Homes are a huge investment, so it’s important to understand the risks of buying a house with mold. As the buyer, your purchase agreement protects you against major problems. This allows you to walk away if there is mold. However, that does not mean you have to cancel.
Deciding to buy a house with mold issues depends on the price, how much you like the home, and whether you can reach an agreement with the seller. If you get a great value or it’s a small issue, moving forward with the sale might be the right option for you. If you are paying top dollar or it’s a large problem, walking away might save you time and money in the long run.
Knowing When To Walk Away From a House With Mold
If you are buying a home with mold, it’s important to know when you should walk away. If there is a problem, start by talking with your real estate agent. They will help guide you through the process and can work with the seller on resolving the issue.
You should also consider the price and value of the home. If it has everything you are looking for at a great price, maybe it’s still a good buy. But if you are paying a lot or it’s not exactly what you wanted, it could be the right time to walk away.
If you still want to buy it, it’s time to start dealing with the seller. The goal is to find a compromise that works for both of you. Your agent will offer suggestions on how to proceed with negotiations.
In some cases, the seller may agree to pay for mold removal. Other times, you may agree to buy the home as-is for a lower price. You might also decide to split the costs or change the sale price to cover the removal.
If the seller agreed to have the mold removed, ask them for records of all the work. You should also hire a different company to inspect the home afterward to make sure everything is done correctly.
Is It Legal To Sell a Home With Mold?
You can sell a home with mold, but the seller is legally obligated to include the problem in the disclosure agreement. Before you sign the contract, make sure you read it carefully and ask your agent if you have any questions.
If the seller mentions a mold problem, you should have an independent mold inspection and get a quote on having it removed. This way you know the scope of the damage and how much repairs will cost. This will also help when negotiating the sale price.
Should I Get a Mold Inspection When Buying a House?
You do not always need a mold inspection when buying a house. However, you should have an inspection if you are sensitive to mold or you see signs of a problem.
Your home inspector may also recommend one if they see water leaks or other signs of mold. This may include leaks, standing water, spots or stains, or excess moisture.
If you choose to get an inspection, you should only hire a certified mold specialist. Always pick your own inspector and never use the seller’s suggestion.