Water damage in possible purchase

[Shane Brown]

I am going to view a house tomorrow this was built in the 1930s. Beautiful big home significant under priced. Room for a lot of potential, the reason why it’s so under price is water damage. The agent said a pipe bursted a few winters ago and it has been sitting vacant since. Said there is a good chunk of mold. Anyone ever purchase a property knowing something like this? What was you out come? Better to just walk away or is it still worth a look? Thanks!

[Christopher Phillips]

@Shane Brown

Just did a broker price opinion on something similar. 2nd flood bathroom was either leaking or left running. Ruined the entire first floor and the basement. Plaster walls and ceilings. Wood floors. Entire kitchen. entire basement.

You have to have a professional deal with the mold ($15,000-$30,000). Rip the sheet rock and plaster out. Mold loves sheet rock.

All the wood floors on the first floor buckled. So, those have to go along with the subflooring. Not sure how the joists are - they were still wet. Kitchen had water damage and mold, so that has to either go or be cleaned.

Here's a picture of the basement: