Currently I like a house found online, and have an inspector inspected the house but come out with water intrusion in the basement which cause the Mold on the basement's ceiling. We asked the seller to get it repair but seller is selling it as is. The seller is listing the house for $92,000 and accepted our offer price of $85,000 but Zillow estimates the house is $110,000. Will it be worth to purchase the property without mold been repaired with this offer price?
I'm thinking about buying this property then rent it out without repair the mold. Then after a few years of rental, sell it to the marketplace. Does anyone have experience with buying and selling the house with mold?
Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
5y
@Tony Zhang Is the intrusion current or something that happened in the past?
Many times, mold is treatable and is not a huge deal. Inspectors will bring it up as part of their duties. You just need to see the seriousness of the mold infestation.
Don’t rely on the Zillow estimate for value. Run comps to confirm the value.
As far as the mold, you’ll need to remove it. There are many types of mold. I’ve had mold remediated in a number of attics. Generally in my area $3200. Sometimes you can clean it up with bleach solutions. There are many products on the market. You definitely don’t want to rent it with mold. That will be a potential issue for you. You’ll need to resolve the water intrusion as well. Might be as simple as regrading around the foundation or redirecting the downspouts.