Should I buy a house with black mold in FL

Financial Advisor · Miami · Member since 2025 · 3 posts · 1 vote

Found a SFH (single family house). Went to the open house and there is black mold in the garage, green mold on the ceiling and rotted and falling paint from a leaky roof. Seller says estimated cost of roof replacement is $34,500, mold and drywall remediation $8,700 and kitchen and baths are in original condition. Seller dropped price by $30k BUT similar house across the street is selling for $12k less and in less disrepair. Should I continue to pursue the original house deal by deducting their estimated repairs?

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
1y
Quote from @Patricia Perdomo:

"I saw a rotten apple at the grocery store for $1. The apple next to it looks to be in great shape but is listed for $0.80. Should I buy the rotten apple?"
The mold house would only be a good investment if you can buy it at a low enough price to cover the necessary renovations. Replacing the roof is just the start. You may need to replace insulation, sheetrock, or even framing material.
The only way I would touch it is to have a contractor give me an estimate for renovation, then lower the price far enough to handle that renovation. In fact, I would want to go even lower because there's a very good chance some damage is hidden and costs will run higher than anticipated.
If you aren't experienced, I recommend you just buy the good apple.

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Patricia PerdomoPro Member
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Financial Advisor · Miami · Member since 2025 · 3 posts · 1 vote
1y
Quote from @Nathan Gesner:

Quote from @Patricia Perdomo:

Thank you.
"I saw a rotten apple at the grocery store for $1. The apple next to it looks to be in great shape but is listed for $0.80. Should I buy the rotten apple?"
The mold house would only be a good investment if you can buy it at a low enough price to cover the necessary renovations. Replacing the roof is just the start. You may need to replace insulation, sheetrock, or even framing material.
The only way I would touch it is to have a contractor give me an estimate for renovation, then lower the price far enough to handle that renovation. In fact, I would want to go even lower because there's a very good chance some damage is hidden and costs will run higher than anticipated.
If you aren't experienced, I recommend you just buy the good apple.

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