Would you buy a house with mold in the entire basement?

Question

I put an offer on a house yesterday knowing the basement was full of mold. If my offer is accepted this will be my first flip. Yesterday, I was confident in my decision, today not so much. I know where the water is coming from (no gutters) and feel confident I can stop the water. Looking back at the pictures, the mold is extensive, especially with it being a finished basement. I guess what I’m looking for is this going to be alright? I know it is. If accepted I’m buying a $100000 house for less than $30000! The rest of the house is solid.

Karl B. · Answer

I would get a good mold remediation person in there to give you an idea on the cost as well as how effective their remediation might be. The reputable companies will offer a warranty on their work (2-10 years typically).

Kenneth Garrett · Answer

@Joey Hicks

The mold houses are a big advantage because it scares most people away.  Do your homework.  Mold remediation can be expensive.  I had a couple of attics remediated about 3200 each.  The basement may require the removal of drywall and a bigger remediation then expected.  I would assume 25,000 as a safe number.  Sounds like it still works.  Purchase 30,000 rehab 30,000 (correcting water infiltration) and you have 40K equity.  Not a homerun but a nice flip 25K profit.

Good Luck.