Buying a foreclosed property can be a great real estate investment, but it doesn’t come without risks–mold being one of them.
No One’s Home
Foreclosed properties can sit vacant for extended periods of time and that can be a breeding ground for mold. If there are any leaks or water damage that is going unnoticed mold can set in. The lack of ventilation can also be a problem. If no one is coming or going the air is stagnant.
The Risk of “As-is”
When a home is sold “as-is” the buyer becomes responsible for whatever issues exist. Water damage can be an expensive fix and mold remediation only adds to the cost. Due diligence is critical when buying foreclosed properties to ensure you don’t end up with any unexpected, costly surprises.
To properly remove mold, consult a mold specialist. Removing the mold ahead of a sale can save you money and may even make a nice return on the investment.