Foreclosure Problems
How much would you offer on a foreclosure with basement leaking and mold problems?
We recently looked at a beautiful home in a very nice area. The only problem is the basement. The home sits on a slant so there is a water problem and severe mold was growing in the basement. They are asking 109900 for the home. We had considered asking around 80k with a sump pump and mold clean up. Does that seem reasonable?
If they listed the going cost of this house without these problems then by all means bring the price down to cover the cost of cleanup. Sump pumps are not that costly. The labor varies but will likely be around $1,000 or less without the pump. The cost of mildew and mold removal will vary on how much of a build up there is and where it is. Where the water is coming from would have to be checked out by a professional to determine if there is a foundational problem. It would be best to get 2 quotes. If there is a more serious problem other than an ineffective sump pump that caused the damage then this would have to be reconsidered in how much the house is worth and if you are prepared to buy or not.
My friend has a similar problem when she purchased her home. The foundation was not thoroughly checked out by specialists of her choosing. After buying the house the next rainy season caused havoc to her basement due to “unseen cracks” in the foundation.
There are loads of options right now, so just keep looking for the best home for yourself in the range you can afford..
Avoiding Home Foreclosure Problems-Short Sale Home Problems
