Home selling dangers of selling a home with mold

Dangers of Selling a Home With Mold

During the past decade or so, mold has increasingly emerged as an incredibly important topic when it comes to home maintenance. For years, the issues around mold were ignored, largely due to the lack of knowledge held by most people regarding the health issues associated with the organisms. When studies began to emerge and reach the public sphere, they were alarming. These studies revealed that mold, particularly a strain called stachybotrys chartarum (more commonly known as black mold) rapidly affects the health of individuals exposed to it, sometimes with extremely severe symptoms and health complications.

Now more than ever, attempting to sell a home that suffers from a mold problem is extremely difficult. Simply put, people do not want to move into a location plagued by mold which they will then have to deal with. While there are some individuals who will attempt to downplay the seriousness of mold, hide the existence of mold in their homes, or simply ignore the fact that the mold is growing, these actions are both morally wrong and extremely unlikely to result in anything but anger on the part of potential buyers.

Some of the possible outcomes of selling a home with mold include:

Massive Price Reduction

Because mold remediation can be costly and time consuming (especially if the mold problem has gone untreated for sometime), prospective purchasers will begin to balk at the asking price of your home. The presence of mold will cause the value of your home in the eyes of the home-buying public to drop significantly, leaving you in a position where you are not getting what you hoped from the sale of the house.

A reduced sale price is, however, the most positive outcome of an untreated mold problem, following numerous failed sales and irritated prospective buyers.

Lengthy Lawsuits

The worst outcome for you when it comes to untreated mold issues lies in the courts. If a homeowner sells a home with mold, and if the buyers purchase the home without knowing about the presence of mold, there is a good chance these buyers will turn to the homeowner for an answer. And they will come with lawyers.

If/when those who purchased the home discover the mold, they will very likely begin to explore the options of a lawsuit. It doesn’t matter if the previous seller knew about the problem and simply didn’t tell the buyers or if the previous seller had no idea the mold existed at all. If you sell a home and that home has a mold issue that you have not remedied you are placing yourself in an extremely vulnerable situation where the buyer could easily come after you for numerous reasons and levels of compensation.

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5 reasons to partner with Rich Bassford

  1. Consistently one of the Top Selling Agents in QC
  2. Successfully completed over 1400 transactions in his career.
  3. Calculates the ideal sale price to meet your expectations and attract buyers.
  4. Brings interested buyers to your doorstep.
  5. Maximizes your home’s visibility online and through his network of agents.