Copyright (c) 2008 Jon Dacken
Does the mold in your house have you frustrated?
You want to sell it, but your realtor says it’s impossible! Won’t even take the listing.
This may come as a surprise to you, but there are at least 3 ways to sell your moldy house. If your realtor disagrees, you may want to look for a different realtor.
What are your three options?
Option #1 – Tell It Like It Is And Sell It Like It Is
The mold in your house doesn’t mean you can’t sell it. It only means you must disclose it. You just have to tell a potential buyer about the problem. Then let the buyer assume the risk of solving the problem. Although this option makes finding a buyer more difficult, it can be done. You should at least be aware of this option and how it works before crossing it off your list.
Option #2 – Fix It First
Another option is to fix the problem before you sell. If you choose this option, you need to make sure the job is done right! Otherwise you could end up paying for the repairs twice!
And be sure to get the proof (in writing) that the mold was successfully abated using a recommended procedure. You’ll need the documentation for your buyer, and probably her lender, to show the problem is solved.
Doing it right is not hard. But it is important. If the job is done wrong, you could make things worse. And you need something more than a paid receipt to show the work was done correctly. You need a written report that proves the mold problem is gone!
Option #3 – Let The Buyer Fix It
Another option is to find out how much it will cost to solve your mold problem, and then let the buyer hire the contractor and pay for it after the closing. The buyer does the work after you close and no longer are the owner.
There are good points and not so good points about each of these options. Like most things in life, there is no perfect solution. Making the right decision is very important – after you have all the facts. What might be the best option for someone else may not work for you.
For example, with our first option you simply tell the buyer there is (or may be) a mold problem, and then let them fix it. The good thing about this option is that you don’t have to deal with it. The not so good thing about it is that a smart buyer is going to want some pretty good compensation for taking an additional risk when she buys your home. That means money out of your pocket.
By applying these options, you’ll be able to sell your house and be in control of the situation. It’s important to do it right, otherwise you can make the situation worse.