Before And After Mold Stigma Damage

[KenRossman]

Anyone have any before and after mold remediation sales data?
Subject is a 2 bedroom 2 bath condominium.
Mold remediation estimate is $49,000 from September.
FMV of subject un-impacted is maybe $75K
Prior mold infestation must be disclosed by owner or Realtor to a potential purchaser.
please share here or PM me. Thanks, Ken

 

[residentialguy]

I had a sale with a prior small fire with remediation done...but it affected the sale price about 10%. I would imagine mold being similar.

 

[CindyR]

i appraised a 2 bedroom/2 bath fannie condo full of mold in 2012 for $5,000. They listed it at 12,900, noting 'discoloration present' and sold it in 16 days for $16,500 cash to an owner occupant who is still there. probably not relevant to your question but here are the fun pictures...

 

[techbiker]

Cindy- Sounds like it could have been a decent deal. The real question is- what was causing all of the mold to grow?

The solution to the existing mold is usually just some bleach and paint. I've read a recent study indicating that only visible mold can contribute significantly to spore counts. "Encapsulated" mold is theoretically harmless. Further, the vast majority of molds do not affect us. "Harmful" mold has to be present in a large enough quantity to be deleterious. Just my 2 cents.

 

[J Grant]

Anyone have any before and after mold remediation sales data?
Subject is a 2 bedroom 2 bath condominium.
Mold remediation estimate is $49,000 from September.
FMV of subject un-impacted is maybe $75K
Prior mold infestation must be disclosed by owner or Realtor to a potential purchaser.
please share here or PM me. Thanks, Ken

Was the mold only in subject unit, or did other units in the condo have mold ? (shared roof leak or flooding or faulty construction etc). If an individual unit has mold , typically, I have found that post remediation there is no impact or too small to measure on the sale, since a unit remediated often is also upgraded, new drywall, paint, carpet /floors, often they replace appliances and cabinets too ( what was done in your subject unit/?) so a buyer gets an as new condition place for similar sale price as an upgraded unit. As long as the remediation was professionally done and source of problem fixed, leaky roof or windows or whatever caused it and buyer is confident about condition no impact on price.

But if an entire condo building or a number of units were affected, then even after remediation, there can be stigma, and one has to speak to Management to see what the problem was , if it has been fixed, if there is litigation because of it. If a problem affected the building or a number of units in the building , then I have found there is a stigma affecting price, usually most in the first year and takes about 3 years to go away, assuming the problem was resolved and resale activity.

Ask a RE agent or agents who sell in the building... they can hopefully help you as well.

 

[CindyR]

Cindy- Sounds like it could have been a decent deal. The real question is- what was causing all of the mold to grow?
.

Per the agent, the mold was caused by the unhappy owner who left all the faucets trickling when they moved out. the asset preservation people did not enter the property until a month later. the problem was not structural and did not affect other units. but it sure was creepy and ugly in this one...

 

[Restrain]

I can only say that after disclosure, I have seen about 10% after remediation.

 

[Tim The Enchanter]

Per the agent, the mold was caused by the unhappy owner who left all the faucets trickling when they moved out. the asset preservation people did not enter the property until a month later. the problem was not structural and did not affect other units. but it sure was creepy and ugly in this one...

And also plugged the drains?
That looks pretty bad. Not what you would expect in a usually arid zone.

 

[Carlos Danger]

$49,000 sounds like pretty complete remediation on a 2 br 2 bath condo. If it comes up clean on the post remediation test, is there any stigma?

 

[Terrel L. Shields]

49,000 sounds like pretty complete remediation on a 2 br 2 bath condo

A match sounds cheaper but I guess that wouldn't go over well in a condo