Danica Ketover
Freshman Member
- Joined
- Mar 28, 2005
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
Hi all,
Here's the story - 3-4 weeks ago I did an exterior-only inspection for a purchase. The realtor told me the finished basement was 50% mold. The lender told me that the home inspector said it was actually 75% and that the main level carpet probably contained mold spores, and that no one should enter the property without a respirator.
Today, the lender says the mold removal is complete and that this afternoon a substance is being applied to the studs to prevent regrowth. (This application is not required by the underwriter and the lender is saying I don't need to wait until its completed or mention it in the report). The lender is asking me to inspect the interior today and say that the mold has been removed, convert the report to a 1004, and provide an updated opinion of market value. They are not asking for new comps and the purchase price has decreased by $12,000.
No documentation regarding the removal will be available until Friday, which of course, is the closing date. Since we are appraisers and not mold inspectors, I feel they are asking me to go out on a limb. Am I qualified to say that mold that was reportedly present is not now? Especially since I never saw it in the first place. Do I need to comment on the substance applied to the studs?
Thanks for your anticipated advice!
Here's the story - 3-4 weeks ago I did an exterior-only inspection for a purchase. The realtor told me the finished basement was 50% mold. The lender told me that the home inspector said it was actually 75% and that the main level carpet probably contained mold spores, and that no one should enter the property without a respirator.
Today, the lender says the mold removal is complete and that this afternoon a substance is being applied to the studs to prevent regrowth. (This application is not required by the underwriter and the lender is saying I don't need to wait until its completed or mention it in the report). The lender is asking me to inspect the interior today and say that the mold has been removed, convert the report to a 1004, and provide an updated opinion of market value. They are not asking for new comps and the purchase price has decreased by $12,000.
No documentation regarding the removal will be available until Friday, which of course, is the closing date. Since we are appraisers and not mold inspectors, I feel they are asking me to go out on a limb. Am I qualified to say that mold that was reportedly present is not now? Especially since I never saw it in the first place. Do I need to comment on the substance applied to the studs?
Thanks for your anticipated advice!