Cliff Salisbury
Senior Member
- Joined
- Jan 16, 2002
- Professional Status
- Retired Appraiser
- State
- Ohio
I inspected a vacant home yesterday that is owned by a out of state lender. The house has a purchase agreement and I am to appraise te home for a loan for a new local lender. The house is less than ten years old and has a full basement. The real estate agent told me that they had fans running in the house because it was a little damp.
Upon entering the property the first two things I noticed was the smell of dampness and the black and green on the walls and ceiling. The mold was just about everwhere. It is so bad that in some rooms I can point out the studs behind the drywall because the mold makes straight lines along them.
I think what happened is that someone turned off the electric to save money and thus turned off the sump pump. I think that this might be the case since I noticed that the bottom four steps to the basement are much darker than the rest of the steps. I would estimate that at least sixty percent of the drywall will need to be replaced plus what ever other damage is done behind the walls.
I have never had a home that was anywhere near as bad as this. I would like to know how others have handled this from past experience? I think that this is just a law suite waiting to happen. I am not concerned about upsetting the lender. I have a very good relationship with them. I would also like to be able to give them some good advice as to how to handle this. There is no question in my mind that they will not make the loan. any ideas or key phrases would be greatly appreciated.
Upon entering the property the first two things I noticed was the smell of dampness and the black and green on the walls and ceiling. The mold was just about everwhere. It is so bad that in some rooms I can point out the studs behind the drywall because the mold makes straight lines along them.
I think what happened is that someone turned off the electric to save money and thus turned off the sump pump. I think that this might be the case since I noticed that the bottom four steps to the basement are much darker than the rest of the steps. I would estimate that at least sixty percent of the drywall will need to be replaced plus what ever other damage is done behind the walls.
I have never had a home that was anywhere near as bad as this. I would like to know how others have handled this from past experience? I think that this is just a law suite waiting to happen. I am not concerned about upsetting the lender. I have a very good relationship with them. I would also like to be able to give them some good advice as to how to handle this. There is no question in my mind that they will not make the loan. any ideas or key phrases would be greatly appreciated.