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Radon And Mold

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CJ1234

Thread Starter
Junior Member
Joined
Jan 24, 2008
Professional Status
Certified Residential Appraiser
State
Minnesota
Question and concerns about how to handle a home with current/past Radon and Mold issues.

Radon mitigation / abatement equipment was installed in the basement.

A review of the seller signed disclosure statement (which was on MLS, not provided with PA) stated that there was/is (disclosure doesn't delineate between the two) a Radon problem and a mold Problem.

The comments on disclosure address the Mold (Discovered in 2003, new exterior, new windows, new soffits were installed)

No comments to the Radon Issue were provided.

Now: Seller is also Dual agent. Relevant? Maybe not. Just a fact.

I'm not sure how to proceed. Clearly, no agent lists "Radon Problem" on MLS, so no comparables with radon issues are available. I've already inquired to other appraisers in the area. No help. I don't have quantifiable adjustment.

What do I need to do to Cover Myself?

Thanks for the help
 
Joined
Oct 22, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Use checkbox 4 at the bottom of page 2 on the URAR...call for a THIRD party to provide a mold/radon certification which is acceptable to the underwriter. You don't sign off on ANYTHING....not your job. They may come back with a piece of paper from Joe the Handyman that says its all clear, and the underwriter will want you to provide a clear final or remove the condition from the report and do it "AS IS"...dont do either....put the liability on the underwriter where it belongs.

todd

edit to add...by doing it this way you won't need a market based adjustment for the mold/radon, and you are putting the lender on notice that there may be issues which they ned to address. Whether/how they adress them is none of our concern.

todd
 
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CJ1234

Thread Starter
Junior Member
Joined
Jan 24, 2008
Professional Status
Certified Residential Appraiser
State
Minnesota
Thank you

William R...That's what we are doing. It's our first one with Radon, and I'm jumpy. Normally I'm cautious, but this is making me ridiculously cautious.

I can't figure out why someone wants this particular property, for almost a million, in this market where there are many McMansions available.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Use checkbox 4 at the bottom of page 2 on the URAR...call for a THIRD party to provide a mold/radon certification which is acceptable to the underwriter. You don't sign off on ANYTHING....not your job. They may come back with a piece of paper from Joe the Handyman that says its all clear, and the underwriter will want you to provide a clear final or remove the condition from the report and do it "AS IS"...dont do either....put the liability on the underwriter where it belongs.

todd

edit to add...by doing it this way you won't need a market based adjustment for the mold/radon, and you are putting the lender on notice that there may be issues which they ned to address. Whether/how they adress them is none of our concern.

todd


I agree. Unless you are an expert in environmental issues, let the U/W earn his/her paycheck.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I agree with Mike Boyd. Unless you have scientific training, and mold and radon detection equipment, you cannot state that any property has mold or radon problems. The most you can do is state what you have found out, and it's source, and let someone else worry about it.
 

CJ1234

Thread Starter
Junior Member
Joined
Jan 24, 2008
Professional Status
Certified Residential Appraiser
State
Minnesota
Mike B / Don Clark
Thank you both.
 

Esox

Member
Joined
Apr 13, 2008
Professional Status
Certified Residential Appraiser
State
Wisconsin
Here in my part of Cheeseland we have radon mitigation systems in a lot of houses. I've never noticed it affect marketability. It's not unusual for incoming transferees to have the systems installed even if the levels are in the acceptable range.

Mold? I would rather not hear or see the word, or see the stuff itself, in conjunction with any house I'm appraising. If I do, it's box four and I never sign off on it later.

Kevin
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
As an aside re: radon, I have heard it is everywhere including that carrot or celery stick you are munching on.
 

Tom Eichholz

Sophomore Member
Joined
Apr 30, 2004
Professional Status
Certified Residential Appraiser
State
Kansas
About this Radon gas stuff...

OK, call me Mr. Irresponsible, because I have no statistics to quote, nor have I read any reputable research papers or any other medical source references-either pro or con-to quote. So take this as just my sneaking suspicion, but my personal opinion about the dangers of radon gas is that it is a fear mongering, money making scam designed to cost home buyers another pretty penny.

I would bet that unless you lived in a closed windowless basement with no ventilation, slept next to a floor crack, been a heavy smoker, and worked in a coal mine for 30 years, then maybe, it might get to you. And even then you'd still be more likely to die from getting hit by a beer truck while in the crosswalk after church.

If it's so dangerous, then why aren't builders of new houses required to address this supposed major health hazard, or is Radon gas just found in older neighborhoods?
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Tom-Radon is an invisible gas that is reported to be in every county in the country. BUT, it is very site specific. You might own the only house in the subdivision with it or be lucky to have the only one without it. The only way to know is to test for it and the cure is relatively inexpensive (few hundred dollars on the average).
 
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