Beware of Mold When Buying a Foreclosed Home

As more homeowners fail to pay their mortgage, more foreclosed homes have appeared on the market, along with their hidden companion–mold. Research over recent years has shown mold to be one of the most dangerous forms of growth in your home. Foreclosed homes remain closed off and mold and mildew are able to find perfect breeding grounds as a result in nearly half of these homes. These homes are left for long periods of time without any electricity so there is nothing to combat water damage. The absence of ventilation and circulation means that all moisture is trapped inside, and ignored leaks and flood complications aid the toxigenic growth. Mold remediation is a must in these foreclosed homes, for safety reasons that could end in a lawsuit if not addressed.

Why Mold is so Common in Foreclosed Homes

Homes without owners turn into liabilities for realtors when mold begins to grow. Responses and foreclosure procedures frequently waste much more time than expected so houses wait for lengthy durations, contributing to the growth of the mold. Prices are set too high and banks seem to be in no hurry to finalize paperwork so homes are left abandoned during humid, baking months. It’s turned into a real issue and realtors have been forced to collectively work through the “epidemic.” Buyers are increasingly understanding the health risks associated with mold and are hesitant about moving into these properties. Persuading buyers is becoming a larger hassle and the last thing real estate owners want is to drive down the price of the property.

Temperatures inside the house go up despite changing weather and situation can become truly hazardous for consumers’ health. Banks are too busy to deal with each home and fraud paperwork has risen as a result. No matter how quick you make an offer as a buyer, the lengthy process allows for a full-fledged infestation regardless of how minimal the issue was initially. This only elongates the mold issue as houses remain empty, and eventually calls for more extreme measures like the replacement or removal of walls or floors.

The most fool-proof method of moving forward in a purchase of foreclosed property is to have the home thoroughly inspected by a trained professional. They will be able to inform you of any mold buildup and an nearly exact estimate of the costs you can expect to pay in order to resolve the issue. Then at least it’ll be in your hands whether or not a home’s discounted price is even worth the trouble.

Contact Moldguys Remediation 

If mold is found in these foreclosed homes, it’s crucial to have it removed quickly and efficiently to protect the health of potential homeowners. Contact the experts at Moldguys Restoration today. Fill out an online form or give us a call at 781-910-5029

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