Is Selling a House with Mold Advisable?

Although a variety of mold species are not considered dangerous, a mold problem in your house can easily turn away potential homebuyers, as they get the impression that your home is in a very bad condition. It can also be a sign of plumbing issues, weakened structures, and health problems, which can be a nightmare for an individual moving in with their entire family. While some people use fresh paint to hide a mold problem, it is not always a smart move since professional mold inspectors use special equipment and experience to determine the presence of mold in a building. This article discusses whether it is advisable to sell a house with mold and what you should do if you notice a mold problem before selling your home.

What You Need to Know About Selling a House with Mold?

Mold is a serious problem that can decrease the value of a home. Besides causing serious health problems, mold remediation is very expensive and can add a great financial burden for a potential homebuyer working on a tight budget. In some states, large quantities of visible mold are considered a violation of the public health code and a nuisance to any of its inhabitants. Sellers need to disclose any mold problems to buyers as it could lead to citations for code violations should the buyer notice the issue. However, some people can consider buying a house with mold if they are given a significant discount on the home and they are capable of removing mold without spending more than what they budgeted for.

Ways in Which You Can Sell a House with Mold

  • Sell to a Home Buying Company

Ask for different offers from reputable home investors since new companies may have newcomers who lack experience in closing deals. It is important to do your research to have the best possible selling experience. One of the greatest advantages of selling your house to a home buying company is that they buy houses regardless of their condition. This means that you can walk away with cash on hand at closing. However, their cash offer comes at a price as it factors in all the costs that they may incur when rehabilitating and re-selling a house with a mold problem.

  • Traditional Sale with a Realtor

A prospective realtor will inspect your house and discuss its sale. He or she will give you an estimate of what your house might be worth after the inspection by showing you comparable properties. A good realtor helps you throughout the process of selling your home from the asking price to the final closing. However, it takes an experienced realtor to sell a house with mold as they have a good idea of the right contractors to contact. However, you will be responsible for the costs incurred during inspection and mold remediation. Keep in mind that a realtor will only help you sell your home after you have fixed whatever issues that caused the mold problem.

  • Sell it by Yourself

Choosing to sell your home as the real owner may save you the real estate commission but is considered one of the most difficult options. If you want to reach a large number of potential buyers, consider advertising your home on several websites. While you may save money with this option, it is not a guarantee but only a possibility that your home will appeal to a buyer. Your house may not sell if you set the price too high and you risk losing money unnecessarily if you set the price too low. Besides, you will not have a realtor to help ease the buyer’s fear of what may occur in the future.

Is it Legal to Sell a House with Mold?

There are no legal restrictions against selling a house with mold as long as you have disclosed past or present mold issues to the homebuyer. For example, if you are selling your house to a home buying company but you fail to disclose any information about black mold before accepting their cash offer, then you can be sued for purposeful non-disclosure. However, if both parties are aware of the issue, then you as the home seller will not be responsible for any existing defects in the property.

There is nothing wrong about selling a house with mold. However, failure to disclose an existing mold problem before the sale is what is considered illegal and could attract expensive lawsuits from homebuyers whom you were selling the house to. Regardless of the laws governing your state, it is important to avoid future lawsuits by disclosing information of past and present mold issues before selling your home.