Monday 15 April 2013

There's Mold & There's Mold

There's Mold & There's Mold


by Darrin DeRoches
April 4 - 10, 2013
This week I showed a four bedroom house with all the must haves to my client and she loved it and wanted to make an offer. Sounds good but there was one problem – there was already another offer on the property. Most agents would just give the old “oh well, we will find you something else” but my client wanted this house and I have been showing her homes over the last three months and this was the first one she loved. I called back the agent and asked about the other offer. He explained to me it was only good until Monday and I was surprised about the quick time period and it was a holiday so banks are closed – so what was the issue?

    I asked a couple of poignant questions and let the agent talk and talk until he finally revealed a possible mold issue. I asked to be kept in the loop. Monday morning at 9am I got the call that the deal had fallen apart. I got an offer written up and by the end of the day my client had her dream home. We checked the report and saw the mold and also found the cause which was that the vents were covered up once the new siding was installed. A simple fix under $100 and the mold will be no more. We secured the property for less than the other offer and we can now close on a great home for my client. The mold is being removed and the venting problem will be fixed before we take possession of the property – simple fix and moving fast got us a deal and more importantly a great home for her family.

    Once a client hears about mold, they usually run from the property but 90 per cent of mold issues are minor and easily fixed. The sellers were totally freaked out over the mold since their children are living there but then they saw the results of the inspection stating that it was minor and no health problems existed. Inspectors always love to scare clients with mold but once the shock wears off and you realize how simple the fix is you can use the issue to your advantage. I had buyer ask for $2,000 off the price to fix the mold which the seller fixed with a dollar fix of bleach and a couple hundred dollars for the re–inspection to prove the mold was removed and the problem fixed.

    Obviously if there is a “big mold issue” it can be a large cost and people in space suits will take over the home to correct the issue. These issues come from years of neglect, leaking roofs, pipes, windows etc. These mold issues have to be dealt with properly and with the right professionals. When you ask these same professionals about the mold they will tell you every home has some type of mold but less than 10% have a “real issue”. V

    Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at mail@uniquerealty.ca.