Concerns about Foreclosed Homes with Mold

Over the past year, I could safely estimate that I have encountered at least 2 foreclosed homes with mold per week. That is just ME! Considering this, the housing crisis has really hit home. Some trends that I am observing with respect to foreclosed homes with mold really concern me.

When someone is considering the purchase of a foreclosed home, the obvious goal is to "get a good deal." They will call me to get a ball park figure on mold remediation to figure in their budget, and for approximately 95% of them, that's the last I hear from them. This is not what troubles me. The cost of mold remediation, to someone who has never encountered it, is often shocking. Don't get me wrong, it's not astronomical, but is more than what most expect.

What troubles me is what I hear about how some banks are handling the issue. One contractor who exclusively performs repairs on foreclosures reports that he sees mold on approximately 90% of the homes where he works. His usual treatment? Just tear it out. The problem appears to be gone, but what about the structure that likely had vast amounts of mold growth? What about the spores that became airborne when the moldy drywall or carpet was removed? It seems the philosophy is "out of sight, out of mind."

Even more troubling is that the previously mentioned contractor approached the bank he works for about the projects where mold growth is present. He recommended they perform proper mold remediation. Their current position is to 1) Spray it with a biocide, 2) Paint it with Kilz or a similar product, and 3) Run an Air Scrubber for 24 hours. After this process is complete, they take an air sample and call it good. They then present the testing info as proof that the home no longer has a mold problem and sell the home "as is." This is a recipe for disaster.

If you are considering the purchase of a foreclosed home, I strongly recommend that you hire a qualified environmental testing company and have the home thoroughly inspected. You'll spend around $500 to $1000 (approximately, depending on the size and such), but it will be money well spent. Do not rely on testing data provided by the bank - conduct your own inspection!

Lastly, if mold is found in the home, call Rivercrest Restoration to provide an estimate for the mold remediation. It's free of charge and the work will be done right. We guarantee it.

636-386-2500