The Dangers And Benefits Of Mold In Real Estate Deals

I bought a house with a very leaky roof about the same time I completed a training course on mold rehab and remediation. As luck would have it, Jeanne Townsley-Smith, the teacher of my course and a Certified Mold Remediation Specialist, wanted to make an offer on the house two years earlier when it was still an REO (Real Estate Owned by the bank). But it was a war zone full of mold and priced too high for the condition of the house.

While hearing from Jeanne how moldy the house was two years ago, I wanted to know what was under that fresh coat of paint the bank impressed me with when I bought the house. Was it a cover up? What did I really buy? Jeanne and I were both curious to see how bad the ?hidden mold? had become.

From Jeanne, I learned mold can be both beneficial and dangerous. I learned mold is necessary to fight bacteria, but it can be hidden well enough that it makes people sick without their knowledge. Although some types of mold only agitate allergies, other types can be toxic to humans and pets. The toxic molds that are commonly found in houses that have had water damage can cause serious health problems.

Mold can also be visible enough to scare away buyers, renters or lending companies for potential investors. Although I didn?t see any mold when I purchased my house with a leaky roof, I wanted to know if my house contained the hidden version.

Jeanne and I decided we would have a mold rehab training class in my new house. During a six-hour training course, Jeanne and her partner, Mark Murrison, armed us with all the personal protective equipment we needed: tyvek suits, goggles, gloves and respirators.

The students and I didn?t think we would find much mold as we started removing the drywall from the kitchen ceiling. We were wrong. The exposed back side of the drywall was covered in black and gray mold, mold that been feasting on the paper backing!

As a result of our discovery from the ceiling, Jeanne wanted to remove the kitchen cabinets because possible mold growth and damage might be hidden behind the cabinets, the wall and the plumbing. I thought the cabinets were worth keeping until I saw what was behind them: water marks and mold six to eight inches high around the entire perimeter on the back of every cabinet.

Even though the drywall behind the cabinets didn?t have much visible mold, we removed it anyway. They were WORSE! We discovered that the condensation line from the AC had been draining on the floor for many years. The water that laid there was wicked into the drywall. When it never dried out, mold grew. And grew and grew. It grew three to four feet high on the drywall.

And the bank painted over it!

An unsuspecting family that might have liked the kitchen cabinets would probably never have known?until they couldn?t breathe.

Now that we uncovered the mold, we had to clean it up. But not with bleach. Bleach actually wipes the head of mold off and bleaches it white. When it?s white, you can?t see it anymore. Only it can still reproduce and make it hard for you to breathe.

The mold infestation in the kitchen made me wary of the rest of the house, especially the bathroom. It had been completely remodeled by the bank before the sale. They installed a new vanity, toilet and tub with surround. The bathroom, as well as the whole house, was freshly painted. But what was this paint covering up? Only removing the drywall in the bathroom will reveal the answer.

Morals of the story:

1) If you buy a house with a mold problem, use it to get an even deeper discount.
2) Suspect freshly painted houses by the bank.
3) Get trained by Jeanne at the Mold Institute Protocol Training Institute.

Deb McMillan, OPHP, CMI, is a real estate investor and writer, living in Hamilton, Ohio, and has written a home study course on Short Sale Success Systems detailing how to get deep discounts from the bank when buying pre-foreclosures. She has been investing in real estate since 1986 and buying, selling, and teaching short sale strategies since 2000. She teaches how to talk to sellers to get them to do what is necessary to save their credit and reveals strategies to negotiate with the banks to get deep discounts when you buy the real estate. She also teaches about bankruptcy and what you can and can?t do once a homeowner files. Log on to http://www.shortsalesqueen.com for more information on how to make your deals close.

Related Articles:

Florida Direct Marketing Association (FDMA) Announces Annual Marketing Summit 2007 Conference
Two-day conference September 19 & 20 the pre-eminent gathering for direct & interactive marketers in South Florida.

NuWire Investor Examines Las Vegas Real Estate Market
NuWire Investor reports on the state of the Las Vegas real estate market and finds reason for optimism.

Golf Driving Tips To Correct A Common Mistake
One of the most common mental errors golfers make when driving the ball is to try and hit it as hard as possible.This article will deal with golf driving tips to help you correct this problem that is hampering many golfers and greatly hindering them from making any progress.

Sacramento Luxury Homes & Real Estate
In order to increase sales and answer questions it is a good idea for Sacramento Luxury Real Estate agents to know the general history of a state or city. And of course, to best understand Sacramento, we must begin with California itself.

Forming Good Golf Swing Habits ? Simple Golf Swing Methods
It takes a lot of practice to get a good golf swing, but you also need to be starting from a foundation of good technique Learning some good habits early on in your golfing career will stand you in good stead, giving you a good foundation to work from when you wish to improve your game and learn more complex golfing methods

Flipping Real Estate or Flipping Paper?
Flipping real estate properties is not for everybody but it is the fastest way to make a buck in the real estate business. Most everybody has heard of someone buying a "run down" house for a good price well below market value, fixing it up and selling it at a fair market price. Flipping a "fixer-upper" is definitely one way to turn a reasonably quick profit. I know some people who do it this way but they are more into the contractor and renovation business than they are of the investor mindset.

Learning How To Play Golf
The game of golf is played on a golf course, which is basically a large grassy landscape, consisting of lakes, trees, and small hilly mounds and is part of the way the game is played. A typical golf course has either nine-holes or eighteen holes.

Resort Golf Can Vastly Improve Your Game
There is more to a golf vacation than spending your day on the golf course and driving range. The golf course may be the main attraction for various golf resorts around the country, however many also offer fitness centers, spas, and healthy cuisine.

Venetian Casino Resort in Las Vegas to Host CEO Poker Tour July 2-10
CEO Poker, an Executive Games company, has announced the Venetian Casino Resort in Las vegas, will host a 2007 CEO Poker Tournament, where players will battle over the green felt of the poker table for an exclusive Tiffany Championship bracelet, cash, trophies, prizes, and bragging rights. Event dates: July 2-10, starting at 6:00pm.

Golf Maui - Tee Off Where The Pros Play!
If you plan to golf Maui you're in for the treat of your links career! More top-flite choices await you than almost any other island destination. Whether you are a scratch golfer or the only way you get near par is with an eraser, there is a Maui golf experience waiting just for you!With near perfect year-round weather averaging 75-85 degrees, who wouldn't want to golf Maui? You've seen many of the courses on TV: The Kapalua Plantation course, home of the Mercedes Championship; the Wailea Gold course, home of the Senior Skins Game; and Kaanapali North, host to a Champions tour event.