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I'm back in the running again, just finished the inspection on the second house and hope this one will finally go thru closing. The home I'm purchasing is an REO for 55k. When viewing the first contracts the bank had previously done inspections and some issues with the roof was found. After some back and forth we found out they did repairs already after their inspections. So I did my inspection yesterday. What my guy found was a missing faucet (kinda funny since they just did a revamp on that bathroom, think they need a better repair team) and there is mold behind the baseboard in the master bedroom. He stated it was probably because the bedroom was originally a carport or garage, the flashing I think the called it? that keeps water from seeping into the walls could have possibly been done incorrectly or there could be a crack/rock in it somewhere. First off I'm hoping the bank will repair it, the listing agent said they will usually fix things the lender requires. I'm just waiting to find out if that means getting rid of the mold only or also correcting the issue so it shouldn't happen next time it rains alot.

My main question after all that is what would it normally cost to repair something of that sort? Not just removing the mold really, since I know that depends on the type, but fixing it so the water won't seep in anymore?

My thought is if they were willing to repair leak in the roof, wouldn't a leak coming from the ground somewhere be the same necessity?

Thanks for any information y'all can share. Here's to me hoping for a real closing this time!

Issues with roof? Did the seller bank put on a new roof? What repairs did they do. Do you have that in writing? Check with your Realtor.

Did you inspection company recommend you have a licensed contractor to further evaluate the repairs done by seller bank and the repairs that still need to be done including mold remediator contractor inspection? They should have.

Don't BANK on YOUR LENDER requiring repairs before closing, best to address during inspection contingency period, requiring repairs by seller bank (REO). Discuss with your Realtor.

Careful that time is limited of inspection and response can be dead-lined. If you approve the home inspection and bank on your bank to require repairs... you "MAY" be up the creek without a paddle. Discuss with your Realtor.

"Usually" is not a good word in our business.... "it is" or "it isn't.

This message has been edited. Last edited by: real estate lady,

They repaired the leak that was in the roof. My inspector said the roof looked good. We have a sheet from their contractor of what work they did. I am getting an FHA loan so the bank that owns the property knows I need a clear WDO. I double checked with my realtor and he said he put in the addendum that we want them to fix and repair the mold and the cause of it. And that I'm safe cause its not just the 10 days of inspection time but that we notify them of any issues that came up from the inspection during that time.

GOOD JOB to you and your realtor MAKING SURE THAT INSPECTION CLAUSE IS THERE!!

Fixing the mold means "replacement of materials i.e. drywall, etc." - make sure the addendums covers that..it is not eradication.. it is remediation and that is done by removal and replacement. Keep your eyes on deadlines and make sure you have a copy of the contract-- reading it thoroughly and understanding same!

This message has been edited. Last edited by: real estate lady,

quote:

Fixing the mold means "replacement of materials i.e. drywall, etc." - make sure the addendums covers that..it is not eradication..

Eradication is perfectly acceptable in most cases. What you have to be sure of is that the source of the water is eliminated. Be sure you have a competent contractor.

Mold can also be from humidity - no ventilation. Some people think spray of bleach is a solution. Assessment is key. Consult an expert when dealing with mold issues to be on the safe side.

This message has been edited. Last edited by: real estate lady,