Selling your house is never an easy feat. If you want to get the best return on investment and attract the right buyers, you will need to prepare your home before putting it on the market carefully. You will need to stage your house and proceed to repairs such as new paint and carpets for
Selling your house is never an easy feat. If you want to get the best return on investment and attract the right buyers, you will need to prepare your home before putting it on the market carefully. You will need to stage your house and proceed to repairs such as new paint and carpets for a fresher look. However, there is one common issue that makes you think twice before listing your home: mold and mildew.
Beyond being an eyesore, mold is a health concern. It is also often the sign that your house may have some significant damages and hidden issues. Therefore, it is no surprise that most potential buyers will think twice before putting an offer on a property affected by mold and mildew. Besides, most mortgage lenders will not offer a loan for properties that have known mold issues. This situation would significantly reduce your pool of potential home buyers.
Does it mean that there is no hope for you to unload your house with mold and mildew issues? Not quite. Here is how you can sell your moldy property.
Fix the mold and list the property
The first solution that comes to mind is to remediate the mold issue and list the property as planned. Although it might seem like the most accessible road, getting rid of mildew is far from simple.
Mold appears in areas where humidity accumulates. Frequent culprits include basements, bathrooms, laundry rooms, crawlspaces, attics, and so on. However, mold is also common around leaky windows, air conditioning units. It may also affect any area with poor ventilation, especially in humid climates or easily flooded zones. Although mold often leaves telltale black marks, some molds and mildew are invisible to the naked eye. Therefore, it is only identifiable thanks to a musty smell.
Mold is often found on wood, such as window and door frames. It can also set in carpets, insulation, and drywall. The best way to get rid of mold is to hire the services of a remediation company that will be able to remove the decay in-depth, even in areas that are not easily accessible.
Unfortunately, it is often a sign of deeper issues and getting rid of the mold itself is only the first step. You will need to figure out and repair what caused the mold in the first place. In some cases, it could be a significant investment, like fixing the roof or structural issues.
Since mold can be a health hazard, many states require home sellers to disclose a known presence of mold in the property. It is also a major red flag for most home inspectors. They are well-trained in finding signs that mold may have been found on the property. Therefore, hiding it is a very bad strategy and could lead to the sale falling apart.
Sell the house as-is.
Fixing the mold to list your house can open a can of worms. You need to get rid of the mold itself Besides, you may also need to replace any affected elements if the mold is deep-rooted, as well as any factor that contributed to the mold’s apparition in the first place. In some cases, it could lead to thousands of dollars in repairs if structural elements, such as the roof or the foundations, are damaged.
Therefore, some home sellers decide to list the property “as-is” and leave it to the buyers to take care of the problems themselves. Moldy houses, however, do not appeal to the typical home buyers. They are challenging to finance and only eligible for certain types of mortgages – such as a 203(k), for example. The best policy is to list the property low enough to appeal to investors and house-flippers, many of whom pay cash. Keep in mind that your property could be sitting for months before finding the right buyer, depending on the real estate market in your area. In the meantime, the mold issue would likely get worse.
Sell your house to a cash home buyer.
A third option would be to sell the house directly to an investment company or a cash home buyer such as National Cash Offer. They offer a streamlined process to avoid the hassle of putting your house on the market and paying a listing agent. Besides, unlike typical home buyers, they buy properties in cash regardless of condition. Since there are no inspections or financing involved, they can close quickly according to your timeline.
If you would like to find out how much your house with mold could be worth, contact National Cash Offer for a fast cash offer without any obligations.