Home Remodel And Mold

 
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Old 03-21-2005, 03:56 PM   #1
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Home Remodel And Mold


Hello, I hope this post is in the right area. My question is 2 fold.
1. Would you get involved with this house?
2. Ballpark guestimate of what the costs could be?

My wife and I are moving to NC in the next 6 months. There is a gorgeous house there. (on the outside). It is all brick, and inside is ok except for major flooding and mold in the basement from a burnt out sump pump.

Now my understanding is the mold has reached most of the house and the inside drywall will need to be gutted, studs treated and drywall reinstalled.
This is a 4100sq foot home that could be purchased for probably 1/2 price (150-200k)

1 Would you buy this house or do you think mold is too much of a gamble?
2 What kind of ball park figure would i be looking at to have 4100 sq feet re-drywalled?

Thanks in advance for your input.
shawn
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Old 03-21-2005, 10:03 PM   #2
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Re: Home Remodel And Mold


I'd probably take a pass. But if not, I would check on insurance for the property beforehand. And I'd factor in the price of having a mold remediation company come in to at least get you to the point of putting it back together.. Good luck.

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Old 03-22-2005, 03:24 AM   #3
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Re: Home Remodel And Mold


it sounds like a keeper to me. but then again, I love gutting.
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Old 03-22-2005, 03:35 AM   #4
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Re: Home Remodel And Mold


You need to be asking your questions in a investor forum not a contractor forum, people here can tell you how to re-drywall, but real estate investors can tell you about the profitablity of mold houses. I stradle a little bit of both and can tell you that mold houses can be profitable because the best profits are available where the least amount of competition treads. Currently mold is one of those areas that scares off almost all newbie investors and a lot of seasoned ones (especially if the market offers up easier pickings), so this offers an opportunity for those who are willing to invest in these types of properties but more importantly know how to remediate them.

That being said, would I do the deal or pass has nothing to do with the mold, but all to do with the individual numbers of the deal itself.
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Old 03-22-2005, 09:52 PM   #5
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Re: Home Remodel And Mold


Run Forrest Run! :Thumbs:
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Old 03-22-2005, 10:31 PM   #6
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Re: Home Remodel And Mold


Mike F,

I talked to a guy that bought a house in HOuston a few years ago and he wasn't able to obtain insurance--ended up in the state insurance pool because of a claim the previous owner had filed for water damage. Is that just a Texas thing or have you heard of similar?
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Old 03-23-2005, 11:33 AM   #7
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Re: Home Remodel And Mold


Texas got hit with and seemed to be the 1st state to really get wacked with mold claims. The reason I understand is 2 part, the big part being the legal system of Texas and the lawyers who exploited it. There was an initial period about 2 years ago where mentioning mold to an insurance company and they would slam the door shut and board up the windows (think asbestos back years ago when it was a running rampant), now it seems as the EPA got involved and more is known mold is becoming a more manageable problem and insurance companies seem to be a bit calmer about it. It is now a remediable situation, no more of a hurdle then asbestos or lead paint. Most states with standard real estate contracts seem to have a standard mold disclosure just like the lead paint disclosure.

Like anything, if you are talking about risking money in an investment you better do your due dilligence, and finding out about insurance on a house that has mold claims should be part of that.
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Old 03-25-2005, 04:22 PM   #8
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Re: Home Remodel And Mold


There was an excellent article IMO anyway regarding this subject in this month's issue of Walls & Ceilings. I think it speaks right to the truth of the matter.

A couple of good quotes from the article.

Quote:
Until recently, medical literature was sparse about the impact of toxic mold because, understandably, household mold was not a high research priority. However, last May the Institute of Medicine of the National Academies of Science published a 281-page study that is the most definitive look thus far at the toxic mold issue. A major conclusion was that the health hazards of household mold indeed have been exaggerated.

The study found that mold can contribute to some respiratory ailments, particularly for people with asthma, but uncovered no evidence at all to support lurid claims of memory loss, fatigue, seizures, fever, skin conditions and other horror stories perpetrated by the ambulance chasers and their clients in so many lawsuits
Quote:
Toxic mold has become an ingredient in the soup of construction defect litigation that has been a favorite of the trial bar for a couple of decades. This is not to say some builders donít deserve to be sued. It is to say that the structure hasnít been built that doesnít have molehills of imperfections that can be made mountain-sized by a forked tongue attorney. So crass have they become that in parts of the country, particularly out West, builders and subcontractors now have trouble obtaining liability insurance at any price for residential construction. And most liability policies nowadays have exclusions for mold contamination.

Architects, engineers, builders, GCs and subcontractors from various trades, along with manufacturers, suppliers, and of course the insurers, typically get named in these lawsuits as fingers point every which way. In the case of moisture, itís often impossible to pinpoint the source or apportion blame among building products, design, installation flaws, or simply poor housekeeping.

One would think that if your products and workmanship donít cause leaks, you ought to be immune to toxic mold and construction defect lawsuits. Donít bet on it. Lawyers are trained to bend truth, justice and the laws of nature into unrecognizable shapes. Ironically, mold growth can be enhanced not necessarily by poor construction, but by work done right to provide an airtight, energy-saving indoor environment. Ventilation tends to inhibit mold development.
But the best line is the last,
Quote:
What this country needs is an epidemic of common sense.
Of course all the manufacturers are offering anti-mold products, so who's really feeding this craze?!? The entire article is available on-line, here.

As to buying this particular house, I'm with giddonah, " :Thumbs: sounds like a keeper to me", there's lots of insurance companies in the world, just do a google for homeowners insurance and over a million pages will turn up.
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Old 03-25-2005, 07:19 PM   #9
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Re: Home Remodel And Mold


I agree that mold has started off with a very hyped up start, but I can personally verify that mold can f-you up.

Back when I was in my 20s I ran a commercial photography studio in a big old warehouse, my neighbors flooded the whole floor out when their pipe burst over the weekend. Carpets on the floor were all soaked. Everybody did their best to get rid of the water. About 2 weeks later I started getting headaches off and on, very unusual for me, never go to hospitals never get sick. About 3 weeks into it the pain in my head is so bad I can't sleep and it is killing me. I ended up going to the hospital and they had to give me a shot of morphine. Never felt anything so good, a week long throbbing pain went away instantly. They ran a cat scan to see if I had a tumor or somethig. I have never experienced pain like that before. It felt like somebody was hitting me in the temple with a hammer every few minutes. I can now understand why somebody who is terminally ill with cancer will kill themselves rather than deal with the daily pain.

Turned out to be a crazy sinus infection caused by mold spores. I went back to the studio later that week and pulled up the carpet, sure enough mold spots everywhere.

Mold can f you up bad. I'm a believer. Maybe not to the hysterical proportions that people blow this out of proportion with, but mold is definitly capable of messing up human beings.

Last edited by Mike Finley; 03-25-2005 at 07:22 PM.
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Old 03-25-2005, 11:17 PM   #10
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Re: Home Remodel And Mold


Mike, hate to say this but we have interfered with natural selection and, as a people, will grow weaker.
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Old 03-26-2005, 10:45 PM   #11
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Re: Home Remodel And Mold


Quote:
Originally Posted by Teetorbilt
Mike, hate to say this but we have interfered with natural selection and, as a people, will grow weaker.
:Thumbs: I think you're right Teetor and I think alot of it has to do with what we're putting in our bodies. I'm talking about what we're eating and drinking.
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Old 03-26-2005, 11:06 PM   #12
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Re: Home Remodel And Mold


Housedocs, we owe much of it to modern medicine. In the real world the weak die and don't pass along their genes. Today, we feel that we need to save every life and allow them to pass on their bad genes. In this we are self destructing.
Back to the mold issue. When I was a kid we didn't have A/C. We lived on an island in the Bahamas, most of the time warm and high humidity. Windows were left open and getting rain inside was normal. Green, grey and black stuff was everywhere, homes, schools and businesses. I can't remember anyone ever having a problem.

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