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Updated over 4 years ago,
Mold! - how to budget for it without tiem for an Inspection?
Hey guys, looking to put a bid on Hubzu.com for a property with a current starting bid of $452k and an ARV of $700k+. Most of the rehab is pretty cosmetic, as the windows, siding, roof, structure, electric, and landscaping all are in good shape. With that being said, there is definitely a mold issue which will be the biggest ticket item. I won't have time to get an assessment done so I'm trying to do my best and get a conservative ball park number for the remediation. I know mold can get extensive and have heard of houses needing $100k+ worth of work (although I doubt this is anywhere near that lol). The house was winterized in March 2019 so the power and water are not turned on right now. The basement looks like it was sprayed with some sort of white powder that looks like it was used to kill most of the mold off, but wasn't officially remediated. The only spots I see the mold is in the doorway leading out the cellar door in the basement and in a small amount in the corner of the master bedroom. This does concern me that that are found in two totally different spots as my biggest fear is it being behind the walls, although I saw no evidence from the basement that there was any mold creeping through the walls. The house was listed as a short sale in 2012 with water damage, was rented through the MLS in 2015, and now it looks like it was foreclosed on. This is a house built in 2002 in a very nice and desirable A class area so I definitely want to work around this if I can,
but don't want to get myself over my head! You think if i budget safe $30k for remediation that should cover most scenarios?