Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago,

User Stats

24
Posts
10
Votes
Kelly McMillan
  • Real Estate Agent
  • Durham, NC
10
Votes |
24
Posts

Mold! How to finance/remediate if I can't appraise?

Kelly McMillan
  • Real Estate Agent
  • Durham, NC
Posted

We have an offer on a duplex with some extensive mold. I've dealt with mold, and plan on gutting and renovating regardless, so it is not a big issue. However, I didn't realize our mortgage  broker can't get an appraisal approved if there is visible mold. 

We have several options: 

1. Demand the seller mediates. We won on a best&highest, multiple offer situation (our area is very hot for flippers paying cash), so they are unlikely to do this. 

2. Pay cash, re mediate, and then re-finance. 

3. Extend due diligence, ask the seller to use a remediation company that is paid at closing (apparently this exists)

4.  Other suggestions from the community? 


We are looking at the second option, however, I've not gone through this process before, and hesitant. Mold aside, it's a great investment. Any advice is welcome! 

Loading replies...