Inspector found mold. Should I cancel the deal?

[Hope N.]

The bank accepted an offer on an REO condo in Chicago, but the inspector found a small patch of mold (probably the size of a fist) on the bathroom ceiling. I know 5-7 years ago the HOA paid to patch the roof because there were some leaks, but I don't know if this is related. The unit has been unoccupied for 2 years and the AC/heat was completely turned off.

I know I can remove the mold easily, but am concerned about future value and legal ramifications should the mold grow back. I'm planning on renting it out, and am wondering if it's worth the risk. What do you think?

[Chris Seveney]

Have a certified industrial hygienist come in and remove it and provide a certified letter it is mold free (they will do testing) - get the cost of remediation from them and negotiate a lower price because of it