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Updated over 1 year ago,
Just bought a 40 year old modular that was left alone for 2 years
I just had an offer accepted for a waterfront property on Lake Michigan near Door County in Wisconsin.
I couldn't pass up this place knowing that land on Lake Michigan in this area seem to get bought before most even see it on MLS.
It has a modular home built in 2002 and seemed well taken care of but had not seen any visitors for the previous 2 years. In the spring they found a leak in the roof so they replaced the whole roof and hired someone to remove the mold in the attic.
When I walk in, there is a strong mildew (mold?) odor in every room. There is 2 places in the walls that have the drywall removed to get to the water pipes. All water (sinks, toilet, shower) have good pressure. Floors seem firm, no soft spots. No signs of mold in any corner. I noticed cat litter and cat cage out in the garage.
My offer was accepted 7/29, so the clock is ticking to find any problems. I have water/well coming out 8/3 (water testing is the longest lead time, 7 days). Then I have a home inspector coming out 8/4 (he was recommended and has 30+ years experience), he said he could tell if and what kind of mold there is just by smelling the inside. Septic will be next week.
I feel confident that the overall house structure is solid but you never know. The roof is new. The siding and deck have some green growth on it but appears that a simple sanding would make it look like new.
First question: Can I hire multiple home inspections? My fear is if I hire someone who happens to miss a major problem. Will the listing agent only allow one inspection?
Second question: Its a modular home on a brick foundation (I think on a cement slab) and is 1340 sf. Based on the size, what is worst case amount needed to make this place, not just rentable, but pristine and get rid of the smell.
Last point to make is that the seller must pay for anything the home inspector finds that is over $1000, so this should cap the amount I will need to spend on repairs.
I am overly worried at this point because I may not know all of my outs for this deal and would hate to get sucker punched on my first investment.