Water and Mold

[Craig Wilson]

I put an offer on a house in a decent neighborhood where the other houses sell in the 105,000 to 120,000 range.  My offer of 78,000 was accepted.  I had the house inspected and all was good except for the discovery of standing water under the house and the beginning stages of mold on some, not all of the floor joists.  I've contacted two contractors for estimates on installing a french drain around the house - don't have the estimates yet. 

The house has a new roof, the hvac system is about five years old, and inside it needs paint and minor updates.  

Here is my question.  Would you let the standing water and mold problem keep you from moving forward?  How would you handle the repair costs?  Negotiate a lower selling price?  Absorb it?  Any feedback will be greatly appreciated.