Even if there are noticeable, persistent water problems, the grading around the house can be adjusted, and once it stays dry, I would just go in and refinish it - I just need to know if I need to account for that in any offer I may make or not.Thanks!

Luckily mold is rarely an issue in the dry areas I am.

If it's his you might ask building regulations as they may require repairs or removal.I had a neighbor with rot, pretty intimidating dog, but after the dog and I had a conversation we had a meeting of the minds and he turned out to be a real patsy.

A dry match. 

I just finished a house built in the 30's some rot and termite damage on the hardwood .

We don't want to use up all of our dry powder chasing a 14% cash on cash return when similar opportunities may yield much higher returns.

There are also good suggestions in this thread but more of your needs or desires would be necessary before someone could give you a cut and dried answer as to which method is better for you.

Just mix small batches so it doesn't get too dry.

Sometimes the traps will dry up allowing sewer gas into the house.

Put fans on it to help it dry and check it to see if the smell is gone.