The American economy is still reeling from the recession, and the housing market remains one of the hardest hit areas. As foreclosures continue to mount, many of those who do have cash to spare are looking to invest in bargain real estate.
However, bargain hunters need to beware of potential unseen problems that could quickly drain their profits -- including hidden mold. Home owners who were foreclosed upon likely did not have the money to perform routine repairs and maintenance, which may have grown into larger problems. In addition, foreclosed properties may have been vacant for some time and many issues may have gone unnoticed.
RIS Media, a well-known source for news and information in the real estate industry, offers these 10 trouble spots to consider when purchasing a foreclosed home:
These 10 Signs May Indicate That Trouble is Around the Corner
1. Unheated house in winter months. If the home has been properly winterized, there's no need for heat. But if the home has not been properly winterized, pipes will burst and cause water damage.
2. Missing sinks, toilets and other fixtures. Make sure they've been properly removed and not ripped from walls and floors.
3. Peeling, bubbling, and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms) or a musty odor all indicate water damage and, potentially the presence of moisture and mold.
4. Fungus growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since water falls down, look for a source above the mold.
5. Blocked drains or pipes will cause future problems and may have already created sewage backups.
6. Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a malfunctioning furnace.
7. An older home with extensive renovations. Check with the city for pulled permits in order to get remodeling details. If asbestos is present and has been disturbed, be sure it's been remediated by a certified specialist.
8. Excessive painting of every nook, cranny, door and floor may mean that the seller is covering up mold.
9. Discolored sub flooring. From the basement, check the sub flooring above for stains and small holes, both caused by mold.
10. Air Quality. The air quality within a home tells a lot about the home's condition. Be sure to include air an surface testing in your home inspection. It's a few hundred dollars well spent!
Air Matters LLC has performed mold inspections and testing services in the Raleigh, NC area since 2002. The owner, Renee Ward, has over 22 years of safety and environmental experience and holds both her Bachelors and Masters degrees in engineering. Renee is also a member of the American Industrial Hygiene Association and the American Indoor Air Quality Council. Contact Air Matters at (919) 961-2221.
Wednesday, January 6, 2010
Check for Mold Before Buying Foreclosures
Labels:
foreclosures,
housing market,
mold,
mold testing,
real estate
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