Question: A new home has had complete demolition of all walls because of mold. What type of disclosure is suggested? What type of an inspection? What does this do to the property value? I am a prospective buyer of a new home that got very moldy throughout construction.
Answer: Mold is a relatively new concern in real estate so many issues relating to it are unsettled.
In this situation, if the walls have been taken down, has the property been re-built? If yes, why would the market value be less than any other home of like size, quality and location if the problem has been resolved? Essentially the home has been replaced and the builder, or the insurance company, is taking a loss.
A complete demolition is a rare situation, but it might pay to take these steps: Contact the state health department and ask if they have resources or recommendations. They may want to look at the home. Also, before signing anything have an attorney review the entire transaction to determine what tests and warranties are required and who will be responsible if mold related to construction returns.
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