Foreclosed Homes and Mold

With many foreclosure best investors fighting to find suitable inventory, some have turned to and homes that have signs of environmental issues such as mold. Mention mold and some people shy away from this problematic issue, which is not new and has been around for a very long time. However, smart real estate investors have found ways to embrace mold as an opportunity instead of running away from it.

Here is some information about mold and how to approach it when you find it present in a potential investment property or homes that you already own.

Understanding Mold

It helps those foreclosures investors to have clear knowledge of what mold really is. It is a fungus that breaks down dead materials, such as leaves plants and even animal feces. It can be found indoors, outdoors and it also is airborne in the form of spores. Once the fungus settles into an area that is conducive to its growth, mold typically form patches known as colonies. The fact is that just about every piece of property whether it is old or new, personal homes, rental properties and foreclosed homes all have some mold in.

Most mold can be found on walls floor ceilings carpets and fabrics because these surfaces are exposed to moisture. Mold can also be down in hidden locations like inside of heating and air-conditioning ductwork and other parts. These systems continuously circulate mold spores that are naturally contained in the air and components of the system that have dust on the surfaces.

Remember, the presence of mold is an indication that there is moisture somewhere in the dwelling.

Is Mold Dangerous?

It is estimated that up to 25% of homes across the nation have some form of mold. Some forms of the fungus can be harmful to your health, especially for infants and school-age children.

About ten years ago, the Institute of Medicine (IOM) that there was a significant link of indoor exposure to mold with upper respiratory symptoms that just coughing and wheezing, and healthy individual. It also affected people with asthma and persons with hypersensitive pneumonitis.

What You Can Do

For investors, the best approach when you find mold present or receive a report of mold is to take a commonsense approach to mold contamination inside your investment properties.

The first thing you want to do is to find the source of the moisture.

The problem can be as simple as failed flashing on the roof around the door or window or a leaking pipe somewhere on the interior or exterior of the property. In more serious circumstances, it can mean that you have a breach in the foundation wall or exterior wall that allows moisture to enter the property.

Regardless of case, you need to call in a good mold remediation company to help you conduct an inspection assess the situation of the property infested with mold. An experience company should be able to help you quickly determine the source of the problem and what it will cost to fix it.

Keep in mind that a high number of foreclosures sitting vacant through the summer and rainy season. Make a mold remediation professional a part of your real estate investment team. This will give you the confidence you need to identify, evaluate and remediate a mold problem in your investment properties and give you in advantage over less prepared competition for scarce foreclosed homes inventory.

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