According to RealtyTrac, U.S. banks now own a record 820,000 homes, up from 224,000 at the end of 2006. By the end of this year banks could own 1.2 million homes, which could constitute one third of U.S. homes for sale. In many of those cases, the bank turned off the electricity after reacquiring the house. Rain floods the basement, and the sump pump isn't able to remove the water. There's no air conditioning. Houses remain on the market for months in this condition. That's the perfect recipe for mold. Many of the foreclosed property buyers are investors who buy them on the cheap, sink some money in for basic repairs and use lots of bleach to get rid of the mold. Later, it’s the sick child tenant or home owner family member who becomes the victim of the unprofessional mold treatment practiced by the investor. If you are a REO broker/agent listing a moldy foreclosed home, our services will eliminate mold as a environmental concern, increase the market price of the property, and allow the house to remain on the market in a mold free condition for an extended period of time. If you are a REO home buyer, our services can identify and correct the extent of the mold problem to protect the health of your family members or tenants.
This service provides you with an accurate mold remediation cost. Remediating mold in an REO property adds great value. Unlike a broken window or a broken garage door, mold concerns carry the stigma factor which can significantly devalue a property and make it difficult to sell at any price. We use air and/or surface sampling to characterize the extent of the problem.
In addition, a thermographic survey with an infrared camera and an internal boroscopic inspection of wall and ceiling cavities is conducted to fully characterize the extent of hidden mold growth.
Professionally remediating an REO property before listing it can greatly increase its marketability and value. The visual presence or smell of mold immediately stigmatizes the property for a potential buyer who wishes to occupy it or gives an investor a great negotiating advantage, offering far less than the property is worth. Many of the anti-microbial products we use carry long term, transferable warranties which can be a selling point. In certain cases, we provide professional guidance and/or equipment and materials to a builder or handy-man that is already in the process of making other repairs in the residence. Of course, we apply the anti-microbial products as special training and respiratory protection is required.
The challenge, after remediating a moldy REO property, is to prevent the mold from recurring as the property remains on the market, often without electricity and air conditioning. We use a specially formulated anti-microbial compound that provides a long lasting “microbial shield”.
This product, coupled with the use of patented water absorbing desiccant material to keep the relative humidity in check, adds significant market longevity to the REO property. Lastly, we offer a periodic inspection service to ensure the property is in marketable condition at all times so that the highest value can be achieved.
For buyers interested in purchasing and residing in an REO property we offer pre-occupancy mold testing services to provide a high level of confidence that the property does not have a mold infestation problem. Why choose us? The answer is Experience and Reputation. We have helped hundreds of Realtors over the past 25 years resolve environmental concerns to the mutual satisfaction of both buyer and seller. For more information please CONTACT us or call the office nearest you to speak with one of our environmental professionals.