Question on problems found with a house.

**newbie123456** · 02-21-2009, 04:19 PM

My husband and I were almost under contract for a short sale property. We found a mold/mildew problem under the sink in the kitchen. This is before the contract was signed and before a licensed inspector looked at the house. While we were looking at the mold/mildew issue we notices some problems with the dry wall above the sink. When slight pressure was applied to these 2 areas, the dry wall gave away. We could tell then that at least 2 studs have dry rot issues. We also found dry rot issues in the window frame. This house is on a slab, with a brick foundation. A friend of the family looked at this and states that it would only take about 1,500.00 to fix. This friend does some construction work, but is not certified as a contractor. Our real estate agent explained the issue to the bank and they are willing to give us a 1,500.00 credit to fix the issue. The bank has not sent any one out to look at the issue for themselves. (this is a bank owed property). They had sent an appraiser out before accepting our offer. My question is, without seeing the damage themselves and without a licensed inspector's letter....why would thye make that offer? My thought is that they know it will take more to fix than the price we have been estimated. Does 1,500.00 sound reasonable to fix at least 2 wall studs, replace the dry wall and a window?
Thanks to all who reply!

**Greg** · 02-22-2009, 05:50 AM

A friend of the family? This is a great way to kill a friendship. Did your friend use a moisture meter to determine if this problem is occurring in other parts of the house?

Instead of being suspicious of the bank you need to perform your due diligence and have the house inspected by a qualified professional before you agree to accept any amount for repairs.

And what looks like mold might just be everyday mildew. You can not determine if a substance is mold without doing a mold test. Then if it is mold the test will tell you if it is one of the thousands of harmless molds or one of the deadly molds. Hire a professional mold tester.

**newbie123456** · 02-22-2009, 11:24 AM

Thank you for your reply.....
We really didn't think we should take that offer without a certified inspection.
Thanks!

**jamesww** · 02-22-2009, 11:29 AM

Greg is right on the money here you need to have the property inspected but it does not hurt to have the bank agree to the repair in the intial contract. However, it is very important that you have estimates done by several contractors (at least 3) to give you a reasonable idea of the costs to doing the repair.

To answer your question about whether $1500 was enough to replace a window and the wood items you spoke of the answer is yes assuming that you do not end up dealing with a structural issue when you go to do the work and what you have stated is all that is wrong.