I have been speaking to someone that wanted to list their condo as a short sale but now when she visited the property she found mold. This is an investment property not her primary. My broker told me to take the listing & take pics to send w/the package. I don't know if to waste my time on a property like this specially if it has mold. Short sales are hard to work imagine one w/mold! Any suggestions....

Whether it is mold or mildew will come into question. If it is mold then what type of strain and whether it is surface or airborne will matter.

Doing shorts on investment property is hard.If there really is a mold problem you are looking at a cash investor at that point and must list it low to get action and then try to get the bank to go along with it.

If there is only one loan with the property that would help a lot.

There are two loans, so a lot more negotiating. I will think about it. I will suggest doing a mold inspection, do they go for it? Since they are strap for cash I don't know if they will even want to do that. It would be great to know so I know what I am facing. Thanks for your input.

Zoila how much commission are we talking here?

If you are talking an 100k condo and the bank pays 2.5 then you are looking at 2,500 before broker split,time,and expenses.

Whenever I value a piece of business I look at time put in versus potential return. When you break down the numbers you will determine if you want to work it,the odds of closing it,or whether you refer it off for a fee to someone else and by the slim chance it closes you will make a little coin.

Remember the documents are almost the same on a 100k short as a 400k short so time is money. The seller won't pay for a mold test. If you list it just list it low to get an offer of all cash and disclose the possible mold. Send pics with the short sale package to both lenders of the mold.

Getting the 2nd to negotiate will be the hardest part. If both loans are held by the same mortgage company that will help.

How much mold are you talking? Is it something small enough to have cleaned for a couple hundred bucks?

Spray bleach on it and forget it.

Most of my REOs have mold. Got one yesterday with 3 feet of water in the basement that I assume has been there for a VERY long time. Electricity has been off for about a year.

I am currently working on a short sale & it's taking for ever. If I calculate the commissions w/all the time spent I am looking at peanuts, but that is all there is in my area. I have not looked at the property, I just was dissappointed when she mentioned the M word! I will let you guys know what I decide. I don't think this will be feasable.