Hi-- I hope you can help. I am interested in a house not on, but near a lake. The entire property is pretty much ledge. This is a vacated, I think bank owned property that sold for a little over 200,000 in August of this year. I've been told a lot of these homes are coverted cottages---
Problems--the house smells like a wet basement--there is a greenish mold growing on the bathroom door and I saw a blackish mold growing near the baseboard, near the heating element. The paneling is bowed in the hallway either from poor construction or moisture. The ceiling in the living room was installed improperly and will have to be replaced. The real problem is that it is for my son and even with all that we really like the place!! The house was 151 now reduced to 127,000. My questions---am I crazy to even consider this house, knowing it has potential mold problems?? Is there a price that would make it worth the investment? Should I be concerned about constant moisture because the property is mostly rock and it is near a lake? (maybe less than 1/4 mile away) If I thought I could get rid of the mold the place has potential-- HELP-- I really need some feedback--it is also worth noting my son can do a lot of the construction work himself.

Your time line doesn't make sense ! If it sold for $200,000 in August of 2008, and this is November, 2008 . . . . there simply hasn't been time for a Delinquency followed by a Foreclosure, then a Listing at $151,000 which required a Reduction to $127,000 - all within just 12 or 14 weeks ? Doesn't Compute !

Thanks for the reply. After I read your reply I emailed the listing agent asking him how could a house be sold in Aug. and foreclosed soon after.

He said it doesn't matter why, it is foreclosed. what do you think of that reply. Maybe the bank bought it for 216? Not sure what happened--he also said there was an offer in on it---- I was just curious as to what you thought of his answer.

I think my own thoughts on that "answer" are of too little value to post here; but if you are curious, you can go to the Town or County Land Records and read what has actually transpired on that property recently (during the past 2 years or so). These records should have all been recorded and now be of Public Record; and should not cost you much to access. (I think Connecticut may charge you an hourly rate for your time in the Vault - so read fast!)

After doing that research, you may know more about the Property than the Listing Agent. And you'll know if you're dealing with a Liar. Once someone lies to you, you can't trust anything else that they send forth; so go away and Count your Blessings !

Regarding "Mold", do a search using the box to the right, and you'll have plenty of current opinions regarding what can be done about it. I'd rather deal with Mold than deal with a Liar ! (Just an aside.)

What you saw might be mold or it might be mildew. If it is mold it might be one of the thousands of harmless molds or it could be the deadly type.

The only real way to know for sure is to have it tested by a professional certified mold remediation company. Make sure your contract has a contingency for passing a mold test and then you will know for sure.