The Dangers Of Indoor Mold
Mold spores live nearly everywhere in nature, floating in the air. This also means it’s easy for the airborne spores to find their way into a home or outbuilding. If these spores find a wet, warm place they can potentially germinate into an active mold colony. This is especially likely on porous surfaces like wood and drywall, which accommodate the microscopic roots of the mold colony.
There is an uncountable number of mold spores living in nature, that can colonize a home. One of the worst is Stachybotrys chartarum, which is also known as “Toxic Black Mold.” Though in truth other types of mold can appear in shades of orange, tan, brown, white, or gray.
Even the most seemingly benign strain of mold can fill the air with a dangerous volume of mold spores and mycotoxins. In a situation like this, the spores themselves can cause significant respiratory irritation. This can cause a more severe reaction in individuals with respiratory allergies, and existing respiratory health conditions. Some individuals are genetically predisposed to chronic inflammation conditions when exposed to mold.
Decreased Offer On A Home With A Mold Problem
Even potential buyers who remain in the market for the home will likely reduce their offer based on the mold disclosure. Depending on their reaction during the showing this could result in a 25 to 40-percent reduction from the original asking price.
How Does Mold Affect Selling A Home?
A significant mold problem can complicate the process of selling or buying a home. Many states and some municipalities have disclosure regulations in place regarding past and present mold problems. Failure to inform a party making an offer on a property with a mold issue can violate these regulations, which can slow the sales process significantly.
It’s also worth bearing in mind that a growing number of insurance companies and lending institutions that scrutinize a property with a past or present mold problem. In some of these cases, the necessary insurance coverage might be denied, or the mortgage underwriters might deny approval.
Unfortunately, a lot of potential buyers will balk-at, or simply bail out of making an offer on a home with a past or current mold problem. Especially if there was water damage or a potential insurance provider requires flood insurance on the property.
Failure To Disclose A Mold Problem When Selling A Home
Depending on the state and local codes, there could be stiff consequences for failing to disclose a past or current mold problem when selling a home.
In the state of New Jersey, home sellers are not specifically required to disclose past or present mold issues. Though they are required to promise that the house is fit to live in and be fully habitable. In some cases where there was a significant undisclosed mold problem, lawsuits followed with strict penalties for the non-disclosing party.