I recently purchased a house for $250,000, a 5,000 sq ft mixed-use space. Everything seemed fine until I started renovating the basement right after the sale. Unfortunately, I found severe mold infestation along a 40-foot wall, visible only after removing the wallpaper and paneling. Additionally, the upstairs office has a rotting floor that needs a complete gutting. The seller didn't disclose any mold issues, and now I'm facing a quote of over $60,000 for remediation. I've contacted the seller about possibly canceling the contract, but I worry the insurance I bought won't cover mold damage. What can I do in this situation?
3 Answers
First off, you should definitely get more quotes! $60K for mold remediation seems way too steep, especially considering the extent of your issues. Most contractors might quote lower prices if you explain the situation clearly. Just make sure whoever you hire is certified because mold can be tricky to deal with properly.
Sad to say, but it seems like this is mostly your responsibility now. If you can’t prove that the sellers were aware of the mold beforehand, you might be stuck handling it yourself. Just make sure to document everything for your records. It’s tough, but getting your basement and the office space sorted out quickly will prevent further damage.
It sounds like you're in a tough spot. Since you already closed on the house and the mold wasn't apparent until after you started renovations, it’s likely that there won’t be much you can do against the seller or inspector. Just a heads up though, your insurance probably won’t cover mold damage unless it was specifically mentioned in your policy. If you suspect that the previous owners could have hidden the mold under wallpaper or other fittings, that might give you some leverage.