This is a photo from an REO assignment. I was there in November. This is what I saw when I opened the front door. Click the image for a larger size photo.
As the appraiser, it’s my job to figure out how much they (the Bank) can sell the house for. This was my first mold house. I have now done 2. For what it’s worth, I am a lot smarter now than I was then – at least smarter about the impact mold has on market value. It helps to be able to go back a few months later and review the actual sale of the property – it’s a reality check.
As every appraiser knows – this is not an exact science. But it is possible to look at local market data and come up with a reasonable estimate of how much the market is willing to pay for a house full of mold.
I recently completed the McKissock class on mold. They did a reasonably good job with the class, however, it was mostly about understanding the science of mold (how many microns and the lingo), and not so much help with the practical problem of developing a good estimate of market value. A big part of the appraisal problem is learning how to effectively deal with the local MLS to get the data. I needed to figure out a few creative solutions to get at the right data, but I have it now.
Tags:Â House Full of Mold
reo mold
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