There is no law like that in CA. You can sell a house without walls. Buyers get to pick. You might want to get an estimate on repairs before purchase, you might find that the walls, floors and ceiling all have to be replaced. Also, your bank may refuse to finance the house. If it appraises for more then 100k over asking (and the bank expects asking here in CA) then you may be OK with a loan as 100k will cover most repairs. A lot of those homes in CA are purchased and then simply torn down and a new house built. It is really hard to build a new home here, but this is technically a remodel and much simpler.
by Landlord - a day ago
The bank does not have to repair the mold. If you buy it 'as is" YOU get to remediate the mold. The choice to buy or not buy is yours. When you buy 'bank owned', what you see is what you get. They do not make repairs of any sort. It sounds to me like you have found a deal on a property and now want the bank to turn this property into what YOU want. Not going to happen. Hire an inspector to determine the severity of the mold, and then obtain estimates from a couple of mold remediation firms to determine what it would cost you to fix the issue. Proceed accordingly once you have determined the severity and costs of the problem.
by acermill - a day ago
Did you find out about the mold during the inspection period or after? If you found out before, decide whether or not you want to live there, and if so, find out how much it will cost to fix and try to renegotiate your price to cover repairs. If you don't want to buy, you should be able to get your earnest money back. If you foundout about the mold after the inspection period, you are obligated to buy the house as is or lose your earnest money. You have a lot to think about it. You will have a hard time getting the bank to fix the property. It is an as-is purchase, which means "You are buying the house no matter what you find wrong with it."
by rochelletherealtor - a day ago
You can sell it, but still need to get it treated. If the buyer hire an inspection and found out there is mold, it still come back to you. They can use that for a reason to back out.
by TheOne - a day ago
In VA the building inspection would fail and the seller would have to fix the defect.
by Carl P - a day ago
You must disclose the existence of any mold that you know about. As long as you disclose that fact you can sell the house. Personally if I were selling the property I would get a mold inspection and then hire a remediation expert who specializes in the remediation of mold to clear the property of all harmful molds before I put the property on the market.
by Mike - a day ago
Three hot health care reform topics
You’ve possibly heard of the Cadillac tax, skinny plans and even read up on potential employer penalties, but there’s a lot...
Setting up Your Company to Obtain a Small Business Loan
If you’re looking to expand your business, you may be considering getting a loan. In order to achieve that goal, you’ll need...
From hobby to wine in the sky: Whitewater Vineyards
Gout de terroir. Wine aficionados are familiar with this phrase, which refers to the “taste of the soil” that...
Less Stress Spells More Tech Spending for Small Business Owners
More than half of small business owners would now rather invest in their businesses than stockpile cash, according to new...
Volume of Loans to Small Business Increases First Time Since 2010
Healthy sales and strong profits are making private U.S. companies increasingly attractive prospects to bank lending...
Starting out: It’s Time to Get Organized
You are the creative mind behind your business. The entrepreneur. The genius. Certainly, you shouldn’t have to spend a lot...