How to Turn a Moldy Foreclosure Home Into Pure Profit – REO Mold Can Be Turned Literally Into Gold!
Let Me Show You How to Benefit From The Foreclosure Boom Buy Targeting Moldy Houses Which Can Be Had For PENNIES on the Dollar And Remedied Wholesale For A Handsome Profit!
REO Mold Can Be Turned Literally Into Gold!
At the same time REO mold properties can present large challenges for all of the parties involved, if not handled by a Mold Professional with the utmost of finesse skill and common sense approach to permanently eradicate mold and assume the potential detrimental liability for lawsuit.
REO property stands for Real Estate Owned which means Bank Owned in layman’s terms. Bank owned properties often remain vacant for twelve to twenty four months…until all the challenges to the Sheriff’s sale are over and the bank receives clear title and assigns the property to a Real Estate Agent for resale. In these vacant houses the smallest problem can become multiplied and quickly get out of control when mold is involved and water damage occurs best pedestal sumps. When there is no homeowner to call a plumber or a roofer. When there is no electricity to run a sewage pump or a sump pump….. or in humid climates no electricity to run the ac, a small problem can become magnified and then get out of control…Black mold has been made into a sort of media monster and can scare away buyers and drive the price of the Real Estate down if it becomes infested!
It can be a legal liability too! Lawyers are calling mold the “new asbestos”!
I have been treating severe mold damaged properties for over ten years for prestigious banks and mortgage providers relocation companies property management and servicing companies. I have worked for Fannie Mae, Ocwen, the Veterans Administration, First Merit, Fifth Third, HSBC Household, Wells Fargo, Westfield Companies, Auto Owners, Nursing Homes, City Halls, Churches, and tons of Regular homeowners. The REO property presents a challenge to the contractor because there is a lack of historical information available to the contractor about the past water conditions or problems the have occurred in the past. Where the current leaks are and what other hidden sources of mold exist can be challenging to discover, and to offer a guarantee that all the mold has been eradicated.
When a home is unoccupied and serious colonization begins to take place, there can be many, many, hidden secondary infestations due to water movement in the air in the form of vapor.
Fortunately, we have become experts at handling exactly these types of projects….There is only one way to become expert at this type of abandoned home specific remediation challenge and that is… lots and lots of practice!
We have the knowledge because we have gutted countless REO mold properties completely naked to the studs!!! When the flooring and sheetrock have been removed the path of the water penetration and passage becomes evident. We have expert project coordinators with specific knowledge gained from some many varied projects, from virtually ever type of water problem you can imagine.
We have had everything from animal urine inside of walls as a water source….To six feet of standing water. As I began treating these empty houses I began to realize there was a real need for competent qualified experienced mold clean up. I also discovered that there was enormous potential for profit to be had from investing in these forlorn stigmatized moldy homes….
The recent real estate debacles and foreclosure frenzy has been creating these moldy homes at record pace.
The good news is we have only scratched the surface… We are now treating the houses that were foreclosed 18 months ago so that means there will be a real opportunity for serious Investors for some time to come!!!! Let me tell you a little story about a recent project we looked at for a large bank… The story was a classic; the house had been foreclosed about 18 months previous. As it sat empty there was no electricity to the basement’s sump pump. The basement you could tell had been beautiful…. There was a second kitchen, a giant fire place a bathroom and two offices or bedrooms…. At one time it was nice…. But when I got there it looked like something out of a Steven King novel.The walls, ceilings and floors were covered in toxic black mold! The kitchen cabinets were covered in green fuzz and they were starting to warp out of control. Parts of the ceiling were on the floor as well.