Foreclosed homes are a breeding ground for mold. In most cases power in shut off, which in turn means no sump pump working in the basement. Large rains hit the area and no one is there to look over these properties. In turn the basement floods which in turn makes the basement a mold breeding ground.
Since properties are sometimes left months or years without maintenance, these houses take on some huge issues, and values plummet. Mold and flooding are two issues that if caught early on can be fixed reasonably.
However, once the water level rises and months pass, the water soaks into materials such as wood floors, tile, and drywall. Mold starts to spread throughout a room and grows at a much faster pace. This is when days of demolition are needed to purify a very large area. Costs can sky rocket.
This is why it is imperative for REO managers, banks, and credit unions who run into foreclosed properties look for restoration companies to look after these properties to minimize the cost until the home market rebounds. Because when it does, the houses that are well maintained will sell well before the homes that have water, mold, or any other damage. Not many people want to take that risk on.
