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Even though mold has left
the forefront as the media
darling, it‘s still a
growing concern which poses
significant potential
liability for professionals
in the real estate industry.
In the next paragraph we
reference a court case from
the not-so-distant past.
In October 2012, Rudy
Tomjanovich, of NBA fame,
was ordered by a LA County
Superior Court to pay over
$2.9 million for failing to
disclose the existence of
water leaks and mold in his
residence before he sold it.
The good news is that
while this case, and many
others, did talk about real
estate sales professionals,
builders, and homeowners,
they never mention the real
estate appraiser.
Let’s hope it stays that
way! You can help it stay
that way, through effective
disclosure of your
observations after
conducting your site
inspections.
Learn what the telltale
signs for mold are and how
to effectively disclose them
in your reports.
Also, if a property is
mold contaminated, the
impact on value is
frequently greater than the
cost to cure, a.k.a.
stigma/diminution. Know when
and how to calculate
diminution caused by mold.
Let’s work hard at
clearly identifying the
limitations of our
observations and stay out of
the judicial food chain.
If you need help with any
of this we have a couple
great seminars,
Environmental Hazards
Impact Value and
Mold, Growing Concern,
which will help keep you out
of the lawyer’s cross hairs.
Good luck and do good
work,
Rich
Read also:
Appraising the Value of a
Mold Contaminated Building
Stay tuned for
Food for Thought:
Appraising Energy
Efficient Homes, Even When
You Don’t Have Comps.
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