What You Need to Know About the Fungus Among Us

There is fungus among us and today I am going to help you know what to do about it.

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Today I want to talk about a very common topic—the law, mold, and the fungus among us. How does mold actually factor into a real estate transaction?

Mold is a fungus that is found everywhere, both indoors and outdoors. It appears as a woolly growth on damp surfaces and decaying organic material. There are some types, such as Aspergillus and Stachybotrys, that are known to produce potent toxins under certain circumstances, but overall, most kinds of mold you'll findare harmless.

Toxic mold has unquestionably become the “disclosure du jour” in real estate, and it's an issue that plagues agents for several reasons.

First, modern building practices provide a conducive environment in which mold can grow and thrive. Public awareness also plays a big role—since many more people now know about toxic mold, mold-related lawsuits have increased, with several ending in multi-million dollar judgments.

Mold has unquestionably become the “disclosure du jour” in real estate today.

A court in Texas, for example, awarded a family $32 million from their insurance company because of an alleged mold exposure. The verdict included payments for property damage, mental anguish, punitive damages, and legal fees. With large settlements like that, you can be assured that mold lawsuits are here to stay.

There are three key points about mold liability that agents should understand. First, you should know that as a real estate professional, you do not need to become a mold expert. Though they're both large and high-profile, these large settlements do not change what you are responsible for disclosing. There are some basic strategies you can use to educate yourself on how to address this ever-growing issue.

If you have any questions about mold or need help seeking a mold professional, please let us know how we can help you. We look forward to your calls soon.

What Are Your Options After You Find a Buyer But Not a New Home?

Are you selling your home and have found a buyer but still do not have a place to live? Today I have five options for you.

Selling your Massachusetts home? Get a home value report

Buying a Massachusetts home? Click here for full MLS access

What do you do when your home is for sale and goes under contract but you still have not found a new place for yourself? Here are a few options that you can consider: 

1. Renegotiate the sale. You can talk with your home’s buyer and see if you can implement a delayed conveyance. You may face challenges with this in the form of rate locks, restrictions, and other constraints due to the buyer.

2. Close with a leaseback. You may be able to close with a leaseback option that enables you to buy more time to find a new home. It also enables your buyer to exercise their rate lock and get a lower rate. They can close and then you as a seller can lease the property back. In some cases, you can do it for up to 30 days or even more. Of course, this depends on the lender restrictions, but it does give you a lot more time to find a new property.

You can do a leaseback to allow for you to have more time to find a new home.

3. Move into a temporary rental. You can move your belongings into a storage unit and move into a temporary rental property.

4. Release from the sale. You could try and search for a new buyer that will give you more time to find a place to move to.

5. Rent a vacation home. Some people choose to complete their sale and conveyance and rent a vacation home for a few months until they find a new home.

If you have any additional questions or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.