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Study: Mold Is Most Feared Risk.
More than 75% of builders and real estate lenders have heard of a party backing out of a real estate transaction because of mold problems, according to a new poll conducted by the Environmental Assurance Group, West Hartford, Conn.
In addition, respondents familiar with mold-related incidents n commercial real estate transactions said it takes an average of $11 million to remediate a mold problem.
The survey of 40 real estate developers and banking executives was undertaken by EAG to assess mold's financial impact on the real estate market. As mold and related lawsuits have spread across the country, many builders and lenders are taking precautions to protect themselves from liability because of mold exclusions being written into insurance policies.
Charles Perry, principal of EAG and a member of the Mortgage Bankers Association mold task force, said the study confirms that "mold is costing big money.
"Since insurers fled the scene, liability claims have escalated and the devaluation of loan ...
- Mold nixes real estate deals.(Commercial Sales and Leasing)(surveys)
- Magazine article from: Real Estate Weekly November 17, 2004 700+ words
...party backing out of a real estate transaction because of mold problems, according...financial impact on the real estate market. As mold and the resulting lawsuits...stakeholders in the real estate business--mold is costing big money...
- Breaking the mold: in recent years, significant progress has been made in...
- Magazine article from: Mortgage Banking Alleman, Thomas B. July 1, 2006 700+ words
...of the problems mold has caused to real estate. The Journal reported...to the problems mold apparently poses to commercial real estate, the Journal also...issues relating to mold so that participants' in commercial real estate transactions can...
- An exploratory review of the effects of toxic mold on real estate values.
- Magazine article from: Appraisal Journal Simons, Robert A. Throupe, Ron March 22, 2005 700+ words
...The term toxic mold includes fungi and mold. (All molds are fungi, but not all fungi are molds.) Toxic mold is a type of mold, not a level or measurement...dangerous on a case-by-case basis. Real estate market guidelines for disclosure and...
- Mold Is a Growing Issue for Real Estate Agents, Insurance Companies.
- Newspaper article from: Knight Ridder/Tribune Business News December 3, 2002 700+ words
...here last month. "Mold is quickly becoming...and liability in the real estate industry," he said. And while mold has been around since...Texas that excluded mold. "The insurers...National Association of Real Estate Editors, which also...
- Proposed Mold Legislation: A New Ambiguous Burden on Illinios Real Estate.
- News wire article from: Mondaq Business Briefing March 30, 2004 700+ words
...article: Proposed Mold Legislation...Burden on Illinois Real Estate What Condemnation...significantly impact the real estate industry has been...and Pathogenic Mold Protection Act...the presence of mold. While all real estate is potentially...
- Comments on "An Exploratory Review of the Effects of Toxic Mold on Real Estate...
- Magazine article from: Appraisal Journal Sanders, Michael V. Simons, Robert Throupe, Ron June 22, 2005 700+ words
...Effects of Toxic Mold on Real Estate Values" We want...toxic about toxic mold. We believe...it clear that molds are common and...agree, from a real estate market perspective...CDC that all molds should be considered...reference to the mold itself without...
- Real Estate Agents See Toxic Mold as Latest Household Environmental Hazard.
- Newspaper article from: The Philadelphia Inquirer (Philadelphia, Pennsylvania) (via Knight-Ridder/Tribune Business News) January 13, 2002 700+ words
...environmental hazards that give real estate agents headaches, add one more: Toxic mold. Concern about the potential...to address leaks and mold problems in their apartments...Pennsylvania and New Jersey, real estate professionals are carefully...had an inquiry about mold from ...
- Mold experts help keep home-buying deals intact.(Real Estate)
- Magazine article from: Crain's Cleveland Business Piero, Diane Di April 4, 2005 700+ words
...locally to handle removing molds and preventing their...Ohio, a Cuyahoga Falls mold testing and mitigation company. While all molds can cause allergic reactions...that hasn't stopped mold from becoming a four...that has affected many real estate transactions. "Now...
Source: HighBeam Research, Study: Mold Is Most Feared Risk.