The bank called last week. They said that the appraiser had been out to the bungalow and that the house appraised fine, however the basement bathroom is an issue. There is mold everywhere in that bathroom which we were well aware of. When we were haggling over the price, I brought up the bathroom issue numerous times. D just refused to see it as a problem, even though our realtor also told him that the house was unsalable with the bathroom in that condition and that if he were to put the house on the open market he would have to get mold abatement people in to fix it. Still, D just didnt see what the big deal was. I tried to tell him that its a big asthma issue, that we don’t know how extensive the problem is and whether or not it has seeped through the drywall and into the wall framing. He just thought you could take a little bleach, wipe it off and you’re done.
We had planned to rip out that bathroom and redo it. Nothing fancy, but it’s nice to have a bathroom in the basement. But the bank said that D has to get rid of the mold before they can approve the mortgage. They said that no lender will approve a loan when there’s a mold issue and that it’s a big deal. The appraiser will have to reinspect the bathroom to make sure it’s been taken care of. D is going to love this, but hey, we tried to tell him.
After talking it over with Pete, we thought that the best way to handle this is to have D let us come in and rip out the walls, which we planned to do before we actually moved in anyway. I checked with the bank, and the appraisal won’t be affected if the bathroom is essentially eliminated. They will just be checking to be sure that the mold is gone.
Now we can get a head start on redoing the bathroom, but of course we won’t be installing a nice new bathroom until we have possession.