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Ryan Lundquist is a Certified Residential real estate appraiser serving the Greater Sacramento Region. He is FHA approved and does work for brokers, banks, governmental agencies, Realtors, attorneys, home owners and more. Ryan speaks some Spanish too.

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The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist. The information on this website is meant soley for educational purposes and is not intended in any way to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation or any other potential appraisal-related purpose. The material found on this website is meant for casual reading only. For more detailed market analysis to be used for an appraisal report or any appraisal-related purpose, please contact us for more information. Thank you.

An Unknown Blackish-Greenish Substance

What is the substance in the pictures below? How would you describe it if you were telling a friend about the images? Have you ever encountered a property like this before? If you are a real estate agent, have you sold something similar? If you were planning to purchase a fixer-upper in the Sacramento Region (or elsewhere), would a blackish-greenish substance like this deter you from entering contract?

When appraisers come across issues like this, one would think we’d simply call the substance “mold”, but that’s not the case. The truth is that since a real estate appraiser is not a fungus or mold specialist, it’s important to not speak definitively about something that another licensed professional should be the expert on. Moreover, what if the substance was not just mold caused by excessive moisture damage, but “toxic mold”?

mold (16)

mold

mold (2)

mold (5)

mold (10)

mold (11)

So what do appraisers say when encountering properties with an issue like this? Well, until we get clarification or a definitive pronouncement from a licensed mold professional, we simply describe the substance in words similar to “an unknown blackish-greenish substance”. When we do find out what the substance is, then we can better determine the impact on market value depending on cost-to-cure and the reaction in the marketplace to the existence of such a substance.

On Fannie Mae’s 1004 Appraisal Form, real estate appraisers are asked to identify any physical deficiencies or adverse conditions that might affect the livability, soundness or structural integrity of a property. The blackish-greenish substance in the photos above might potentially impact livability, right?

For further reading on mold, see the following links. You are welcome to suggest a link or share a story above in the comments sections.  Thank you to an appraiser colleague who provided these images to me out of his work file.

Mold Links:

www.lundquistcompany.com/blog An Unknown Blackish-Greenish Substance

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