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  1. #1
    Join Date
    Oct 2007
    Posts
    6

    Default Loss of Value Due To Mold Stigma

    my property is in Colorado Hi, everyone. I was hoping that I could get a little help from people who are "experts" in the field of real estate law. I'm trying to sell a house that I've owned for 2 years. In the first year that I owned it, it flooded 7 times. I am now in a legal battle with the previous owners for failing to disclose a known defect. My question is...can I ask for compensation for the loss of value due to the mold stigma attached to this property? We have not had an offer on the house yet but I know, when we do, the offer will go down when the potential buyer learns of the water damage and mold history. Even though the leaking problem has been fixed, just the thought of buying a house that has had major problems and nasty mold will make buyers "think twice." I read a very interesting article called, "Mold House Revisited." Their problem was more extensive than mine but their property had a 53% loss of value due to the mold stigma, even though they had spent 100's of thousands of dollars repairing the damage and fixing the leak. My dilema is, although my attorney is not an expert in real estate law, he does believe that we can ask to be compensated...he just doesn't know how to come up with a fair figure. Our trial is in 13 days, so it looks like we'll get a settlement before we get an offer. If we don't get compensation now, once the trial is over, our chance to recover that loss will be gone. So, can anyone help with this? Can we declare this loss and if so, how much should we ask for. Is there some formula out there? Has anyone else experienced this situation? Thanks for your time and help.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    75,031

    Default Re: Loss of Value Due To Mold Stigma

    To demonstrate a loss in value due to "mold stigma" you would have an appraisal of the property which took that into consideration. The other side would be able to dispute the appraisal and present its own.

  3. #3
    Join Date
    Oct 2007
    Posts
    6

    Default Re: Loss of Value Due To Mold Stigma

    Thanks for the info, Mr. K. Last night I was in contact with an expert witness who has a practice in Colorado. On his website, he says that he has testified at many trials and that he specializes in determining valuation of stigmatized properties. He has asked for some additional information and is supposed to get back to me in a day or so. So, I guess we're on the same wavelength. I'll let you know how it goes. Again, thank you for your help.

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