On 2007-05-17, cherie9g u34288@uwe wrote:
I am looking for some assistance. I have considered purchasing a home that
is worth $190,000 for $126,500 and the reason that it is not selling is
because the house was foreclosed and throughout the fall/winter period, the
sub-pump broke and the basement flooded, leaving alot of moisture in a house
that was locked up.

It's not clear from your post if you are thinking of this to flip and
sell, or thinking of this as a way to get a home for yourself to live in
at a good price.

If the former, take into account that you'll probably have to disclose
the mold fix to buyers, and buyers will probably not be interested
unless the fix is sure. Basically, if you are doing this to sell, you
are going to have to do this the right and careful way.

On the other hand, if you are buying the home for yourself to live in,
you don't have to be as careful. You might be willing to go for a
cheaper solution that has, say, an 80% chance of taking care of the
problem, taking the risk that you'll have to do more later, whereas a
buyer is not likely to find that acceptable.

In other words, people have different levels of risk they find
acceptable. If the house is for you, you only have to bring it up to
your level. If it is to sell, you'll probably have to bring it to a
higher level.