Foreclosed Commercial Properties May Contain Mold and Other Surprises
Core, one of the most recognized commercial indoor air quality (IAQ) experts, provides services to let buyers know of mold contamination issues in foreclosed commercial properties.
Anyone who has read or watched the news over the last few years has heard story after story about the number of foreclosed homes across the nation. Although not quite as hard hit as the residential market, the commercial real estate market has also seen a wave of foreclosures with some parts of the country hit harder than others.
According to Realpoint’s monthly delinquency report the total unpaid principal balance (UPB) for commercial mortgage-backed securities at the end of May was $57.34 billion, a 205% increase from a year ago. These figures support the growing concern over these properties.
Many vulture investors have begun buying up these properties at discount rates. Savvy commercial real estate investors should be aware of issues that may be found in these foreclosed properties that may have been vacant for some time.
A major concern for these properties is indoor air quality issues, and specifically problems from mold. Many of these foreclosed commercial properties have not been maintained and it only takes mold about 24 hours to begin growing when moisture enters the picture. Problems with leaks, plumbing, flooding and vandalism can all lead to situations conducive for mold to begin multiplying indoors.
A solution for many of these investors is Core. Core has extensive IAQ expertise in inspecting all types of commercial properties for mold and other IAQ contaminants. “Commercial property investors need to know what they are getting into when they buy these foreclosed properties,” reported Don Makin, Indoor Air Quality Director of Operations for Core. “A bargain priced property may not be such a deal if extensive and costly mold remediation is required to make the property rentable or to sell it for a profit later.”
Core specializes in indoor air quality for all types of buildings. Services range from air quality inspections, testing, air filtration, installation, maintenance, documenting, cleaning and restoration of building air quality and HVAC systems. The company has over 85 years of combined service and has an extensive profile of accreditations and certifications from leading organizations as well as state and federal regulating bodies.
- Contact Information
- Paul Cochrane
- Cochrane & Associates, LLC
- Contact via E-mail
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