If this were your situation....

[Brian Plunkett]

I have a 1996 double-wide Fleetwood (28x42) that we own. We wanted to try and sell it, but then discovered there is a mold problem (which is related to the failure of Masonite on the home). So, we would take a very major loss as-is on it if we were to sell it, or we could fix it back up (which means replacing the Masonite siding, interior walls of one bedroom, carpeting, possibly floor joists), and then try to sell it. I'm really at a loss of what to do about it right now. Anyway we go, we can't get around losing money on it at this point whether it's selling "as-is" or by fixing it. We technically still owe $26,000 on the house, but there is not a note on the house that has to be paid off when sold because our actual note is the equity on our other house and land.

So, my question is would you fix it and sell it, or just try to sell "as-is" for like a wholesale amount?. "Bob Villa" I am not, so I would have to pay to have all of the work done. Thanks for any and all of your help, especially if this whole post reeks of "newbie".

[trmimo]

In many states you are legally responsible if you do not disclose the existing problem.
I doubt you will be able to sell it for any price if you disclose that there is an existing mold problem.
It is cheaper to fix the problem than it is to be sued over it later.

[Brian Plunkett]

Thanks for the comment. I would disclose the mold problem regardless of whether I fixed it or not. Definitely don't want to get sued. Thanks again!

[Lisa]

Brian, as a wholesale buyer myself, (and I buy about 50 homes a month), I stay away from Masonite. I personally had a home with Masonite and if it is painted about every 2 years, it will survive just about anything, however that is not a well known fact! Too late for that thought.

I strongly suggest that you have the damage repaired before selling. You can contract with Home Depot and have vinyl siding put on the home. Depending on the size of the home, and I don't remember if you mentioned that in your message, you will retain the value of your home and have this part done for less than you might think. I did one on a contract basis for a client. The home was a 24x52 and the actual cost was less than $3,000.00. Now it was not a mold issue, but there are companies out there that specialize in mold removal. You can also use 3/4 sheet rock on the wall replacement rather than the actual wallboard that comes in the homes and it would be less expensive and less time consuming than locating wallboard that would match your existing. Even if the project cost you $5,000.00 and you sell your home for the mentioned amount of $26,000, you are still better off than trying to sell wholesale. Odds are you will not get $10,000 for the home.

[Brian Plunkett]

Lisa, thanks for your comments. Very helpful to know about how much it would cost. I just saw a price on some of the siding at Home Depot in the paper today, and I'm going to see if I can't get started on finding a contractor. Thanks giving me the figures above those help out a great deal.