# Would you buy a grow op house?



## RoR (Jan 18, 2012)

There's a house in a nice neighbourhood that was a grow op. Here is what I know:

House is 3 years old. Grow op was busted in April 2009 with 1400 plants. So they were not growing for long before getting busted. Nice neighbourhood. New basic home there starts at 309 900, this one is for sale for 293 000. I would not pay that. I would likely start at 260 000 and go from there. Especially since I think it's been on the market for awhile. 

I have driven by the house, pics on MLS look nice (but who knows when they were taken). We are going to look at it this week. 

I've read up on what could be wrong - electrical bypass, water bypass - the water WAS bypassed in this house, was in the newsarticle I found online - mould, structual changes like cutting hole through floors for ventilation. 

How long does a house have to be listed as a grow op for after you've lived there?

Any way of telling if there is a mold problem while doing a walk through without ripping a piece of drywall out?


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## mind_business (Sep 24, 2011)

Good question. My wife and I looked at one approx a year ago. Looked great from the outside, but was destroyed on the inside. The house had already gone through the remediation process, however that only means that the insulation and drywall were replaced. You would still need to finish the drywall (mudding, etc). The basement, however, was the worst. It had an incredibly bad smell that I doubt you'd ever be able to get rid of. Also, the main 2 supporting metal beams were rusted badly ... not just a surface rust. 

After seeing this house, there is no way I'd consider buying one. Keep in mind that you legally have to disclose that the house was once a growop when you go to sell it. Makes it very difficult to sell later.


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## GreenAvenue (Dec 28, 2011)

We have purchased a grow up house three years ago. We spent about $280 for an inspection and with that report we went to negotiate. I wouldn't worry to much about the electrical or the water as long as you get an inspection done. Holes cut in the walls or ceilings are easily detected. 

We got a good price for the house because of the inspection report and we have tenants now living there happily ever since. So my advice: call around, get a trustworthy and certified inspector, it will be money well spent. And also: if you don't feel sure -like 100% sure - don't do it and walk away.


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## RoR (Jan 18, 2012)

I would never buy that one from what you saw. 

But, if there's no smell, no anything odd that points to a grow op I know I will have a hard decision. Of course our low ball offer could be rejected and that would be that. I'm not paying 293. 

There has got to be a time limit on this stuff, I'm 32, and if I live there until I'm 50 I shouldn't have to list it as a grow op IMO. Maybe on the disclosure form, but not the first line on MLS. That said, we would be looking at it as a 5 year house. It's bigger than what we have now, but doesn't seem like THE house.


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## RoR (Jan 18, 2012)

I married an electrician. Not worried about that. And I assume the water by pass had to be fixed before it was on the market. But you know what they say about assumptions...

I was thinking of hiring an environmental company, not just a regular inspector. Test for air quality and stuff. We have 2 kids so that's important.


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## GreenAvenue (Dec 28, 2011)

Assuming that you will live in the house 7 -10 years I would go for the inspector. The inspector has visual equipment that detects mould or larger repairs done in the past. An environmental company most likely will not check the structure of your house. If something is wrong technically that will cost you in the long term. He or she will also check the roof, and a long list of other technical things. Knowing what is wrong with the house technically is going to save you a lot of trouble and money in the long run. I would go with the inspector. But in the end it's up to you.


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## RoR (Jan 18, 2012)

When we had a home inspector for this house he just walked around with a checklist. Nothing I couldn't have done myself - few things he did know from experience that I asked about, but it didn't seem that complicated. There was no equipment. We are in a new build so myabe equipmet was deemed unnecessary.


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## Spidey (May 11, 2009)

My brother is a real estate manager and says he would never buy a grow-op house. Apparently you can never get rid of this designation and have to disclose this information to any future buyers. Also knowing the extent of the mold problem is almost impossible. Another thing I might worry about, although admittedly unlikely, would be if former clients don't realize that the house is no longer in the drug business.


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## carverman (Nov 8, 2010)

RoR said:


> I've read up on what could be wrong - electrical bypass, water bypass - the water WAS bypassed in this house, was in the newsarticle I found online - mould, structual changes like cutting hole through floors for ventilation.


Depending on how the meter was bypassed, that will cost up to a couple thousand to fix /restore by a certified electrician
as the distribution panel was probably messed up, as there is probably a "bit" of illegal wiring installed for the large lights (1000 watt) necessary to grow "weed".
Water bypass: that is probably cheaper as it would be just a bypass pipe around the meter..easy to restore.

The big issue is the makeshift ventilation and what they did to get rid of the smell of the growing plants.
Some grow ops install industrial 8 inch metal "dryer vents" up the walls into the attic, where smell would attract less attention from the neighbors. 

Marijuana plants require a fair amount of water (depending on how they are grown) and they produce a lot of moisture which permeates the drywall and creates black mold (which is very unhealthy) if left as is..and of course, unless the drywall with the black mold is removed or treated properly, you probably will have a difficult time reselling the house at a later date, since legally you need to disclose that there is (or was black mold) present when you bought it.

Replacing the drywall (if that is what is required), is a big undertaking and a major renovation which depending on how much black mold there is in the house can cost tens of thousands! 



> How long does a house have to be listed as a grow op for after you've lived there?


Don't know that since its a legal issue. Maybe someone who is in real estate might have the answer. I know that if you have UFFI insulation, (no matter howl long you have lived in the house) you must disclose it upon selling or face a major lawsuit from the new buyers if you don't. 



> Any way of telling if there is a mold problem while doing a walk through without ripping a piece of drywall out?


It depends on where the mold decides to grow..if the moisture is routed by ventilation pipes up to the attic, it may not be so bad...check the attic, (attic access panel in some closet), as moisture there will show up as black rot on the roof trusses
and insulation. ..unless the roof vents were adequate to remove any additional ventilation pipes they ran into the attic.

Check the basement, which will be a higher humidity level in any case and see if there is any tell tale signs on the walls lower down or in any finished ceiling there..ie: staining of the paint.

Good luck with it. Consider it a "fixer uppper" on the negotiation as it could cost you a LOT depending on how long the grow op was in operation, (1 year or more can result in a lot of black mold inside the walls depending on how well it was ventilated and usually the makeshift vents are never enough) .


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## carverman (Nov 8, 2010)

Spidey said:


> My brother is a real estate manager and says he would never buy a grow-op house. Apparently you can never get rid of this designation and have to disclose this information to any future buyers. Also knowing the extent of the mold problem is almost impossible. Another thing I might worry about, although admittedly unlikely, would be if former clients don't realize that the house is no longer in the drug business.


Well "somebody" does buy these..but the restoration can run 30 or 40 thousand if the walls/floors all have black mold. 
You can call a specialist company in to check the extent of the black mold.(in wall flexi-cameras) but there will ALWAYS be black mold somewhere in the house...unless the grow up got busted within a week or two of going into operation. 

It's definitely a gamble. Usually you got to expect that it will cost you quite a bit to fix it up and after that..expect to live in it for quite a while . Don't know how many years though, especially IF you had to replace all the drywall/
subflooring.floor covers and had it done by a professional business that specializes in mold removal...it's NOT going to be cheap in any case!


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## carverman (Nov 8, 2010)

RoR said:


> I was t*hinking of hiring an environmental company*, not just a regular inspector. Test for air quality and stuff. We have 2 kids so that's important.


Absolutely! Black mold is dangerous to you and your family's health long term. A regular house inspector is not qualified
to certify that a grow up is safe for you and your family!
read this!
http://en.wikipedia.org/wiki/Mold_health_issues
<quote>
*It is useful to perform an assessment of the location and extent of the mold hazard in a structure.* Various practices of remediation can be followed to mitigate mold issues in buildings, the most important of which is to reduce moisture levels. 
*Removal of affected materials after the source of moisture has been reduced and/or eliminated may be necessary*. Thus, the concept of mold growth, assessment, and remediation is essential in prevention of mold health issues. <endquote>


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## andrewf (Mar 1, 2010)

I would buy it for the value of the land it sits on, as a floor.


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## carverman (Nov 8, 2010)

andrewf said:


> I would buy it for the value of the land it sits on, as a floor.


Well, that's going to cost a lot to rebuild on the same footprint.

Even if you had to tear out all the drywall (walls and ceiling and re-insulate the frame should still be ok..but it could be very expensive in any case and no insurance will cover a pre-existing condition upon purchase of a grow-op..
...and that's another thing..getting insurance for it may be a bit tricky as the insurance company may want to know some details. 

I don't know if they require full disclosure yet, like real-estate agents...better find out first.


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## RoR (Jan 18, 2012)

Hmm, I forgot about insurance! Insurance companies must cover former grow ops. ut who knows how much that is. 

Grow ops are popping up everywhere. What happens to all these houses?


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## mind_business (Sep 24, 2011)

andrewf said:


> I would buy it for the value of the land it sits on, as a floor.


Actually, that's what we were going to put in an offer for ... until we saw how busy the open house was.


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## Homerhomer (Oct 18, 2010)

If you need financing first find out if you can get it financed, it's not the same like for a regular purchase and from my discussion with a mortgage broker you need much more down for a grow up.


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## carverman (Nov 8, 2010)

RoR said:


> Hmm, I forgot about insurance! Insurance companies must cover former grow ops. ut who knows how much that is.


I would think so..after all, it's the fire protection you need and just because some tenant was growing cannabis in it, doesn't change it's fire safety rating..however, that being the case, the fire insurance company better not know about the meter bypass and whatever illegally installed wiring in it..otherwise they may just balk on it when you ask for a quote.



> Grow ops are popping up everywhere. What happens to all these houses?


Well this could be what is happening these days....

1. Landlords rent out the houses unsuspecting the tenants will decide to go
to a lucrative grow-op because of the state of the economy maybe?

2. Tenant modifies the house to suit the grow-op and borrows money from
somewhere for mods? (not the banks obviously since they don't own
the property). 
3. Tenant sits back and counts the money in the plants at harvest time.
4. Mold builds up everywhere..but tenant doesn't care because he/she is just renting the property
and they don't care about resale prices. 
5. Eventually the cops come around and bust them , confiscate the plants....and sooner or later the landlord doesn't get the next month's rent check..
or 5a; the electric utility find out..somehow..because of no electric billing for electricity usage or bills being paid to
the utility....cops get called and bust them! Confiscate all the plants.
and 
5c: house sits empty with no heat maybe..pipes possibly freeze
if landlord is not informed....

6. Landlord(owner) finally gets fed up and puts the property up for sale...

7. real estate agent knowing it's a former grow-op lists it much lower
than it would normally fetch on the market if it was not a grow-up.
and 
8. Word gets out...people interested in a "bargain" real estate deal 
nibble at it...

its the underground economy benefitting everyone.


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## carverman (Nov 8, 2010)

mind_business said:


> Actually, that's what we were going to put in an offer for ... until we saw how busy the open house was.


Not surprised...especially in the overheated Toronto market where a 80 year old house is going for $400K that back in the 70s would be listed for $40K.
These old relics are being bought, gutted inside and modernized and the renovation adds more value to the already high listing price...so rats, cockroaches, bad plumbing, knob&tube wiring is pretty much par for the course in these old places..so whats a little mold here and there in an otherwise nice newer style home... going for 10 to 20% below market value?


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## Maybe Later (Feb 19, 2011)

RoR said:


> I was thinking of hiring an environmental company, not just a regular inspector. Test for air quality and stuff. We have 2 kids so that's important.


Be very careful. There are some companies (with recognizable names) that are "mold specialists" who prey on homeowner fears about mold to charge a lot and then sub out a lot of the work. A very good friend had one of these companies do some work and had to hire a reputable contractor to fix what the "specialists" did. Buyer beware.

Certainly get air quality tests before and after. Just check into the company and don't assume that the mold company can also do framing, electrical, insulation, drywall, etc. I would work with a GC you trust to bring in a specialist he or she has worked with in the past if you can.


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## Causalien (Apr 4, 2009)

Value the house at zero and pay for the land value. You'll need to live there at least 5 years to convince the next buyer that it's livable. Also great if the next person you are selling to plans on demolishing the house. It's a very feasible thing as long as RE value is rising. You'll be in trouble if prices are going down.


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## Berubeland (Sep 6, 2009)

Personally I wouldn't buy a grow op especially one that had been cleaned up by someone else. 

Just think...once the owners found out it was a grow op and decided to put it for sale, did they try to get the best price on the work, cover up as much as possible and try to get out with as much money as possible knowing neither they or their children will ever live there? 

Or were they committed to doing the work properly knowing that someone and their children would be living there? Damn the cost, do it right full speed ahead. 

100 years from now you will have to disclose it is was a former grow op. It will always hurt the price. It will make financing more expensive. It will make insurance difficult. 

The only way I would ever buy a grow op to move my children to is in an "as is" state with me inspecting the renovations every single step of the way. Chances are they threw bit of lipstick on a pig and you will be buying it. What will you do once you get possession if you find lots of stuff wrong? Nothing and you will be stuck trying to pass on the hot potato.


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## uptoolate (Oct 9, 2011)

Nope. Not unless it was a fabulous price for the land and I was going to tear it down and rebuild.


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## RoR (Jan 18, 2012)

Well, we're going to call our real estate guy tomorrow and see if he knows anything. Also going to have a cop friend look into the bust to see if he can provide any info. 

If a company cane in and told us what needed to be done, I'm not concerned about geting screwed by a subcontractor - we would be doing most of the work ourselves. I can't mud and tape (without it looking awful), but I can tear down and hang drywall, rip out carpets, etc. Spouse is an electrician as mentioned. Ripping out is easy, putting it back together is the hard part. 

I have a feeling this won't go anywhere. But, it doesn't hurt to ask and look. 

My first house was old, plumbing problems, knob & tube, mice. At least with a grow op house you already know to expect something wrong.


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## mind_business (Sep 24, 2011)

Actually properly getting rid of the mold is the hard part. Even if the house had been remediated, I still wouldn't trust that the house was mold-free. I'm assuming you guys are hoping for a really great deal on a house, just make sure you do lots of research on costs to remediate / bring the house back to a liveable condition. It's incredibly expensive. Doing the work yourself to remove mold is dangerous unless you know how to properly protect yourself.

Yes I'm trying to disuade you


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## carverman (Nov 8, 2010)

Berubeland said:


> Personally I wouldn't buy a grow op especially one that had been cleaned up by someone else.


"B"..but there are others that do..if the house is listed "way below" market
value.




> 100 years from now you will have to disclose it is was a former grow op. It will always hurt the price. *It will make financing more expensive. It will make insurance difficult. *


Well I'm not sure if it's 100 years from now..as the house may have to be torn down within that period anyway..
..but the stigma of owning a "grow-op" house will be there for a long long time and trying to get a mortgage
on a "damaged" house even if it doesn't show it..good luck with any bank..because if they order a house
inspection first (at your cost)...and deny you a mortgage, you have to borrow from money lenders and
it will be more expensive. 

The fire insurance company will give you fire insurance on it if it qualfies on it's fire rating, since the moisture damage doesn't enter the rebuild cost..however, any damage to electrical or illegal wiring will require a proper inspection by the Electrical Safety Authority (similar to houses built with aluminum wiring) and have to have a certificate (or letter from them that the
house wiring passed inspection to satisfy the insurance company..because they will not take on the extra risk of an
electrical fire if they know the house was previously used as a grow-op. 

The roof also will need to be inspected for any unauthorized vents/holes, as water damage due to leaky roofs
is a concern for the fire insurance company...so there are definitely some possible additional hoops that need to jumped through from the insurance POV...unless this fact is NOT disclosed,then you run the risk of the fire insurance company
reneging on any future fire claims....and they are sticklers these days on things such as that!



> The only way I would ever buy a grow op to move my children to is in an "as is" state with me inspecting the renovations every single step of the way.


Yes, and that is the only way I would buy one too. 
You simply cannot assume anything in one of these, unless all the walls and ceilings are removed, the exposed walls are inspected and sprayed with a mold killing solution (like 50% water and 50% javex) or similar, and let dry for a period
of days with a pressurized ventilation eqt installed in the house and then the restoration of the drywall can start.

It is not going to be cheap to restore the house, no matter how cheap you get it for...unless you just say 'the heck
with it" and move in, and only do some minor painting/carpet removal. Any mold that is not destroyed WILL grow over time,
the furnace air will circulate the spores throughout the house due to the normal moisture within household air..and long term it could injure a child's resparatory system... and yours too! Black mold is extremely dangerous, and if found in normal resale on house inspection is a show stopper on re-sale..unless it is disposed of properly. 


*Chances are they threw bit of lipstick on a pig and you will be buying it. *
Miss Piggy is a marketable item...



> What will you do once you get possession if you find lots of stuff wrong? Nothing and you will be stuck trying to pass on the hot potato.


Well this is the big issue...to do it right means basically rebuilding the inside walls, ceilings, basement and replacing the insulation (depending on how good the vapour barrier which is usually between the studs and inside walls), has
stopped it from getting into the insulation. 
If the mold is in a drier section. it may not continue spreading, but that you reaslly don't know and you can't
assume, once you know that it was a previous grow-op.

The owner of the house will take a loss and dump the property on unsuspecting buyers because they lower the price and disclose of it...fine enough., nothing in the laws say (at least right now) that the house has to be torn down or
rebuilt from the bare walls.....and there will be some that will buy it if the price is right..but what
price can you put on your health?..if you breathe in spores from black mold and develop respiratory problems? 
No insurance company is going to compensate you for your loss.

It is definitely a risky gamble and could be more expensive in the long run, never mind the stigma and the resale value..
I wouldn't be prepared to assume that kind of risk..especially if I had a young family.


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## carverman (Nov 8, 2010)

RoR said:


> I have a feeling this won't go anywhere. But, it doesn't hurt to ask and look.
> 
> My first house was old, *plumbing problems, knob & tube*, mice. At least with a grow op house you already know to expect something wrong.


Pretty much most insurance companies have a check list to ask you before they grant you insurance.
You can answer yes or no and take your chances if you try to hide anything on the verbal disclosure,
if you have a claim later on. 

IF you don't disclose properly, and have a serious claim, be prepared to hire a lawyer and take the insurance company to court!

One claim, a few years ago had to go all the way to the Supreme Court when the house burned down and the company denied paying the claim. The family did win eventually..but the house was left burned down (except for the cleanup which is required by local law) for several (2 or 3) years until it was settled in the SOC. 
In another case, the owner operated a car repair shop (without paying a business insurance premium), the garage
caught fire from a gasoline tank leaking and the insurance company denied his claim..due to false disclosure. 

Old plumbing and knob and tube wiring is a lot harder to get insurance for these days.(most fire insurance
companies won't touch old homes or ones that have "known problems"..and on inspection can be a 
show-stopper for a pending sale. 
Upgrading old plumbing and electrical wring these days can cost TENS OF THOUSANDS!

I have aluminum wiring in my 40 year old house which gives me a hard time if I want to change insurers. Most will NOT touch it, even though the wiring has been redone with copper pigtails, aluminum-copper compatible marettes and paste. 
I even had a special inspection done by the Electrical Safety Authority and a covering letter that it passed..but...it still is an issue if I had to sell because I now have to disclose it and most real estate agents in my area know there is aluminum wiring installed in my subdivision (circa 1972).

One house down the street from me..that managed to sell eventually, had to do that AND lower the price by 10% of the asking price to get the buyer to agree to buy..so you really got to think about all that..even if you don't want to sell in the immediate future.


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## RoR (Jan 18, 2012)

Talked to our real estate guy and he's getting us in for tomorrow night. House has been vacant since 2009. Owned by Scotia Bank. Bought by the bank from the builder for 190 000. Listed every 6-8 months or so for a price drop of about 25K each time. Started at about 330 000.

And I've FBed a few people to see if I can get any more info from cops. I'd like to know the size of the plants seized.


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## RoR (Jan 18, 2012)

The house is a no go. Real estate guy called with more info.
- house has failed 3 moisture quality tests
- because of that the bank will not issue a mortgage in it, we would have to pay cash for the house
- will not accept an offer conditional on the sale of another house. 

Was worth a shot!


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## MoneyGal (Apr 24, 2009)

Sounds like it wasn't, actually!

There was a meth lab one street over from me that had a major fire 3 years ago: http://www.torontosun.com/2011/09/16/crown-seeks-severe-penalty-for-meth-lab-arson

http://torontofire.blogspot.com/2009/03/working-fire-837-craven-road.html

(Those pictures are from early on in the fire. The street was actually closed for more than a week with the criminal and chemical investigation trucks running a full-time investigation.) 

I was very close friends with the people in the house two houses down. They moved. The house right next door also went on sale immediately after the meth fire. The price of her house was severely depressed by the presence of what had been a working meth lab right next door. 

I dunno. Not worth it to me. That house is still not occupied.


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## carverman (Nov 8, 2010)

RoR said:


> The house is a no go. Real estate guy called with more info.
> - house has failed 3 moisture quality tests
> - *because of that the bank will not issue a mortgage in it, we would have to pay cash for the house*
> - will not accept an offer conditional on the sale of another house.
> ...


And that is the second biggest headache with buying a grow-op house.
most banks that repossess it are willing to take somebody's money but
are not willing to risk their own on it.


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## carverman (Nov 8, 2010)

MoneyGal said:


> I was very close friends with the people in the house two houses down. They moved. The house right next door also went on sale immediately after the meth fire. *The price of her house was severely depressed by the presence of what had been a working meth lab right next door*.


Criminals can certainly affect property values.

Just imagine if the house was mortgaged by the landlord,and that happened or a grow-op operation...the owners (if not they are not the criminals) would have to hand it back to the bank, because they would have a hard time selling it..and the banks definitely don't want it either....
and you can't really burn it down for fire insurance purposes (unless of course, its a meth lab and they create an explosion)..so it's one of those nasty real estate situations nobody wants after it happens!


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## Karen (Jul 24, 2010)

> ... this one is for sale for 293 000. I would not pay that. I would likely start at 260 000 and go from there. Especially since I think it's been on the market for awhile...


I think you would be very foolish to buy the house under any circumstances but, if you are determined to do so, you certainly shouldn't offer anywhere near $260,000. That would be only a $33,000 discount from the asking price and presumably you would expect to pay less than the asking price even if the house had not been a grow up. I have a feeling that if you go ahead with the purchase, you need help from a friend or relative who's a lot better negotiator than you seem to be. (I don't mean that as a criticism - I'm not good at negotiating myself and would definitely seek help if I were in that situation!)


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## jcgd (Oct 30, 2011)

I would buy a grow house if it was priced so I could take it to the studs + removal of any moisture damaged studs/ beams. If I couldn't go that deep I would walk away. Anything you can't see could be affected.


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## andrewf (Mar 1, 2010)

^ I think you'd still have to disclose that it was a grow-op house indefinitely, which would be a permanent impairment on the value of the house, or at least for decades. Ie, even if you take it back to studs and do mould remediation, it is still a grow-op house. I'd have to be able to tear the whole structure down to foundation.


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## jcgd (Oct 30, 2011)

If that's the case than I would have to go to the foundation too, but I think it is ridiculous that you have to disclose a "fixed" grow op house but not a house that once had mold and had been treated. 

For example, it is okay for someone to have rooms full of plants which could do similar damage, or even a bunch of cats that soil the entire house, but clean it up and all is good. 

Just another reason to put an end to the illegal pot trade and treat it like tobacco.


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## Mall Guy (Sep 14, 2011)

andrewf said:


> ^ I think you'd still have to disclose that it was a grow-op house indefinitely, which would be a permanent impairment on the value of the house, or at least for decades. Ie, even if you take it back to studs and do mould remediation, it is still a grow-op house. I'd have to be able to tear the whole structure down to foundation.


And if you do, document the process to show future buyers what was done, and get plenty of inspection reports . . . seems to be a lot of work, and not much profit . . . can it be turned into a rental, maybe one or two units?


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## carverman (Nov 8, 2010)

Mall Guy said:


> And if you do, document the process to show future buyers what was done, and get plenty of inspection reports . . . seems to be a lot of work, and not much profit . . *. can it be turned into a rental, maybe one or two units?*


Sure fix it up and rent it out..and watch it turn back into a..GROW-OP!
They could make a movie out of this..similar to "Ground Hog Day",where
you wake up and relive the same occurances each time.
Here's the script. 

Former owner rents it out.
Tenants decide to make more money than working, collecting pogy...so
invest in some rolls of electrical wire, special lights and fans...and a few cannbis plants.
Bypass the power meter to avoid BIG bills and paying hst on those!

Cops find out..raid the house, arrest occupants and seize plants.
Landlord decides to sell or house is abandoned ( and bank takes over power of sale)
House goes up for sale well below market value
"Investor" looking for a bargain buys house at "fire sale price"
Investor does some mold remedy control and puts house up for rent

New Tenants move in..
New Tenants decide that "growing yer own" is more lucrative than working or
collecting pogy..invest in wire, lights. cannabis plants and bypass hydro meter

Cops find out and raid the house (again) arresting occupants and seize plants
Investor wakes up and discovers it's another bad dream and offers grow-op
house for sale at firesale prices.....chapter 3.


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## Mall Guy (Sep 14, 2011)

Your right, you should make sure you get "percentage rent" !!!


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## RoR (Jan 18, 2012)

Karen said:


> I think you would be very foolish to buy the house under any circumstances but, if you are determined to do so, you certainly shouldn't offer anywhere near $260,000. That would be only a $33,000 discount from the asking price and presumably you would expect to pay less than the asking price even if the house had not been a grow up.


This is a 2 story 4 bedroom, not sure on the sq feeet. 

A starter house (1 floor, 2 bedrooms) in that neighbourhood is 309 900. Another similar house for sale there is 314 - different builder not as nice, another 359. So 260 would be a deal IMO if you didn't have to rip out walls and stuff. 

Anyway, I have no idea how they're going to sell it with the conditions I listed. Cash, no mortgage, no conditional offers, and it's failed 3 moisture inspections. It's gona sit there forever until the bank changes their mind.


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