Omni Masointe Siding and 'Fungal Growth' Problems
Bank has accepted our short sale offer on a 20 year old home contingent on the home inspection. We've been told that any and all repairs are "on us"---not the bank and certainly not the distressed sellers. Had the home inspection on Monday and it revealed a couple of problems. Home has "multiple areas of minor to moderate separations, swelling and damage to the exterior siding." Product used was Omni Masonite, which was the subject of a class action suit that was settled and closed to further claims in 2009. Realtor says "most people just replace sections as needed" and "don't let the siding contractors tell you the whole house needs siding replaced". Well, guess what---that's what we're being told---that the Omni is a nightmare that will only get worse. We would like to go back to the bank and ask to lower our original offer by $20,000 so we can afford to replace the siding. Not sure this will fly. What's your opinion? Replace it all, piecemeal it, or?
Second issue is there is a white "fungal growth in multiple areas of the attic sheathing." Two different "mold men" have come out and told us it's not serious or toxic and can be treated for $700-1700. Is this another nightmare waiting to happen?
Are we crazy to even be considering this house? We love it and the 5 acres it's on but are we buying a money pit?
Thanks in advance for your input.