Downtown Manhattan was packed with house hunters looking for a great deal on a home at an event on East 42^nd Street. In the midst of the economic crisis, thousands of families are losing their homes to foreclosures: a bad situation for the displaced homeowners-a good thing for house hunters. Or is it?

The one thing many of the bank-owned homes featured at event had in common is that they were definitely not “dream” homes. Many were vandalized, needed many improvements, and had water or mold damage. The upside of this situation:  some of the starting bids on some of the homes started at just $500.

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Water damage, which can lead to mold damage, in a home can be a dangerous situation if not taken care of promptly and properly. If purchasing a home that has experienced water and/or mold damage, it is recommended that one hire a water restoration specialist to estimate the damages the home has suffered and how this can be remedied. A restoration specialist can also assess mold damage to see if the levels of mold are hazardous to humans or pets and to assess the structural damage as a result of the fungus.

More on water and mold restoration.