How to repair drywall that has gotten wet, just above the molding?
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Wait til dry; use a tape or another molding strips of wall paper etc. The new stuff tile &tape has self adhereing . Paint with or without texture. History look up ideas. I used Xmas ribbon on dry wall double sticky tape, covered shoe kicks,. They didn't notice silver color on grey.
If you let it dry, make sure that there is no mold, otherwise I would replace it.
Sounds like a small fix so just get some spackle, put on with putty knife and the sand when dry. Prime the spot with prime paint and then finish off with your color.
I would cut out the portion that was wet and replace it with pieces of new plasterboard. After you spackle the seams and sand it to blend the pieces evenly, paint and replace your molding.