Posted by Becky IL on August 20, 2001 at 15:40:28:
I second Mark!!
If there is any contamination of the soil or water table you’ll have headaches with the EPA and the State Water Board for years to come, not to mention it’ll bankrupt you. I used to handle commercial insurance claims involving situations like these (in my past life) and it takes years and hundreds of thousands of dollars to clean it up, and, you won’t be able to sell the property!!!
Before I would even consider buying, I would have the soil tested or, at least, my sales contract would have a contingency in it regarding same.
Same thing with the asbestos. You will need licensed contractors for the asbestos clean up and this could be costly as well. I think I’d pass on this one.
I know of a property worth approx. 38K with a dilapidated house on it that contains asbestos and with an oil tank. It was flooded a few years ago and needs demolition. IF I can get the property for a song (cheaply) and then pay for the demolition (which would be less than the worth of the property) I could put a house on it. TO me the property awaits a prefab kind of house.
2 questions:
Has anyone out there sone this kind of thing?
Does anyone out there have a godd source of quality prefab homes?
Nollie,
Two quick things. You mention asbestos. If you are considering demoing the home. You will have to have the asbestos removed by special contractors, this could be costly.
The second thing is the Oil tank. If it is underground and it has leaked or if there is any eveidence that resembles a leak, run the other way, this is an enviromental issue that can be a very expensive and timley proceedure to have the soil removed and tested for contamination.