Asbestos: Is It A Big Deal ?
Hi All,
I located a property available for tax sale. It's tax assessment is about ~120k, and I guess it will sell for around $10,000. It has Asbestos. Is that a big deal ? What's the worst that can happen if I acquire the property ? Will I get an EPA letter saying I have to get rid of it ? Will it cost more that $100k ? What's the most likely outcome ? Just some regular monitoring and maintenance ? If I want to sell the property, will banks likely refuse to loan money to the buyer ? I would appreciate any input, but more specifically from those who've had experience (or whose friends had experience) with dealing with Asbestos.
Abdenour
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I found the following on the HUD site:
Asbestos Insulation: Asbestos used as roof shingles or siding on a house does not pose a danger as would be if the material were deteriorating within the confines of a home. When used as a wrap for hot water pipes, it is usually covered and poses no danger. When the material is deteriorating into a fine powder and can be inhaled, it may pose a danger to one’s health.
Asbestos wrapping around hot water pipes in the basement of a dwelling may be found in older homes. If an appraiser notices this, he/she should make a note on the appraisal report that there appears to be asbestos insulation wrap around the hot water pipes. If there is not obvious deterioration of the asbestos such as punctures or other damage, it should be left alone. If there is obvious damage, the appraiser should annotate the valuation condition sheet and the lender should require an inspection by a professional in that field.****
I also read on another site where workers exposed to asbestos have filed so many lawsuits that companies are bankrupt and out of business. So what to do, what to do?
Hi MakingALiving,
Thank you so much for that information. The house I am considering has a "Frame Asbestos" Exterior. So, I guess that doesn't seem to be a big deal for HUD. I definitely will not rent it though because of risk of law suit. I plan to move into it myself.
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Asbestose can be a major problem. I 've seen people spend fortunes on the mitigation of asbestos with the workers wearing moon suits, triple bagging the asbestors, with ventelators and shielding etc. etc. Since this is a toxic substance it must specifically be disposed of in a toxic dump site. Bottome line, it aint cheap to do.
This must be a old house since absestos hasn't been used for decades.
I presume that the exterior has asbestos shingles. The bottom run seems to have the most damage. Of course, you can't get replacement. The simplest solution is just to cover the exterior with vinyl (my choice) or aluminum siding. If that's the only source of asbestos, not much of a problem
Friable=bad
non-friable=not so bad
Mesothelioma can ruin anyone's day (like it did for Steve McQueen).
I have no personal experience, except that I have looked at several homes with abestos siding and have always decided against them.
My insurance policies exclude houses with asbestos siding.
How do you put vinyl or alumnium siding on an asbestos house without disturbing the asbestos shingles?
If you want to take the health risk and put on the siding yourself then OK. I have no idea about the true or perceived health risks. But I would be hesitant to pay somone because of the potential lawsuit and workman's comp (if they are not licensed). If you cover the asbestos with siding, you will have to disclose that to the next potential buyer.
achab---------------
I would not worry much if it is only asbestos shingles. Have you checked inside for asbestos in the floor tile and around the pipes or furnace?
I'd not even bother to cover it over myself. I'd just patch it with bondo where it is broken and then paint it a nice color.
You might have a friend at the auction and when this property comes up ask the auctioneer if they are announcing that this house has asbestos. Then s/he should act scared of buying the property because of the asbestos.
Good Investing*******Ron Starr************
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On 2004-01-07 17:19, RonaldStarr wrote:
achab---------------
I would not worry much if it is only asbestos shingles. Have you checked inside for asbestos in the floor tile and around the pipes or furnace?
Hi Ron,
I haven't actually seen the property in person at all (out of state). Of course, I plan to travel and see it before buying the lien, but need first to learn about risks of Asbestos to decide whether I should pursue it or forget about it. County records, online, do indicate, I quote, "Exterior: Frame Asbestos" for the smaller building in the property. The property is made up of 2 buildings. No mention of asbestos for the bigger building.
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I'd not even bother to cover it over myself. I'd just patch it with bondo where it is broken and then paint it a nice color.
I am actually NOT worried about the Asbestos itself, but about the government. I have read horror stories about people buying properties for a few hundred dollars at tax sales, then receive a letter from the EPA requiring them to fix an environmental problem, with a repair estimate in the million dollar range. That's the sort of risk I am trying to evaluate: EPA, state or local government requiring me to fix the problem.
Quote:
You might have a friend at the auction and when this property comes up ask the auctioneer if they are announcing that this house has asbestos. Then s/he should act scared of buying the property because of the asbestos.
Thanks for the idea. But the (residential) property is in Oklahoma. I am considering buying the lien over the counter before the county forecloses on it. So there will be no auction.
Quote:
Good Investing*******Ron Starr************
_________________
Abdenour
<br>
Wellness Enterpreneur and TLC Investor
[ Edited by achab on Date 01/07/2004 ][ Edited by achab on Date 01/07/2004 ]
achab--(not OK)-------
I have read property descriptions in that county. The assessor's office is putting two pieces of information out: the type of property, "Frame" in this case, and "Asbestos" meaning asbestos cement shingles as the exterior covering. They use other words for other types of exterior: masonary for brick, vinyl, and others.
Good Investing*****Ron Starr*********
Quote:
On 2004-01-08 00:26, RonaldStarr wrote:
achab--(not OK)-------
I have read property descriptions in that county. The assessor's office is putting two pieces of information out: the type of property, "Frame" in this case, and "Asbestos" meaning asbestos cement shingles as the exterior covering. They use other words for other types of exterior: masonary for brick, vinyl, and others.
Good Investing*****Ron Starr*********
Thanks Ron for the clarification on that information from the assessor's office. I gather from that and your previous reply that it's not a big deal then.
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