buying investment property


I recently put a contract to buy a home in toledo, OH does anybody know what to do if asbestos is found, how does this affect the sale. has anybody dealt with this before. what are my options? it seems as if the entire house was made of asbestos materials a long time ago. I’am sure this cant be the only house with this present. and what are the laws on selling a house with asbestos present.



depending on how much and where it is located, you should have no problem “encapsulating it”, check with your local inspector and they should be able to point you in the right direction. Encapsulating it can be very inexpensive. They sell the Do it yourself kits at home depot.

as for a affecting the sale of the property. If your contract has a contingency clause, it is better for you. you can use it as a negotiating point. Let the owner know how expensive it is to have it “removed.” It costs thousands of dollars to have it removed. you can have them remove it or you can have them lower the price significantly. Now that it has been discovered, if the owner knows about it, he must disclose it to future buyers before they contract. that could mean the difference of a sale or not. but you can remove his problem if he lowers his price or gives you something else in exchange for it. Have a estimate done by a licensed business that specializes in asbestos removal. then present it to the owner. it should make him fall off of his chair.

then you can check with your local state and county gov. agencies to see if they have an Asbestos removal grant or subsidy program.

hope that helps, good luck.