Skip to main content

Mitigated asbestos

Hello, Hoping for some advice-this is actually related to seller disclosures in combination with home inspection. I live in AR if that makes any difference. We have a house we are selling that was built in the 70s. When we bought it, we tested for asbestos because there were ceiling repairs needed that we wanted the sellers to handle, but were concerned about the material. We had them encapsulate it with floating drywall over the old ceiling based on the advice of an environmental consultant we hired. It is considered mitigated. This was in 2017.

Now, we are selling the house. We decided to include the info about having asbestos but being mitigated in our sellers disclosure, but twice now we have gotten offers and they have terminated during their 10 day window as a result of feeling nervous about asbestos. It feels like we are being penalized by buyers for having the knowledge and fixing the problem, as any house that age has the potential.

Any advice to not get burned a third time? Our realtor is suggesting having someone sign into the offer that they understand the asbestos situation and that it’s fully resolved. I am failing to see if this is the best solution or if it would make any difference.

Nothing major has shown up in the inspection and we were not given the opportunity to repair anything so their termination doesn’t feel in good faith with it being related to the disclosure/asbestos vs inspection findings. I understand that you cannot make someone buy a house, but we are drowning with double house payments and feeling pretty desperate to figure out how to navigate this. I appreciate any advice people have.

Tl;dr disclosed mitigated asbestos on sellers disclosure, might have screwed ourselves.

submitted by /u/Booboocake
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1o2z5bb/mitigated_asbestos/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...