Tuesday, November 25, 2014

Colorado Home Lending

Recently we have experienced a lender for a purchase of a Colorado home refuse to close for the buyers loan until a known asbestos containing material was removed by the seller.  We were shocked to see this and wondered the reason for this action from the lender. 

First, we wonder if they realize that it is in fact the "buyer" that would like the material removed, the "seller" has been living there for years with the material undisturbed and in "good" condition. How can they then nail the "seller" to the wall requiring a specific asbestos material be removed at thier expense? Will there be no loan for the buyer who intends upon removing the asbestos ceiling texture, or another known asbestos material utilizing a licensed Colorado asbestos removal contractor following the purchase of the property? What if niether party wanted to have the material removed at all, but left in place? Is there still no loan for the "buyer"?  And finally, is this same criteria utilized on ALL of the home loans from this lender which are given on homes built prior to 1989 in Colorado? Or just materials which are easily recognizable? Is this a trend that we can expect to develope?

We then wonder how many home loans this lender actually provides in the State of Colorado, given the fact that they are presumably unaware of the list of potentially containing asbestos fiber not to mention that asbestos has been found in current day construction materials. In the end we believe that the action of this lender was in defense of thier own liability, as they likely do not want to own yet another property with an asbestos issue should the loan be left in default.  It certainly would be wonderful to have feed back on this issue from some property brokers or lenders to get a feel for thier point of view.

WWW.RelianceAbatement.Com
WWW.Asbestos-Colorado.Com

12 comments:

Jennifer Davies said...

I agree with your points. Asbestos can be dangerous, but it's up to the owner to decide whether or not to have them removed. In some cases, they don't need to be removed for years. This is why it's best to talk to a professional about the specific home's asbestos. It's impossible to generalize the situation. http://www.westbinwaste.ca

Laila Keirstead said...

I don't have much experience on asbestos or know much about the laws that govern asbestos, but I thought that you must get it removed because it poses such a high risk to your health. From what you said, it sounds like it is more of a preference that people ask for it to be removed. I will have to read more about asbestos to know a little more about it. http://www.rockridgeinc.com/abatement.html

Christopher Howell said...
This comment has been removed by the author.
Christopher Howell said...

Definitely agree with you on these points. I think that asbestos can really be a killer and I think that something like that should be removed ASAP. However, if it's the seller or buyer's job I think that it should definitely land on the seller. http://townsvilledemolition.com.au/service/asbestos/

Sarah Edward said...

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sienctic 337 said...
This comment has been removed by the author.
asbestos-ids.tk said...

if a person intends to remove the asbestos, it should be easy for the loan granted. it would be very helpful at all

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