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.


Thursday, November 20, 2014

Home remodeling

If you are planning a renovation or remodel of an existing home, please be sure that all of the asbestos suspect materials that will be disturbed have been tested prior to beginning this process with your selected General Contractor.  The testing of materials to be disturbed are required by the Colorado Department of Public Health and Environment.  As the market in Colorado has increased the number of home-buyers who would like to improve or remodel to a more modern or personalized look and feel of thier home, so have the number of consumers who have paid far too much for environmental clean-up fees for improper removal and handling.  In most cases your asbestos contractor scope of work is minimal in comparison to the over-all project scope such as with a kitchen re-design, bath remodel, master bedroom or office improvement, or textures through-out the home.  As well as minimal in comparison to the over-all expense of your project. We have seen far too many home owners, residential developers, and remodel contractors who have approached an asbestos project from the back-end which generally means a potentially costly "clean-up".  Pre-planning the asbestos portion of your project will save you time, money, and is far more environmentally and community friendly.  We recommend the services of:
 www.Asbestos-Colorado.com  or www.Relianceabatement.com for answers to your questions and to gather ideas on how your project may be approached to minimize your expenses.  Getting it right the first time is far more economical.