I've seen asbestos inspectors drill holes in walls and take tile samples. Old linoleum sometimes has asbestos. Old insulation on waterpipes, some old wiring, ceiling panels, spray on insulation, old drywall. These are all things that may have been made with asbestos. In someplaces that have been found to have asbestos, once disclosed, the occupant doesn't always have to remove it but must restrict disturbing it. Like, if your linoleum tile has asbestos, you can tile over it safely as long as it is not broken or removed. It has to be sealed in forever. You might want to consult a real estate lawyer about your particular situation.

Well, that makes me feel a lil better...and yes Timber I am NOT doing anymore repairs/remodel. I will use THEIR appraisal of 165k as my leverage tool. I heard this asbestos inspection runs $1500-2000. I can imagine what contractors charge to come in with suits and gasmasks..blah blah blah.

One realtor told me to say as little as possible to the inspector. I have been walking around and checking things out:

There no linoleum in the place.
I think that black insulation in the front roof rafters is ok. (thanks Rod)
I rewired the entire building from the meter to fuse box, to wiring and outlets. All new.
2/3rds of the building has heater ducts running throught the cement floor slab (its really nice radiant heat and cool in summer) and the back thirds I ran new ductwork in 03. I also had all the floor ducts cleaned, sanitized and fogged when I renovated it.
I replaced all the plumbing with copper and leadfree solder. (from the main supply valve in).
The carpets were all new and I installed new tiles.
There are no spray-on foam ceilings or drop-ceiling squares.

I already sold my Xray unit but I am a bit concerned about my x-ray developing room. Although it is built and operating to code, I think I will dismantle it, move the stuff out and call it a utility room. :)

I called 3 realtors. They all told me it is customary that the BUYER pays for any inspections and appraisals. Usually the closing costs are split 50/50 and the SELLER (me) pays the title insurance which is going to cost about 700 clams (what a ripoff!).

And Spiralsands (Frances), If he drives any holes in my walls, I will drill a hole in his head!

lawyers? UGH..I dont even wanna think about that!

well, more waiting and hoop jumping...this is driving me nuts! Wheres that bottle of blackberry brandy..dammitt!
lol
Kola

Kola,

I totally agree with Wayne, Relax. The biggest problem with asbestos is when ya mess with it. Congratulations! It sound like you're going to get to move on shortly, ya better get your model done!!!

Tom

Thanks guys!..and y'all are right.

And yeah..I will make sure it is noted "AS IS".

Ya know I think this could be the biggest thing that has ever happened to me.
I usually don't get worked up about things.
But, this is my ticket out of debt.
No more credit cards bills and no more mortgage.... and working CASH to top it off.

"Asbestos-Boy" just called me and he is coming out next week.

I better get a case of brandy!
Kola

With all the work you have done, I don't think there is much chance of them finding any. Some older homes had asbestos siding too, looks like ~1/4 inch thick sheets a few feet long that get nailed to the house like cedar shakes would. Old drywall mud had asbestos in it, but if you have repaired/covered the walls, no problems. Covering it up is usually easier than removing it, and perfectly safe. I think they just do this because it is a federal $ purchase, and there are rules for that stuff. I would expect something from the regular inspection, they have to find something (and they will, even on a perfectly built home) or the buyer will not recommend the inspector to their friends.

Usually, the buyer pays for ANY inspection they want, and usually the buyer pays all the closing costs unless it is part of the negotiations, such as $xx for the property and seller pays a certain amount up to all the closing costs. The closing costs start out as the buyer's responsibility, and unless you are being generous from the start, you should not be on the hook for any of them or the title insurance.

I think that will be asbestos & it might have to be removed/ not be a big deal-i hope/

like everyone says it will work out-you sold in a slow market :)

Ron

Contact a heating expert to come in and take a look. If it might be asbestos, see if there are any options of sealing up the material and still using the vents or sealing up the vents and installing another type of heating system. Asbestos abatement is very expensive and can vary greatly; get some ballpark estimates for removing the venting, and add on to that the cost of new venting. I'm sure any other options would look very reasonable when compared to that.

Since the appraisel came back higher than your selling price there's room for negotiating even if asbestos is found. Have options available and listed out. If any of those options are below the difference in appraised price, that may satisfy the buyer. Good luck. Hopefully it's not asbestos, but it's best to be prepared.

They have scheduled a state/fed company to do an "in house" asbestos evaluation. He is coming this week and we will get the results back in 3 days after his inspection. (approx cost will be 2000 bucks).

Kola

quote: At least they didn't ask for a lead test too!
================================

SHHHHHHHHHHHHHH!!!

seriously tho', I wouldnt be surprised if that will be next.

crying in my soup,
Kola

Good point Tom,

Any place I made an offer on I had to get whatever inspection I wanted (or Mortgage Co)., at MY cost, otherwise it was AS-IS.

Thats a good point Tom. I will have to look at my original contract. I do not recall anything mentioned about it. And yes, this is just more bs.

Jeffro, The building was built in 1962 and thats when the ducts were layed into the slab.

I think I am going to take the good advice that many of you have given me here...and hire a real estate laywer. This is a damn can-o-worms...and more money out of my dang pocket. What a mess!

Kola

I was reading a home remodel site the other day concerning the old "popcorn" ceiling finishes.
They where saying that if I the property owner, found I had Asbestos in or on my property and it was to be removed, it had to be done by a specially licensed company that deals with this stuff, average cost was $3000-6000 for 12x12 room! something about federal rules.>Wood Bug
At that price you hang new Drywall over the acoustic-legal here in CA. The problem with Asbestos is not so much in what they used in and on-it was in almost everything! It is when you start taking it down, off, out /whatever, and get it airborne. Also the disposing of it too. There really is not much in most acoustic % wise.

well... the exec director(buyer) informed me yesterday that "they are exploring other options". He said he would give me a final answer on wednesday as to whther they still want to buy my building. Last week the jerk typed up a letter and presented his offer and his intentions to buy and had his signature. The letter stated the proce that they were offering and requested that I sign in agreement and after I signed it he would go ahead and order the 2 inspections (asbestos and building which indicated they would pay for both). In the letter he stated if both tests passed, he would schedule for a quick closing. I signed and returned it to him last wednesday...thinking we had a deal.

AND NOW HE SAYS "he is exploring???".

No, I did not ask for any earnest money down. Yeah ol Kola-nice-guy is a stupid @ss huh?

Although he told me to wait until wednesday for a final answer, I think he wants out. I am wondering if what we signed was a legal and binding agreement and if so what I should do? This sux.

Kola

If you both signed it, and there was no contingency addendum with the offer, or other specific contingencies written into the offer, then YES, it is a binding contract. Of course, normally what happens if/when they back out is they lose their earnest money. But there isn't any.

Tom, the buyers are BOCES Education and they have tons of fed and state money available to them. The director already mentioned that he got the 25 approvals for the go ahead to purchase. Money is not their problem and I do not think they are "dreamers" but hell ya never know.

I think you are right Klapton, its a binding agreement but since I didnt get earnest money dowm I will prolly be SOL.

Yuhjn, I dropped off all this info to my laywers secretary this morning. I am awaiting a reply. Lets seehow many YEARS in takes for him to get back to me (sarcastically spoken)

If this deal falls through and it doesnt sell quickly I have decided to let the bank take it. Its just not worth the aggravation. My piece of mind is priceless. If I let it go into foreclosure my building plans will be severely hampered. Sometimes "life happens", ya know? I will keep my chin up and
stay positive. This dang rollarcoaster ride has to end someday! :)

Kola

Good job breaking that down Klapton, and I agree that any of those choices are better than a forclosure.

I would add that there is an additional option:

0) What you still owe on any loan, minus some amount of your own cash that you feel is worth less than the credit damage you do from a commercial realestate forclosure.

This has a lot to do with your future plans, but dont forget that plans change. If your credit is in decent shape you might spend a little time comming up with a dollar range that it's worth to you to preserve it.

I have kicked around the foreclosure option especially when I become frustrated but in reality I really do not want to do it. But I am in a rut and I want out asap. My credit history is very-good to exellent but I really do not care about my credit rating anyway because I have already paid the credit cards off and closed the accounts and my vehicles are paid for (Yeah!). I have no intentions of financing anything again. I bought the building in 2001-2 for 36k and put approx 50k+ into it. I rolled it into one mortgage for 100k total. Of that money I bought a lot of tools, equipment and chiropractic equipment as well (and some toys etc). Currently I owe 72k and last year and this years property taxes totalling approx another 10k. So I need 82k to break even, so to speak. To pay my monthly mortgage fee and keep my clinic doors open (utilities, supplies etc) is costing me 1500 bucks per month. The 1500 bucks is what I dislike and if I let the bank take my building that frees me up of 1500 bucks a month. I can rent out office space from another chiro in town at 200 bucks a month, all utilities included so I would still be ahead 1300 buckeroos per month. (nice chump-change IMO) That is quite a nice "raise" .and I am free of all the responsibilities of ownership including taxes. As time goes by I am still paying that 1500 bucks per month, the real estate market continues to suck, the property taxes keep piling up and the chance of selling could worsen. The longer I hold out the more I have to keep paying the mortage (and to me) it starts to appear as though its a losing battle. Yes, I would love to sell and I keep knocking down my selling price but still no one has stepped up to the plate and came through with the goods. In the meantime,(and this is the frustrating part) all my cabin plans are on hold, my money is tied up and sucking the life out of me. If I let the bank take it I would feel pretty damn good about having $1500+ a month to use to build my cabin and the hell with my credit scores.

OK, I am done whining.(I think)

oh and btw..no word yet from "lawyer-boy". ..guess I won't hold my breath. (roll eyes)

Kola

Thats is good honest advice Larry! Thanks!

Kola

The "buyers" (BOCES Education Systems) sent me a letter withdrawing their offer and indicated that they are no longer interested and looking elsewhere. We had an informal written agreement that stated they offered me 140k and was contingent on the inspections. Both of us signed the paper. I collected no earnest money and I did not have it on a "official" real estate purchase form. I lose and they walk away without penalties.
My lawyer said the signed paper would most likey not hold up on court but I could try to fight it but it would cost quite a bit for legal fees. ~sigh~

BOINK! I am back to square one.

From this point on, I NOW have a legal real estate contract. I will show my building to buyers but they will now have to fill out the papers, enter their offer and put down earnest money. I have the option to accept, decline or counteroffer. In this day and age an oldfashioned handshake, giving someone "your word" (and even getting it in writing) doesn't mean jacksquat. A stupid trusting hillbilly like me can easily get taken advantage of. I learned a good lesson. I hope others can learn from my mistakes.

just a few more gray hairs of wisdom,
Kola :)

So was there asbestos found?? I think as the owner, you can get a copy of the inspections, or no?

Might be good to know for your next steps to selling.

I am thinking of auctioning it off. I spoke with a friend who does auctions, mostly for farmground and homesteads but he thinks he could sell it at a good price. I can set a bottom price which would keep it from selling at too low a price. He gave me a rough estimate of his fees of 8-10k to advertise it for 100 days and then he brings all interested buyers into a private auction to place bids. The 8-10k includes advertising, closing costs, the auction and all his time knocking on doors and listing it in papers and online. He is working on an exact amount for his services and I told him I would probally wait a few more weeks to make a decision.

I thought of a questions for him:
What happens if it dont sell?
I will ask him for an answer when he calls me back with his fee prices.

In the meantime I will be moving my stuff out of the building and temporarily going in with another chiropractor and plan to move to Cripple Creek July 1st.

kola

One my favorite artists is Neil Young and this little ditty of a song called Cripple Creek Ferry. Neils acoustic songs are a real treat for around the campfire with good food and drink and some good ol fashioned hillbilly friends. Hell even the cityfolk are welcome! Maybe they will see how much fun "living easy" is and reform to the country ways. ALL ABOARD!!
http://www.youtube.com/watch?v=vXB45hk76D8

yeah ths rocks too! The Band!
I gotta dig out some of my ol shirts with the big collars ala Elvis style.
http://www.youtube.com/watch?v=uGSEac-zAC4

Hope everything works out--some peoples words are not worth much. I cant say i blame you. Show up dressed like your sig. picture and they will know its war time. You might see getting a lawyer to type it for you if you want to be more intimidating-that is how to do it./sign it Lawyer Daggit True Grit
Ron

I remember someone warning me sternly about being VERY careful about making offers. I don't remember who it was, or if they were any kind of real authority on the matter, but I remember them saying something like, "If you write a dollar figure on a napkin, you can be legally be held to the offer." That's why any time I answer someone's post about looking for land, I usually holler in big caps "MAKE SURE YOU HAVE A CONTINGENCY ADDENDUM!!!"

Realtors have these papers readily available, and I'm not sure how or why your realtor (are you using one?) didn't ensure that those folks used the typical forms used for these things. Nonetheless, a written offer is indeed a written offer. Your lawyer is right. You've got him in a headlock.

Now just pray they don't find asbestos!