OfflineHello
This is all very new to me and I looked at a home (before the REA sent me the MLS sheet) and I noticed that there is a disclosure about Lead Based Paint. When I asked the REA about it, it said the Seller (bank as it's a foreclosure) doesn't know anything about it. So then my thought is how/why is it on the MLS sheet???
Has anybody else run across this when doing rehabs or lookng at properties? If the bank doesn't know about it, guessing there is a test that can be done to see if there is lead based paint? if there is a test, is it costly to do? if so, how do I go about this - have any you rehabbers run into anything like this?
My thought is to have the bank pay for the test and removal of if need be...having a liability isn't good for them but this would/could make matters worse.
Any feedback from others on this would be greatly appreciated! Even if the advise is to walk away from it due to EPA regulations and own safety factors.
I have came across this when I was handling rental properties. Ift I remember correctly the legislation passed a law that is mandatory to have documented and signed in the tenant or occupant file. This was due to several people obtaining lead ) aint poisoning in older homes. Back in the day alot of people used lead paint in which as years went one they found to be harmful. By having the occupant to signed the% savon not only informs the occupant but covers you legally. I hope this helps. The forms can be downloaded I looked up.
Trina
Please forgive my typing
Trina
Hi to all...... I have done a walk through with my new agent, so far so good, and it seems the only fairly new thing is the roof. The house is in fair condition, as listed, but to me needs extensive rehab. I think the numbers are good, but being new, and now really excited and nervous at the same time, I have got the real BUG inside of me. I hope someone can set me on the right path here, I am begining to feel lost. I live in upstate NY, Same County that Dean is from, and houses are not cheap to say the least, like they are elsewhere. This house was assessed in 2010 for $219,000, and is on the market for $117,000. It is in very bad shape, but this area is also a hot area for buying and selling, according to agents, and just myself knowing the area. I donot know what to do next, I feel lost and now kinda stupid. I am thinking about putting a super low bid, but I also donot want to lose it. This will not last long. HELP.........Pease..o;) I am open to any and all advice, including partnering on this and other deals. Paul
One thing to keep in mind in regards to sellers disclosures is the seller is only required to list things that "They are aware of". If "They are NOT Aware" that there was lead-based paint in the property, then they do not have to list that on the disclosure. Some people take advantage of this so we really have to pay attention when we are inspecting properties to purchase. Hope this helps.
Happy Investing!