Posted by John on September 17, 2004 at 08:13:11:
Get a really low price before you buy.
Get the lab completely cleaned up and get all the documents.
Expect to have to disclose the history when you sell and to have to
price it below market to get the deal done.
As to the costs, see if you can get a binding estimate from a company
that does such work. Make your offer contingent on the pricing of the
estimate.
It it was me I would likely just move on and look for something else.
John
How do you handle a problem like this? - Posted by Ronnie
Posted by Ronnie on September 16, 2004 at 22:56:49:
Hello fellow investors, hope the day brings you many deals. I ran into a problem when trying to put together a deal for a SFH. The tenants that were renting the house had a meth lab in the house at one point. The property is vacant and has been inspected and “partially” cleaned by an enviromental agency. Has anyone ever had this type problem come up when purchasing a property? How did you handle it? Did you buy the property anyway? How expensive was the cleanup? How difficult would it be to resell or flip the property even if the cleanup has been done and documentation provided? What other precautions should I take if I decide to purchase this property? Thank you in advance for your reply and patience.