Buying a 4 plex with Absestos (vermiculite) insulation in attic

[Kate B.]

I thought I had a great deal on a 4 plex, and got 20% off the list price.   We have a contract for a cash purchase.   The numbers are great.

The home inspection yesterday disclosed that there is vermiculite/asbestos insulation in the attic, with other insulation blown over it.   It was discovered when the inspector sought to measure the depth of the insulation.   He told me what the EPA says about it.   And he told me it will be a problem when I go to sell it.

The EPA says not to test it because most testing is unreliable and over 70% of vermiculite is asbestos.   They said it can be seen by pictures.   The photos at the EPA website match the pictures the inspector took.   It's a distinctive product.

The EPA also said to leave it alone if you are not going to use the space.   However, the inspector also said the attic needs more ventilation and there are exposed electrical wires that should be addressed, so people have to go up there.

Any thoughts on whether I should go through with this?  I wanted to pretend it didn't matter because everything else was solvable.   Also, I cannot find an asbestos abatement company in the area (eastern upstate NY), at least not through a quick google search.

Thanks for any insights.   I need help thinking this through.

[Michael Lovell]

Vermiculite insulation (marketed as Zonolite by W.R. Grace Co.) 

The Zonolite Attic Insulation Trust was set up to reimburse homeowners for the expense of removing this insulation. Additional information and claim forms are available at the Trust's website.