All Forum Posts by: Danny Delikat

Not sure why you would fix anything you don't own? If you're testing for contamination you shouldn't be paying to repair anything unless you purchase the property. That being said I would never invest in a possibly contaminated site. The costs and mess to clean everything up are too great a risk. 

since the previous owner didn't have insurance. could i have it tested for the 400$ fee and they will test 3 soil bearings. if it comes back not contaminated (which isn't always accurate i know) could i purchase insurance on it for any future head aches if they came up

@Patrick Reagan 

I grappled with this problem a while ago (there is thread on my particular situation somewhere on this forum).  I ended up asking for a 50% reduction in price to take on the risk and the deal fell apart.  Property is still on the market.....

The problem with this is that in many cases, you might be able to clean it up for 10-20k (sometimes even less),  However, the downside is essentially open-ended.  If the contamination spread to neighboring properties, or if there are any water wells anywhere nearby, it could cost hundreds of thousands of dollars to fix - if it even can be fixed.  Once you own the property, you own the problem and you'll have to disclose it to any potential buyer down the road.

That said, if the deal is worth the risk, and you have the stomach to deal with it, the property could still be worth pursuing.  There are several folks here on the board who seem to do quite well with such situations.  For me, it's too much potential downside.