All Forum Posts by: Vasundhara Ranjani

What are the terms of a non-recourse loan and why are they better than recourse loans? Can someone explain?

@Kim Meredith Hampton that's what I thought too. However the Phase I is about $2500 - I suppose I should eat the cost for peace of mind now instead of scrimping now and regretting it later.

@Stephanie P. that's a good point. I too thought about whether he's hiding something but I spoke to the current property manager and he says it's always been a MF property so the chance of underground tanks or soil contamination is quite low, isn't it? 

This is a tough decision since the numbers make sense; perhaps I'll just go ahead with the Phase I that way all bases are covered and in the worst case, there'll be a loss of $2500 if I walk away after the Phase I is done.

Thanks for both your answers.

I'm looking at a multi-family property and one of the closing conditions for the bank to approve the loan is an environmental form that they want the seller to fill out.

The seller says that he would open himself to liability if he filled the form out and hence doesn't want to fill it out.

The seller and his agent are very difficult to deal with (rude, abrupt, and generally uncooperative) and the only reason I'm pursuing it is because the numbers look good and it's a strong property.

The bank says the only alternative to the form being filled out is to have an expensive Phase I environmental assessment done.

Are there any other alternatives to this? What are some solutions to move forward?