You are at the right place of getting the full details to this question; will a bank finance a house with Asbestos siding, keep reading because everything you needed is here.
Asbestos is a natural resource every builder was always happy to include on any building until the ugly part of it surfaced.
This made many people turn against it, because of the danger it poses to their life.
Houses with asbestos are those built from the 1970’s and above.
We are going to discuss everything that concerns a house with asbestos we are going to tell you everything you need to know about it. Will a bank finance a house with asbestos siding read more as we provide the answer to this question.
House financing is one of those loans banks offer to people in need of it.
Before you can be able to get this loan you are going to provide some information about the house to the bank, What if that information contained asbestos-positive Will the bank still finance it?
Well, this question depends on many conditions plus the level of asbestos in question.
Many don’t even know the meaning of asbestos or how harmful it might be.
But don’t worry we are here to teach and direct you so that you will be properly guided.
Continue reading as i explain what asbestos is, how people view it, and its negative effects on human beings, after this then I’m going to discuss about; Will a bank finance a house with asbestos siding
What is an asbestos?
Asbestos is a substance used when building a house. Eg it can be used to mix cement because it will help it to last longer.
It can also be used when ceiling a house or when constructing an Insulation around pipes & in ducts.
There are many areas where asbestos can be used in-house.
In the previous years between 1930 and 1970 asbestos was seen as a great blessing for humans because of its usefulness, this made many of the house constructors and building engineers to include asbestos in any house they were building.
According to a report by EPA conducted in the year 1988, they discovered that huge numbers of old houses in the US had asbestos, and up to 733,000 houses were asbestos-positive.This house includes government-owned schools, markets, offices, and privately owned houses.
Many people were using asbestos in their buildings until the ugly news of asbestos surfaced, then Asbestos is now seen as a great enemy to human health and that’s how it is.
It was discovered that asbestos causes cancer and other deadly diseases to humanity.
Since this news was discovered a ban was made on using asbestos in any building and the public all over the USA.
This asbestos news is a great concern to those credit companies and banks using houses as a mortgage.
Will a bank finance a house with asbestos siding
It depends on the siding in which the asbestos is located, If it’s located in a place where it will not be disturbed or in a place where it can be easily removed without costing much money a bank may likely finance the housing.
But in a case where the asbestos exposure is so high the bank may not approve it because it poses a great danger to human health.
The good qualities of Asbestos
Despite posing a danger to human health, here are the good qualities of asbestos that make builders make use of it.
- Heat resistance: because of the presence of its mineral composition made it possible to resist heat of any type.
Asbestos is capable of absorbing and dispersing heat energy without passing through any structural changes
- Chemical Resistance: Asbestos is a resistance to some chemicals
- Insulation Properties: Asbestos possesses insulation Properties for regulating heat temperature.
- Good electricity conductor: Do you know that Asbestos can be used as an electricity conductor, infact it is a good material for conducting electricity because of the features it possesses.
Before the ugly side of it surfaced many homes and offices used it as their electric conductor.
- Fire resistance: it has a high volume of fire resistance. This attracted many industries to make use of it as fireproofing material.
- Durability and Strength: The presence of asbestos in cement makes it last longer, it is mostly used by constructors on those days.
Asbestos was a very recommendable material until the bad effect was discovered.
Health is the number one important that’s why the good qualities of asbestos were put aside and avoided completely without considering those good qualities.
Currently, in the USA the use of asbestos in buildings and other things has been banned a long time ago since the dangers associated with it were discovered.
Some consequences of asbestos
Building Renovation Challenges: When renovating a building with asbestos some challenges may occur. Eg explosion, to avoid these challenges occurring it’s better to hire an expert for the removal.
Causes Cancer: this is one of the deadly effects that to its ban, asbestos causes cancer to people.
This was made known by the World Health Organization [WHO]
With the International agency for research on cancer [IARC]
Approximately 125 million individuals worldwide currently face asbestos exposure in their workplaces.
Back in 2004, workplace exposure to asbestos led to 107,000 deaths and 1,523,000 Disability Adjusted Life Years (DALYs), with diseases like lung cancer, mesothelioma, and asbestosis taking a significant toll on lives and well-being.”
Cost some money: before you will be able to remove asbestos from your house it will cost you significant amounts of money.
If the asbestos was found in a large amount then bear in mind it may cause huge money to get rid of.
Increased Risk of Lung Cancer:
When an individual inhales too much of asbestos for a very long time, it may lead to lung cancer especially if the individual smokes.
Difficulty in selling the building: not everyone will like to buy with asbestos presence, so it will lead to much difficulty in finding a buyer.
Even if a buyer was found at the end it will make the house to be priced so low.
Environmental contamination: when Asbetos exposed it will lead to environmental contamination causing health issues for people around the environment
Companies that specialize in removing asbestos
Many professionals focus on making sure that Asbestos is completely eradicated from your house.
No need to tell them the part of your house that has asbestos, with their tools they will discover it and get rid of it completely without complicating things.
You can contact the following companies if you want to remove asbestos from your house.
Other informations on houses with asbestos siding
How can one tell if a house contains Asbestos?
Not everyone will be able to dictate a house that contains Asbestos siding, To find out about this you have to hire some professional who will carry out some careful examination which will determine those side of the building that contains Asbestos, the level of exposure, including if the asbestos is tracked or saved. Will a bank finance a house with asbestos siding
After the investigation is done you will now be fully aware of of it’s result weather asbestos is present or not.
If the asbestos is highly exposed or dangerous to human health should the house be abandoned?
When an investigation shows that the level of asbestos in a house is high or exposed, the next thing to do is to remove the asbestos.
Some companies specialize in removing asbestos, pay one of these companies they will help you remove it.
One thing is, that removing asbestos will cost you money. Will a bank finance a house with asbestos siding
If the asbestos is in small amounts or it more easier to remove it can cost money to be removed.
But when the area it’s located in is hard to remove or it’s found in large amounts, it may take a huge amount of money to get terminated.
I’m trying to let you know that There is still hope for those houses with asbestos the only thing required is to do the necessary things to ensure its safety.
Are every house in the USA affected by Asbestos?
Certainly not, not every house in the US is affected by asbestos.
It is only the old buildings that contain it but not every old building though, it’s some of it.
Almost all the buildings from 1990 are free from asbestos.
Will a bank finance a house with asbestos siding
Can I sell a house with asbestos?
Yes, a house with asbestos can be sold but it will be on conditions.
Some of those houses are old which will affect the price
Also, Their prices will be reduced because of the asbestos presence in it.
Not many are interested in buying a house with asbestos siding but when you finally find a buyer he will like to buy the house in a cheap amount when compared with what a new house without asbestos siding will be bought for.
As a seller to avoid selling your house too cheap because of asbestos, I will advise you to remove the asbestos by paying for those that will remove it.
After removing it, it will enable you to sell the house at a higher amount.Will a bank finance a house with asbestos siding
Aside bank, Will other house financing companies be willing to accept a house with asbestos siding?
They may accept if the asbestos presence is not disturbing or it can be easily removed.
Which siding in a house can asbestos be located?
Asbestos can be found in the following areas
- Floor tiles_ including _flooring _glue
- Textured _walls plus popcorn ceilings
- Types of_ insulation _around steam pipes, plumbing, & _ wire sheathing
- Fiber _cement _shingle _siding
- Roofing materials which include a felt _ underlayment with a shingle tiles etc.
What are those things I need to know if I’m buying a house with asbestos siding?
As a buyer that has found out about such a thing don’t panic yet but rather follow these steps.
Find out if the asbestos is in a small portion or if it can be easily removed.
Negotiate with the seller to reduce the price for you so that you will be able to employ workers who will terminate or remove the asbestos.
If the asbestos will cost a huge amount of money you ask the seller to remove it by itself or better still find another house to buy.
Conclusion
A bank can be able to finance a 
with asbestos siding if the asbestos is not at great risk or it can be easily removed.
Asbestos when cracked or exposed is very dangerous to health
But if it’s located in the areas it will not be disturbed not cracked it will not cause any harm.
Will a bank finance a house with asbestos siding Yes it can, it can also be used as a mortgage.
Asbestos can be terminated or removed and this work can not be done by ordinary individuals, it requires professional skill to handle it.
Also, the least but not the last, if you are selling a house and find out the siding contents are asbestos make sure to inform the buyer on time to avoid being jailed and risking other’s life.
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Kindly drop them below.
