Will a bank finance a house with asbestos siding / what is asbestos
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.
Read more as we explain what asbestos is, how people view it, and its negative effects on human beings, after this then we are going to discuss this 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 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.
Frequently asked questions 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 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 filled aware of it.
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.
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 leader 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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