You are willing to sell a home where you grew up together with your family but during the process you find out that those special shingles that appear gray on your roof are asbestos. Your heart sinks as you wonder if your selling dreams are over. The question “can you sell a house with asbestos” starts keeping you awake at night.
Well, you don’t need to worry as thousands of homeowners sell properties with asbestos every year. Learning about your own legal obligation in EPA Asbestos-Related laws and finding the correct strategy to overcome this obstacle will be another step that will become part of your selling process. This guide will give you a detailed answer to the question of how to manage the process with confidence and secure yourself and your future home buyers.
What Is Asbestos and Why Should You Care?
Asbestos is a naturally occurring fossil mineral that was highly used in building materials between the 1940s and 1980s. Builders adored it since it is not readily flammable and retains either heat or cold very effectively. Asbestos may be in roof shingles, siding, floor tiles, insulation or even glues that hold tiles in place.
What is wrong about asbestos is that it can render people very ill when you breathe the minute fibers. These harmful fibers may settle in the air when asbestos materials age or wear out or become disrupted. Individuals inhaling them may contract severe lung disorders such as lung cancer or a disease known as mesothelioma. That is why asbestos in a house must be sold with special caution and honesty.
It is, however, worth noting that asbestos in a good condition and in a place where it is undisturbed is not normally harmful. The danger is posed when repairs or renovations cause the material to break up, crack, or out of order. So, can you sell a house with asbestos safely and legally? Let’s find out in the upcoming sections.
Understanding Your Legal Duties as a Seller
When selling a house containing asbestos, the law demands that you should share what you know. Under federal law and most state laws, you are required to disclose to an intender buyer the presence of any hazards in your home affecting any dangerous materials, including asbestos. This is referred to as disclosure, and it is quite important.
Before you sell your home, you are not supposed to remove the asbestos but you are expected to disclose its existence to the buyers should you be aware of it. Some states have their own special rules about asbestos, so it’s smart to check what your state requires. To know the specific rules you should comply with, you can ask a real estate agent or a lawyer in your town.
The failure to disclose asbestos to buyers when you ought to do it can land you in terrible trouble. Buyers may take you to court over deception or withholding of valuable facts. They may also cue you on removing the asbestos or call off the sale altogether. Telling the truth upfront shields you and assists in establishing trust with purchasers.
The Truth About Can You Sell a House with Asbestos
The simple answer to “can you sell a house with asbestos” is absolutely yes. The country has been witnessing thousands of asbestos homes being sold annually. It is all about managing the matter correctly and legally. This is a problem that many sellers are unnecessarily concerned about and with the proper information and tact, it becomes easier to sell.
There are some choices you have regarding asbestos in selling your home. You can sell it as is and leave the responsibility of the asbestos up to the buyer. Prior to the sale, it is possible to have the asbestos removed. Alternatively, you can negotiate with buyers to jointly bear the expense to deal with the asbestos. All these methods have been successful in thousands of homeowners.
There are disadvantages as well as advantages to both choices. Selling as-is saves you the expense of removing asbestos, but may run a lower price on your house. Selling an asbestos-free house may sell quicker and at a higher price, but the removal of this element may prove to be costly. If you negotiate with buyers, you have flexibility, but you need the ability to communicate well and be patient.
Negotiating with Buyers About Asbestos Issues
After disclosing about the asbestos to potential buyers, you will face questions and issues. There may be some buyers who fear asbestos and may just step back leaving others to take it as a negotiation opportunity. Stay calm and be prepared to talk about the problem.
The cost of asbestos removal differs dramatically relying on the quantity of asbestos inside and an area. This may involve anywhere between $5,000 to $20,000 or more than that to remove the asbestos roof shingles. Obtain estimates of some of the licensed asbestos removal companies to know your options.
Buyers may demand that you have to take care of the asbestos removal, but you can bargain on who will cover the cost of the removal and how many days you will be given to conduct the exercise. Alternatively, in case buyers desire a price deduction, explore average removal fees whereby you may fight a reasonable price. Keep in mind that not all buyers would want to get rid of asbestos that it should not be removed by them because they may want to select their own contractors and processes.
Protecting Yourself Legally
It is wise to take proper protective measures when selling a house containing asbestos because there are legal implications associated with it. Hire a real estate agent that is familiar with asbestos matters and understands local disclosure laws. Consider engaging a real estate lawyer to go through your disclosure documents and the sales contract.
Your disclosure must be complete and accurate. In case of doubt, it is best to over-disclose than fail to give critical information. Retain copies of any asbestos laboratory test results, removal or disclosure. Such records provide you defense in case of future questions.
The key thing is to be honest about the asbestos and to comply with all the disclosure laws. When you handle disclosure properly, the question of can you sell a house with asbestos becomes much easier to answer with confidence.
Final Thoughts
Now you know that selling a house with asbestos does not have to be a nightmare. When you disclose it properly, make reasonable pricing and get the necessary professional help, you can get through this problem and sell your property to the right buyer. It is important to remember that there are numerous buyers willing to take asbestos-containing homes, provided that sellers are open and honest towards them.
If you’re in the Long Island area and wondering “can you sell a house with asbestos” while dealing with time constraints or complex situations, companies like 123 We Buy House specialize in helping homeowners buy and sell homes quickly and efficiently, even those with environmental challenges like asbestos. Sometimes working with experienced cash buyers or real estate professionals who understand these issues make the whole process so much easier and hassle-free.
Frequently Asked Questions
Q: Is it legal to sell a house with asbestos?
Yes, selling asbestos-containing houses is permitted by law. All you have to do is comply with disclosure regulations and inform purchasers of any asbestos you are aware of to avoid legal issues in future.
Q: Do I have to remove asbestos before selling my house?
In most cases, you do not need to remove asbestos before selling. Nevertheless, it is a condition that you need to inform buyers of its presence. The decision on whether to remove it should depend on its condition, how much you can afford, and what buyers in your market are expecting.
Q: How much does it cost to remove an asbestos roof?
Asbestos roof removal costs most often vary between $5,000 and $20,000 and are based on roof size and local labor rates. The cost can differ considerably depending on accessibility, disposal demands, and even whether or not other asbestos material must be removed as well.
Q: Will having asbestos make my house harder to sell?
You may have a smaller number of potential buyers as a result of having asbestos, although there are plenty of properties with asbestos that sell successfully each year. Honesty regarding the asbestos, fair prices, and experienced professionals can make your house sell regardless of the presence of asbestos.
