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Updated over 2 years ago on . Most recent reply

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Lesley Cabrera
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Phase III required (way more than I expected)

Lesley Cabrera
Posted

So I invested into a property without knowledge of its past (1st mistake) I have already had a phase 1 and phase II completed. Apparently there are pollutants in the soil. Does anyone have any experience with this?. I have gotten 2 different proposals which range so vastly. The lender is requiring me to have this "all cleared" before moving forward.  Any referrals would be greatly appreciated.

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John McKee#5 Commercial Real Estate Investing Contributor
  • Investor
  • Fairfax, VA
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John McKee#5 Commercial Real Estate Investing Contributor
  • Investor
  • Fairfax, VA
Replied

You could also choose a different lender.  You may only need a phase 1 study to verify the reports you mentioned, anything above that can be excessive depending on what they find in phase 1.  

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