Asbestos heating unit

4 Replies

I have been looking at a property and negotiating with the seller for a few months now. It is a 5-unit with 4,669 sqft. The heating unit is a very old American Std Oil furnace that has been converted to gas. The big issue (on top of it being extremely old) is it apparently contains asbestos in the unit. The previous plan to take the property down was with a VA my partner was going to get in which he would live in it. The VA representative said that the property would not pass inspection with that heating unit in there.

Would any bank loan on the property with an old heating unit that contains asbestos or is the only option to get the old unit taken out and a new heating system put in before a bank will lend on the property? 

We are thinking the only option is private/hard money cash purchase, remove old unit and put new heating system in (mini-splits maybe) and then refinancing it. Does this seem right or would a bank loan on it?

Any insight on very old heating units with asbestos like this and bank inspections opinion on it would be appreciated. 

Thanks

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Almost every house from the 60s and earlier has asbestos, and its not an issue. Thats  why I want to know here what specifically is the issue. Asbestos is still readily available today, I can go into Home Depot and purchase products with asbestos in it.

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