Let’s face it, there’s no good time for a storm or disaster event to occur. The devastating impact of recent Hurricanes Irma, Harvey, and Maria showcase the full-scale capacity of destruction that Mother Nature can incur. But if a natural disaster occurs while you are still in escrow, and before the deal has been closed with the lender, it presents some unique challenges, especially if the property has been heavily damaged, beyond cursory drive-by visual assessments.
If your third-party reports (Phase I Environmental Site Assessment, Property Condition Assessment, and Appraisal) have been done, you need to re-inspect. When the value of the property has been compromised, it essentially presents a reboot on escrow and the due diligence process. It is in every stakeholder’s best interest to carefully reassess full damage, remediation cost, and time scale for restoring the property relative to the investor or buyer’s needs.
Because of many potential vectors of contamination, a prompt Phase I ESA is an important starting point.
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October 12, 2023
Increased Data Collection Will Be Required for PCAs and SRAs By Drew H. McCreery | Published October 12, 2023, on GlobeSt.com The agency lending space is buzzing with questions about […]
October 06, 2023
Under the EPA’s proposed regulations, any detectable amount of lead dust found while conducting an assessment will be considered ‘hazardous’ and will require remediation. By Carlton Gordon | Published on […]
October 06, 2023
Under the EPA’s proposed regulations, any detectable amount of lead dust found while conducting an assessment will be considered ‘hazardous’ and will require remediation. By Carlton Gordon | October 06, […]
