Today we’re talking about EPA testing on investment properties.
Featuring:
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: Just recently I had some clients coming in from New Mexico, and they said, “I want to get a radon test in the purchase of my residential real estate.” And I don’t… think I flinched. It was just so uncommon in this marketplace historically, that just wasn’t requested. So we’ve got to realize that from other markets people are going to come in and require some standards on our properties based on their other experiences.
Bob Nelson: Well, and radon is a result… It’s a radioactive gas that’s released from basalt. And basalt of course is a natural occurring product. Every time you see a rock column, one side of Skinner’s Butte as an example, that’s basalt. Those are basalt columns. As a net result, as basalt is ground into dirt, sand, whatever it would be, there is more opportunity for it to release radon. And the question then comes how much of that risk occurs in generally the Willamette Valley? And the result that I’ve heard is very, very little to none.
Marcia Edwards: Right.
Bob Nelson: There’s never none. Sorry.
Marcia Edwards: We did get a positive read and had to do some remediation in this case, but it is not that common. Doesn’t mean you shouldn’t test for it. You don’t want to discourage people from testing on a property, but there’s a balance of reasonableness at the time of inspections. Whole house inspections will usually tell you something like there may be asbestos in the siding. Get it tested, and then you can go toward that if you’ve got that in your transaction as part of your contingencies, the whole house inspector. But they are not environmental inspectors.
Bob Nelson: Well, how about lead based paint? It was used dominantly as a paint maintenance product for any property prior to 1978.
Marcia Edwards: That’s right. That’s one that’s getting more common to actually test for.
Bob Nelson: Right.
Marcia Edwards: In case they’re especially going to be sanding down to the original wood surface. Asbestos in the adhesive and vinyl below and above in the popcorn ceilings is often the case in our area.
Bob Nelson: And that’s a tough situation. Asbestos is a mineral that when eroded or ground becomes a very long skinny filament that floats in air. So as you breathe it you have a carcinogen in your lungs that could cause lung cancer.
Marcia Edwards: On that note, I definitely say work with the professionals to make sure you know what you’re getting into in a transaction on the environmental issues.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30 on KPNW for the “Real Estate Today” radio show.
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