New Jersey Property Foreclosure and Short Sales May Cost the Potential Buyer Thousands of Dollars !

Dec. 4, 2011 - PRLog -- Numerous property buyers have purchased commercial and residential properties in New Jersey at forclosure sales or short sales by financial instituitions. Some purchasers were surprized to find out they were actually purching a New Jersey Department of Environmental Protection  ( NJDEP)" Known Contaminated Site "Listed Structure.

Most of these " fire sales" offer little or no protection to the buyer and offered "as is"
A property could have significant environmental issues yet appear to look very nice.
One such property had a heating oil tank removed 20 years ago, but contaminated soil was never removed. One day the buyer noticed some water in the sump pump in the basement which contained heating oil. The Remediation cost for this property cost over $100,000 and since this property was a forclosurer sold at auction the buyer had no recourse torecover his costs.  A commercial buyer bought a 10 acre parcel with a small building  at a " Short Sale". After spending thousands of dollars on a new site plan
zoning issues the buyer accidentially found a vent for a underground storage tank. After remediation of contaminated soil and four underground storage tanks with a total remediation cost of $250000 the real estate deal did not appear to be that great.

These pitfalls could all have been avoided by following proper " Due Dilligence" procedures. Completing Environmental Phase I and Environmental Phase II Assessments are very important. A Environmental Phase II usualy consists of site sampling and this should not be overlooked. It is critically important to complete
both soil and ground water sampling and the results from these investigation can
identifyareas of Environmental Concern. Knowing how much contamination is on site
before bidding on the property would allow the puchaser to budget in possible remediation cost. Residential properties have similiar propblems as underground heating oil tanks both on site or on a neighbors property can cause soil contamination of Vapor Intrusion Contamination within the structur

Environmental Systems (depenvirosystems.com)  is a full service environmental company that speciializes in Site Investigation and Remediation of Contaminated sites.

For a question regarding environmental issues or investigation call 732-996-0812

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Environmental Systems is a full service environmental company specializing in remediation of contaminated residential and commercial located in New Jersey. Environmental Systems a licensed heating oil and tank removal/testing company