Phase 1

mobile home university
1

I am buying a park and the seller has provided me with a phase 1 environmental study from 2007. It shows the park to be completely clean. Should I get another phase 1 done? See if I can get this one updated less expensively? or is the phase 1 from 2007 adequate?

Thanks in advance for your feedback

Tim

2

Tim,

That Phase 1 will not (usually) cover you if there is an issue. You can go back to the same company and they should give you a very nice discount to have it updated and reissued.

My advise- get it redone

3

Jim here in Louisiana a phase 1 will cost approx $5000. In the past my lenders have only required it when or if they suspected oil, gas, tires etc were stored, sold or serviced on a property.

What’s your thoughts?

RBB

4

I think there what ever the cost of the Phase 1, you should get it. It is really like a insurance policy that gives you a clean bill of health. So I figure it is just a cost of doing business and I would not purchase a park without one.