5 Reasons That You Should Get A Phase I ESA

5 Reasons That You Should Get A Phase I ESA

There are many occasions when we will receive a phone call from someone who needs an emergency  Phase I ESA done.  We are often given the challenge of producing the Phase I as soon as possible, typically in 10 – 15 business days.  Although we enjoy the challenge, by remembering these key reasons, you should be able to at least reduce the stress associated with a Phase I.

1. The lender wants one.  It is very common for a bank or financial institution to require a Phase I with any loans that involve a real estate transaction.  Commercial, industrial, and residential developments are common property types that require a Phase I.  Lenders like to simply make sure that they are not getting involved in any site that has the potential to be a money pit.
2. Cheaper than site remediation or clean up.  Unfortunately, if you were to unknowingly purchase a property that was contaminated, you, as the buyer, would be responsible for cleaning up the contamination.  This can cost thousands – even millions of dollars – depending on the depth of remediation.
3. Save you money.  If an issue is discovered on the property, as the buyer you might be able to negotiate a lower price for the property or have the seller pay for remediation costs.
4. Quick and relatively cheap.  At Alliance, we can typically complete a Phase I in 10 – 15 business days, unless it is a special site.  We offer highly competitive rates for our Phase I depending on location and how complicated the site is.
5. The truth comes out.  During a Phase I, we discover all of the details that the seller does not want you to know.  We will trace the site back as far as we can go, typically early 1900’s, but sometimes late 1800’s.  If there is something hiding on the site, we are usually able to find it.

A Phase I ESA often give people the wrong impression.  Phase I’s can offer a buyer and a lender the guidance that they need to make the right decision on a property.  Alliance is happy to offer our stress-free Phase I services for you!  Try us out and see the Alliance difference!

Please feel free to contact Ben Hood at bhood@aegindy.com with any additional questions, concerns, or pricing information.