---
title: Due Diligence on Foreclosed Properties
description: When you defer Due Diligence in purchasing real estate you open up liability, bank owned properties are notorious for having environmental issues.
image: https://www.currenenvironmental.com/hubfs/IMG_7543.jpg
---

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# Hot Environmental Topics

## [Due Diligence on Foreclosed Properties](https://www.currenenvironmental.com/blog/due-diligence-on-foreclosed-properties)

** Jan 4, 2025 9:45:00 AM / by [David C Sulock](https://www.currenenvironmental.com/blog/author/david-c-sulock)

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Foreclosed or bank-owned properties represent a good value as they allow you to purchase a depressed asset. Unfortunately, bank-owned properties provide little owner knowledge of the property and may have restrictive time frames for due diligence. Many of these properties are purchased with little to zero professional due diligence for the buyer.

After purchase, a boomerang effect occurs where the buyer or flipper improves the property and lists it for sale at a premium price. Prospective buyers will conduct due diligence that the previous owner may have overlooked and may uncover issues that the owner was unaware of.

![Do foreclosed properties need due diligence](https://www.currenenvironmental.com/hs-fs/hubfs/caveat%20emptor.jpg?width=301&height=300&name=caveat%20emptor.jpg)

We have a small school that was closed after being foreclosed upon by the bank. The bank had no prior environmental knowledge of the property. The new buyer viewed the school as low risk from an environmental standpoint. They purchased the school with cash, thereby avoiding the need for a mortgage that would have required a Phase I Environmental Site Assessment. Now, the new owner wants to renovate the building and needs a bank loan to reimburse themselves for the purchase and to provide funds for the renovation.

However, the bank requires a Phase I assessment, which has identified multiple Recognized Environmental Conditions (RECs). RECs are issues or potential issues that need further investigation. The owner is frustrated because any testing could uncover problems for which they bear no responsibility, yet they would still have to bear the costs of addressing those issues.

The owner decides to list the property for sale instead and of course finds a buyer who also does a Phase I, which again finds RECs that require investigation. ![Do I need a Phase I on bank owned properties?](https://www.currenenvironmental.com/hs-fs/hubfs/2021-01-07%2011.18.52.jpg?width=335&height=251&name=2021-01-07%2011.18.52.jpg)

Today, the property owner called Curren regarding their property. Curren had previously provided a quote for a Phase I Environmental Site Assessment before the owner purchased the property. After the purchase, we also quoted a geophysical assessment. However, the owner decided not to conduct any of this due diligence.

 

They made a layperson's decision, believing that the property was low risk and did not require any environmental assessments.

 

The current owner consulted a lawyer to explore any potential relief, but unfortunately, there are no options available. In summary, the owner has already spent $50,000 on environmental issues.

 

 

## Due Diligence Questions?

## 888-303-1050

 

 Topics: [Phase I](https://www.currenenvironmental.com/blog/topic/phase-i), [Property Transaction Screens](https://www.currenenvironmental.com/blog/topic/property-transaction-screens), [AAI All Appropriate Inquiries](https://www.currenenvironmental.com/blog/topic/aai-all-appropriate-inquiries), [Due Diligence](https://www.currenenvironmental.com/blog/topic/due-diligence), [Phase II](https://www.currenenvironmental.com/blog/topic/phase-ii), [Phase I ESA](https://www.currenenvironmental.com/blog/topic/phase-i-esa)

#### Written by [David C Sulock](https://www.currenenvironmental.com/blog/author/david-c-sulock)

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- [NJ Lead safe (5)](https://www.currenenvironmental.com/blog/topic/nj-lead-safe)
- [NJDEP HOTS (5)](https://www.currenenvironmental.com/blog/topic/njdep-hots)
- [NJDEP oil tank removal grant (5)](https://www.currenenvironmental.com/blog/topic/njdep-oil-tank-removal-grant)
- [Phase II Costs (5)](https://www.currenenvironmental.com/blog/topic/phase-ii-costs)
- [Phase II GPR (5)](https://www.currenenvironmental.com/blog/topic/phase-ii-gpr)
- [Property Transaction Screens (5)](https://www.currenenvironmental.com/blog/topic/property-transaction-screens)
- [lead risk assessment (5)](https://www.currenenvironmental.com/blog/topic/lead-risk-assessment)
- [tank abandoned in place (5)](https://www.currenenvironmental.com/blog/topic/tank-abandoned-in-place)
- [LSRP Program (4)](https://www.currenenvironmental.com/blog/topic/lsrp-program)
- [LSRP in New Jersey (4)](https://www.currenenvironmental.com/blog/topic/lsrp-in-new-jersey)
- [NJDEP Unregulated heating Oil Tank program (4)](https://www.currenenvironmental.com/blog/topic/njdep-unregulated-heating-oil-tank-program)
- [gpr tank swep (4)](https://www.currenenvironmental.com/blog/topic/gpr-tank-swep)
- [lead paint (4)](https://www.currenenvironmental.com/blog/topic/lead-paint)
- [lead paint wipe sample (4)](https://www.currenenvironmental.com/blog/topic/lead-paint-wipe-sample)
- [lead visual inspection (4)](https://www.currenenvironmental.com/blog/topic/lead-visual-inspection)
- [mosquito (4)](https://www.currenenvironmental.com/blog/topic/mosquito)
- [mosquito management service (4)](https://www.currenenvironmental.com/blog/topic/mosquito-management-service)
- [mosquito removal (4)](https://www.currenenvironmental.com/blog/topic/mosquito-removal)
- [oil tank leak (4)](https://www.currenenvironmental.com/blog/topic/oil-tank-leak)
- [tank leaks (4)](https://www.currenenvironmental.com/blog/topic/tank-leaks)
- [tank sweep with gpr (4)](https://www.currenenvironmental.com/blog/topic/tank-sweep-with-gpr)
- [Environmental Site Assessment (3)](https://www.currenenvironmental.com/blog/topic/environmental-site-assessment)
- [Indoor Air Quality (3)](https://www.currenenvironmental.com/blog/topic/indoor-air-quality)
- [LSRP Deadline (3)](https://www.currenenvironmental.com/blog/topic/lsrp-deadline)
- [LSRP costs (3)](https://www.currenenvironmental.com/blog/topic/lsrp-costs)
- [LSRP in NJ (3)](https://www.currenenvironmental.com/blog/topic/lsrp-in-nj)
- [NJ HOTS (3)](https://www.currenenvironmental.com/blog/topic/nj-hots)
- [NJ LSRP Program (3)](https://www.currenenvironmental.com/blog/topic/nj-lsrp-program)
- [NJDEP LSRP (3)](https://www.currenenvironmental.com/blog/topic/njdep-lsrp)
- [New Jersey LSRP (3)](https://www.currenenvironmental.com/blog/topic/new-jersey-lsrp)
- [filled in place tank (3)](https://www.currenenvironmental.com/blog/topic/filled-in-place-tank)
- [foam filling oil tank (3)](https://www.currenenvironmental.com/blog/topic/foam-filling-oil-tank)
- [lead free designation (3)](https://www.currenenvironmental.com/blog/topic/lead-free-designation)
- [mosquito control (3)](https://www.currenenvironmental.com/blog/topic/mosquito-control)
- [oil tank grants (3)](https://www.currenenvironmental.com/blog/topic/oil-tank-grants)
- [pa tank removal (3)](https://www.currenenvironmental.com/blog/topic/pa-tank-removal)
- [tank grants (3)](https://www.currenenvironmental.com/blog/topic/tank-grants)
- [tank removal grants (3)](https://www.currenenvironmental.com/blog/topic/tank-removal-grants)
- [Delaware tank removal (2)](https://www.currenenvironmental.com/blog/topic/delaware-tank-removal)
- [EDA tank grants (2)](https://www.currenenvironmental.com/blog/topic/eda-tank-grants)
- [Finding an LSRP (2)](https://www.currenenvironmental.com/blog/topic/finding-an-lsrp)
- [Home inspection (2)](https://www.currenenvironmental.com/blog/topic/home-inspection)
- [Lead Inspection (2)](https://www.currenenvironmental.com/blog/topic/lead-inspection)
- [Lead paint hazards (2)](https://www.currenenvironmental.com/blog/topic/lead-paint-hazards)
- [NJDEP LSRP Program (2)](https://www.currenenvironmental.com/blog/topic/njdep-lsrp-program)
- [Preliminary Assessment (2)](https://www.currenenvironmental.com/blog/topic/preliminary-assessment)
- [Selling a house, Buying a house, Real Estate (2)](https://www.currenenvironmental.com/blog/topic/selling-a-house-buying-a-house-real-estate)
- [What does a Phase II cost? (2)](https://www.currenenvironmental.com/blog/topic/what-does-a-phase-ii-cost)
- [be greener (2)](https://www.currenenvironmental.com/blog/topic/be-greener)
- [black mold (2)](https://www.currenenvironmental.com/blog/topic/black-mold)
- [environmental inspections (2)](https://www.currenenvironmental.com/blog/topic/environmental-inspections)
- [foam tank filling (2)](https://www.currenenvironmental.com/blog/topic/foam-tank-filling)
- [free oil tank removal (2)](https://www.currenenvironmental.com/blog/topic/free-oil-tank-removal)
- [green practices (2)](https://www.currenenvironmental.com/blog/topic/green-practices)
- [green things we can do everyday (2)](https://www.currenenvironmental.com/blog/topic/green-things-we-can-do-everyday)
- [leaking tanks (2)](https://www.currenenvironmental.com/blog/topic/leaking-tanks)
- [mosquito removal companies (2)](https://www.currenenvironmental.com/blog/topic/mosquito-removal-companies)
- [oil tank leaks (2)](https://www.currenenvironmental.com/blog/topic/oil-tank-leaks)
- [oil tank testing (2)](https://www.currenenvironmental.com/blog/topic/oil-tank-testing)
- [soil sampling removed tanks (2)](https://www.currenenvironmental.com/blog/topic/soil-sampling-removed-tanks)
- [soil testing (2)](https://www.currenenvironmental.com/blog/topic/soil-testing)
- [tank grant changes (2)](https://www.currenenvironmental.com/blog/topic/tank-grant-changes)
- [things to do to be green (2)](https://www.currenenvironmental.com/blog/topic/things-to-do-to-be-green)
- [1031 (1)](https://www.currenenvironmental.com/blog/topic/1031)
- [2011 (1)](https://www.currenenvironmental.com/blog/topic/2011)
- [ASTM 1527-05 (1)](https://www.currenenvironmental.com/blog/topic/astm-1527-05)
- [Clean air (1)](https://www.currenenvironmental.com/blog/topic/clean-air)
- [Crawl space management (1)](https://www.currenenvironmental.com/blog/topic/crawl-space-management)
- [Crawlspace Management (1)](https://www.currenenvironmental.com/blog/topic/crawlspace-management)
- [Crawlspace oil tank (1)](https://www.currenenvironmental.com/blog/topic/crawlspace-oil-tank)
- [Crawlspace tank (1)](https://www.currenenvironmental.com/blog/topic/crawlspace-tank)
- [Estate (1)](https://www.currenenvironmental.com/blog/topic/estate)
- [IAQ (1)](https://www.currenenvironmental.com/blog/topic/iaq)
- [Inherited Property (1)](https://www.currenenvironmental.com/blog/topic/inherited-property)
- [Invasive Mold Infections (IMI) (1)](https://www.currenenvironmental.com/blog/topic/invasive-mold-infections-imi)
- [Lead Paint Survey (1)](https://www.currenenvironmental.com/blog/topic/lead-paint-survey)
- [Lead testing (1)](https://www.currenenvironmental.com/blog/topic/lead-testing)
- [Metal Detector Limitations (1)](https://www.currenenvironmental.com/blog/topic/metal-detector-limitations)
- [Mold Evaluation (1)](https://www.currenenvironmental.com/blog/topic/mold-evaluation)
- [Mold Inspection (1)](https://www.currenenvironmental.com/blog/topic/mold-inspection)
- [NFA (1)](https://www.currenenvironmental.com/blog/topic/nfa)
- [NJDEP ISRA (1)](https://www.currenenvironmental.com/blog/topic/njdep-isra)
- [NJDEP oil tank grant change may 3 (1)](https://www.currenenvironmental.com/blog/topic/njdep-oil-tank-grant-change-may-3)
- [NJDEP tank grant discontinued (1)](https://www.currenenvironmental.com/blog/topic/njdep-tank-grant-discontinued)
- [NJDEP tank grants (1)](https://www.currenenvironmental.com/blog/topic/njdep-tank-grants)
- [NO Further Action (1)](https://www.currenenvironmental.com/blog/topic/no-further-action)
- [Septic Systems (1)](https://www.currenenvironmental.com/blog/topic/septic-systems)
- [Tank removal NJ (1)](https://www.currenenvironmental.com/blog/topic/tank-removal-nj)
- [abandoned oil tank (1)](https://www.currenenvironmental.com/blog/topic/abandoned-oil-tank)
- [antibodies (IgG/IgE) (1)](https://www.currenenvironmental.com/blog/topic/antibodies-igg-ige)
- [asbestos (1)](https://www.currenenvironmental.com/blog/topic/asbestos)
- [being grren (1)](https://www.currenenvironmental.com/blog/topic/being-grren)
- [best tank sweep (1)](https://www.currenenvironmental.com/blog/topic/best-tank-sweep)
- [buying a home with a tank (1)](https://www.currenenvironmental.com/blog/topic/buying-a-home-with-a-tank)
- [buying house with oil tank (1)](https://www.currenenvironmental.com/blog/topic/buying-house-with-oil-tank)
- [cheap green practices (1)](https://www.currenenvironmental.com/blog/topic/cheap-green-practices)
- [closed in place oil tank (1)](https://www.currenenvironmental.com/blog/topic/closed-in-place-oil-tank)
- [green tips (1)](https://www.currenenvironmental.com/blog/topic/green-tips)
- [healthy home tips (1)](https://www.currenenvironmental.com/blog/topic/healthy-home-tips)
- [home disclosure (1)](https://www.currenenvironmental.com/blog/topic/home-disclosure)
- [home maintenance (1)](https://www.currenenvironmental.com/blog/topic/home-maintenance)
- [invasive mold infections (1)](https://www.currenenvironmental.com/blog/topic/invasive-mold-infections)
- [lead paint testing (1)](https://www.currenenvironmental.com/blog/topic/lead-paint-testing)
- [mold regulations (1)](https://www.currenenvironmental.com/blog/topic/mold-regulations)
- [oil tank remediation (1)](https://www.currenenvironmental.com/blog/topic/oil-tank-remediation)
- [property purchase inspection (1)](https://www.currenenvironmental.com/blog/topic/property-purchase-inspection)
- [state mold regulations (1)](https://www.currenenvironmental.com/blog/topic/state-mold-regulations)
- [tank foam (1)](https://www.currenenvironmental.com/blog/topic/tank-foam)
- [tank removal PA (1)](https://www.currenenvironmental.com/blog/topic/tank-removal-pa)
- [tank testing (1)](https://www.currenenvironmental.com/blog/topic/tank-testing)
- [tanks weep (1)](https://www.currenenvironmental.com/blog/topic/tanks-weep)
- [underground storage tank detection (1)](https://www.currenenvironmental.com/blog/topic/underground-storage-tank-detection)

[see all](https://www.currenenvironmental.com/blog/due-diligence-on-foreclosed-properties#)

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