Many Realtors are familiar with a fabricated stucco called EIFS: Exterior Insulation & Finish System. Builders were using EIFS, in NW Bergen County, starting in the late '80s. It was thought to be a better choice than masonary stucco for two reasons: it was cheaper, and actually insulated a home far better than masonary stucco. It wasn't until Homeowners became Sellers that the problems with EIFS came to the fore, It turned out that fabricated stucco retained moisture, particularly on wood framed homes. The moisture created mold that required all the EIFS to be removed, and often required far more serious repairs. One home, in Franklin Lakes, actually had to be torn down because the mold was so toxic no one could go into the home without the proper gear, including masks. Needless to say, the Homeowner ended up losing his shirt on the home. Once EIFS was found to be potentially hazardous, many, if not most, insurors wouldn't provide coverage for those homes.
Another issue I've been facing is inground tanks. My clients had their oil tank de-commissioned when they switched from oil to gas which is all they were required, by law, to do. Unfortunately, insurors don't care about the law, and many of them won't insure a home when it's found to have any inground tanks. My clients, in Franklin Lakes, had their tank removed, but not before their gorgeous walkway was destroyed, and several shrubs uprooted. All of this occurred when their home was on the market. Not a pretty site. So, my advice is get rid of the tanks before you put your home on the market. It certainly looks a lot better on the Seller Disclosure to say "no tanks on the property."
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