Regarding the reply of covering over the asbestos I do not like it. When you put vinyl over asbestos you have to drill holes or hammer nails. . That could release asbestos. In another decade or 3 the vinyl will go bad. Then you have a hidden and perhaps forgotten environmental hazard. I know it costs more, but to remove the asbestos would remove any problems or liability related to it. Covering it up could lead to lack of disclosure and lawsuit to repeal a sale sometime in the future.

The other simple option is to keep the asbestos siding as it is and just live with it.

Many older homes have asbestos siding and even flooring. As long as it is still intact and not cracked, chipping or broken it is not dangerous. It's when you cut them or try to remove them that you release particles and it becomes a hazard. Most siding companies are well trained on how to side over asbestos siding.

It can be removed, but can be costly and may require special permits. You will need to check with local ordinances regarding the removal. Special abatement companies may be required for removal.

I would check on how much it would cost to replace the siding. It will be pricey. But overall the siding is (I believe) considered well encapsulated. Unless the siding is breaking up, splintering or turning powdery there is not much chance of the asbestos just floating around into your lungs if not disturbed. If you want to buy now, think this house is very reasonable and find out it costs say $20k (who knows until you get a company to quote) to remove and replace you can decide if it is worth buying or not. I would check to make sure the rest of the house has no more asbestos in it. Grout, insulation, and I think more things can contain it.

It might help to look at the property as having 25 junk cars out back. It is annoying and would drop price. But once you haul those junks away the property is almost pristine. Haul off the asbestos and your have again pristine property.
Price... that determines everything. Once an asbestos company takes the siding down and away any contamination is gone. No more concerns. If you can buy this place for $50k under other prices after asbestos removal (and new siding installed) it sounds like a decent deal, at least for the market we have today. If after the hassle of changing the siding the prices are not much different I would consider other places.

One last thought, ask your realtor if the disclosures have to show asbestos removal was done. If it does it could be a concern if you ever sell. (think about the resale-ability) Saving and getting 2 (just in case) copies of the company's bill would be a big plus in that case. You can show what was done and that it was done right.

Laura,

I am sure there are numerous environmental (hazardous abatement) companies in your area that can remove these shingles for a very reasonable price. Depending on the size of the house, it can be done for a couple thousand dollars. Asbestos shingles were very common on houses built in mid 1900's. Each State has its' own EPA regulations for the removal and dumping of such items; however, it is pretty routine for an abatement company.

This may have already scared off many possibly Buyers, which is why the property is deeply discounted which could mean a great deal for you. You could always have one or two companies stop by the house and give you an estimate to help aid your decision.

Good luck!

I recently sold a home with asbestos and what they decided to do was do vnyl siding over the shingles. It was less costly but I was told just as good as removing it.

Good Luck