Even though the EPA restricted asbestos use as a building material in the 1970s and proposed a 10-year phase-out of products containing asbestos in 1986, people living in homes and using products built earlier are understandably nervous.
Generally, asbestos-containing materials (ACM's) do not have to be removed from any residential property. In fact, asbestos-containing material does not have to be removed from any residential structures unless it will be disturbed during renovations or demolition activities. As long as the asbestos-containing material is in good condition, in tact and will not be disturbed; it does not pose a significant health risk. It's when asbestos is exposed and friable, flaking or crumbling, and that it's likely to become airborne, is when I recommend encapsulation or professional removal by properly licensed personnel. Removal should never be attempted by the homeowner. This action requires special equipment and detailed training which would generally be too expensive and time-consuming for a homeowner to acquire for a one-time job. Removal is also the last choice among alternatives because it poses the most risk of fiber release if not done properly.

I have seen at least 15-20 homes (that I'm aware of) in my area that were forfeited to the county/city government because of back taxes, and then TORN-DOWN, because of asbestos issues....After the government spent $20,000 or more on the asbestos clean-up and abatement...
It usually involved asbestos on vent pipes for the old octopus furnaces..... intact, and not a danger to anybody...
These homes are now gone forever (and empty lots have taken their place) all for nothing.
The government should have just left them alone... It is such a waste of good, solid homes....
It's certainly true that asbestos is safe under the circumstances mentioned. In fact, I'm of the opinion that the dangers of asbestos are greatly overblown, but there is plenty of scientific evidence that significant long-term exposure to airborne asbestos fibers is dangerous.
Even though I understand asbestos isn't much of a threat when it's undisturbed, I would have to think twice about buying a house with it. A lot of the fear of asbestos may be irrational, but it's still a "hot potato" issue that affects the property value.
David Harkness, P.E.
Consulting Engineer / Inspector
http://homeanalytical.com