CES reviewed Phase I and Phase II ESAs provided to the potential buyer by the seller (a bank). The property had been used since the early 1900s, originally as a railroad siding complete with fuel and oil tanks, a maintenance shop, and an oil storage building, later as a maintenance and fueling facility by a municipal transit authority, and most recently as the maintenance and fueling facility for a site work contractor. The Phase I accurately identified the Recognized Environmental Conditions (RECs), but the Phase II was so poorly designed that the finding of no impacts was highly suspect. We conducted a proper Phase II on behalf of the buyer and identified significant petroleum impacts to soil and groundwater in three areas of property, leading to a seven-figure price reduction. Later, the site was closed without cleanup using institutional and engineering controls.