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Should I Buy A House With Underground Oil Tank \/\/FREE\\\\

While it may seem like a simple question, the answer can be surprisingly complex. Buying a house with an oil tank is risky, even if the tank is properly abandoned. Older tanks can rust or corrode, depending on their material. In time, this can lead to holes and may even cause part of the yard to collapse if it gives way.

should i buy a house with underground oil tank

Additionally, since oil tanks housed hazardous materials, environmental and health risks come with the territory. In some cases, that can lead to massive cleanup fees and fines, and that burden falls on the property owner at the time the issue is detected.

In many cases, lenders hesitate to fund these mortgages due to the risks associated with the tank. Leaks can make remediation necessary, which is often costly. Additionally, homeowners may be open to lawsuits from neighbors if the leak impacts nearby properties. In either case, this creates a scenario where a homeowner may default if the resulting costs are too high.

For homeowners using a mortgage to buy a property, discuss whether underground tanks are an issue for the lender. This allows you to determine whether you should consider homes without tanks or need to make removing the tank a clause in a purchase offer to a seller.

Usually, the most significant risk of buying a home with an underground oil tank is dealing with the costs associated with a leak. Even a minor heating oil leak in your garden can come with substantial remediation fees and fines, depending on the nature and extent of the contamination.

The in-ground oil tank removal cost can be high. Similarly, moving forward with oil tank abandonment steps may also be costly. As a result, buyers must be aware of the potential expenses related to handling the issue themselves if they move forward with the purchase.

As with oil tank removal, the cost of oil tank abandonment does vary. However, it typically costs less than the alternative, but it could leave you vulnerable to future issues, which can come with sizeable price tags.

Buying property with an abandoned underground tank is a risky investment because you could face costly fees if the tank is leaking. Here, we cover some of the risks associated with buying a home with a buried oil tank and tips on protecting yourself when moving forward with the purchase.

An abandoned underground oil tank can lead to disastrous results, so before buying a property with a buried tank, make sure you work with specialists experienced in locating and decommissioning oil tanks. They can perform a tank integrity test and a soil sample analysis to detect any leaks, damages, or contamination.

What if the home has an abandoned underground tank, or had one that wasrecently removed? If this is the case, make sure your attorney requests the appropriatedocumentation from the Seller showing the removal or abandonment was done accordingto proper town and state guidelines. If the Seller cannot provide the appropriatedocumentation, it is important for the Buyer to have the soil tested for contamination.

As you can see, it makes sense as a homeowner to get a head start on removingthe underground tank before even listing the property for sale. With the real estate marketon a current downturn, it is even more prudent to eliminate potential deal breakingvariables that are under your control, like an underground tank, rather than adding onemore time bomb to already mine laden process.

Some states offer a helping hand in this area. In Washington, for example, you can register your tank through the Pollution Liability Insurance Agency (PLIA), which offers free insurance to anyone in the state who registers with the program.

Complete oil tank removal can cost anywhere from a few hundred dollars to several thousand dollars, depending on your location, the size of the tank, and other factors. Decommissioning the tank without removing it may cost less in some situations.

No, all kinds of tank and property variables can affect each situation. Some scenarios are simple, while others are complicated with more things to consider. Local professionals can provide the most knowledgeable guidance for the oil tanks in your area.

Already, purchasing a home comes with its fair share of things to consider, such as the condition of the roof, the age of the appliances, and energy efficiency. If potential homebuyers are looking to purchase a home with an underground oil tank, their list of considerations grows. They now need to take several key aspects into account, such as:

If you are thinking about buying a house with an underground oil tank, consulting a professional can help bring peace of mind. Care Environmental Remediation Services specializes in UST and oil tank removal. We proudly serve customers throughout Northern New Jersey, including Somerset, Morris, Warren, and Sussex counties. Contact us today to schedule a consultation.

When looking forward to your home, getting value for your money is ideal. Your home offers the space to settle, raise your kids, and make pleasant memories in it. Therefore, identifying any loopholes which can endanger your safety in the future is a top priority before closing the deal. For instance, if you get a house with an underground oil tank, there are specific procedures you should consider, as outlined below.

If any contamination arises, it may result in considerable financial loss, which you would have avoided with a professional inspection. Thanks to a review, you can identify any leak from the supply and return piping from the tank to the oil burner. It eliminates any possibilities of leakage and even an environmental hazard.

Furthermore, the inspection process can result in different scenarios. You may also come across an abandoned underground tank, which is undisclosed. Both scenarios can significantly affect you in the long run.

However, should you encounter a case where you have a pipe in the area without the tank, proceed with caution. A professional oil tank services company can identify any hidden oil tanks through the signal trace test method. With advancements in technology, digging up the ground in a trial and error method to determine the presence and location is a thing of the past.

In such an instance, if there is an underground oil tank that is not in use, the removal should be prompt to prevent any contamination that may occur to the environment. Additionally, the tanks may also undergo severe wear and tear with corrosion, which further weakens their walls, triggering a collapse and ground sink in the area. A professional removal, as with the blog, assures you of enhanced safety. You should know how the seller removes it before making the final step in gaining ownership. Alternatively, you may opt to split the removal costs between yourself and the seller.

Sometimes if you are bent on purchasing the home, living with the oil tank is the only solution. If the underground oil tank is in active use, the inspection will show any noticeable weaknesses that can endanger its function in the long run. In such a scenario, a revamp to have it above ground is ideal.

Any stains will mean contamination present. It would mean lurking dangers which you would possess once you gain property ownership. Suppose there was contamination before you bought the house, but it is discovered when you are the owner. In that case, it is up to you to make the necessary procedure to decommission the tank and have a safe cleanup of the contamination area.

More often than not, Mortgage lending institutions tend to shy away from offering financing options if the home has an underground oil tank. In such a scenario, you can shop around for the relevant financing to acquire the home. Additionally, the insurance company may also be hesitant to offer property protection if there is a tank underneath. The inspection will help you eliminate any setback you could experience with the above.

An underground oil tank can make a home harder to sell or worth less to a potential buyer. It can also increase the chances of complications with getting to the closing table and the home sold. Mortgage lenders are increasingly wary of buried oil tanks and may refuse to lend on a home with an underground tank. Its also getting harder to find insurance companies that will provide homeowners insurance on house with an underground oil tank.

Many home buyers in this current real estate market want nothing to do with an underground oil tank. They do not even care if all tests come back okay and will often refuse to test it and want the tank removed before closing. I have had a lot of deals lately where the buyers submit an offer with the removal of the oil tank being part of the terms. If the owner refuses then they move onto another house. What does this all come down too? In reality about $3,500-$4,000 give or take to remove an old buried tank and put a new one either in the garage or somewhere outside close to the house.

What should a seller do about a buried oil tank? Some homeowners will actually remove the tank before listing their home so there are no concerns or issues at all with any prospective buyer with regards to the oil tank. Some homeowners will list the home and just wait to see if a buyer has an issue with it. Most buyers will test the tank and soil and if no issues will move forward with buying the house. As I previously mentioned some buyers will insist it be taken out in order for them to buy the house. In that case the seller and buyer go to contract, after the buyer receives the mortgage commitment from their bank the seller has the tank removed. In some instances a buyer will just take a credit at closing from the seller for the cost of the removal. Most sellers prefer this as do their attorneys; let the buyer deal with it when they move in.

My opinion for any homeowners with a buried oil tank, if you can afford to remove the tank before listing your home it is money well spent. If you are considering removing your oil tank or would like an estimate feel free and contact me, I would be happy to share the companies my clients have used with great success. 041b061a72


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