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I posted the other day about a possible oil tank on property I am in contract to buy... We have the report for the Oil Tank Sweep and my realtor forwarded it to the seller (bank) its an REO foreclosure... Now this was an "as is" sale... The seller/bank said they have no knowledge that the house ever ran on oil, and they wont do anything but to let them know if we want to proceed with the deal...(we're supposed to close in 2 weeks). My lawyer sent them an email late yesterday saying we are willing to pay another $400 to dig and see what it is; and that we are unsure if we want to proceed. It's a 4x4 area under the driveway. It could be an abandoned tank, water tank or old septic. The house runs on gas and is sewer. There aren't any fill pipes on the property or evidence in the basement that there ever was oil. If it is a tank we are asking that they raise it. Im sure the bank will let us out and re list it and pray the next person doesn't do a sweep. I am going to call the township and see if they have a record that it ever ran on oil?? Would that have info like that?
Being that they are letting us walk, we feel that maybe they knew and didn't disclose. My lawyer says we have a right to inspections and this is a potentially big issue (if it is a tank and it is leaking). The house was built in 1950 and it is near Hamilton Square area. We love the house and it's perfect in every other way. We have already spent around $1500 for inspections, appraisal, C of O inspection, etc, and we LOVE it. We just DO NOT have 10 k + for remediation if it comes to that.
WHAT WOULD YOU DO?
Ty.
Are you sure it is not Jimmy Hoffa in a 50 Gallon drum?
You should get permission from the bank to do the dig. If permission is not granted, listen to your gut. If an oil tank is present and it is a leaky tank, it could cost you thousands of dollars to cure. There are many if's and buts in the outcome.
I posted the other day about a possible oil tank on property I am in contract to buy... We have the report for the Oil Tank Sweep and my realtor forwarded it to the seller (bank) its an REO foreclosure... Now this was an "as is" sale... The seller/bank said they have no knowledge that the house ever ran on oil, and they wont do anything but to let them know if we want to proceed with the deal...(we're supposed to close in 2 weeks). My lawyer sent them an email late yesterday saying we are willing to pay another $400 to dig and see what it is; and that we are unsure if we want to proceed. It's a 4x4 area under the driveway. It could be an abandoned tank, water tank or old septic. The house runs on gas and is sewer. There aren't any fill pipes on the property or evidence in the basement that there ever was oil. If it is a tank we are asking that they raise it. Im sure the bank will let us out and re list it and pray the next person doesn't do a sweep. I am going to call the township and see if they have a record that it ever ran on oil?? Would that have info like that?
Being that they are letting us walk, we feel that maybe they knew and didn't disclose. My lawyer says we have a right to inspections and this is a potentially big issue (if it is a tank and it is leaking). The house was built in 1950 and it is near Hamilton Square area. We love the house and it's perfect in every other way. We have already spent around $1500 for inspections, appraisal, C of O inspection, etc, and we LOVE it. We just DO NOT have 10 k + for remediation if it comes to that.
WHAT WOULD YOU DO?
Ty.
Also, REO's the banks usually don't want to deal with any inspection issues, that's why they say- as is where is buyer beware sale. They are letting you walk as its usually easier to kill the deal and get a new buyer/investor for them who are willing to buy an as-is sale with no contingencies.
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