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Old 09-15-2018, 08:52 AM
 
6 posts, read 3,981 times
Reputation: 10

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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.
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Old 09-15-2018, 10:55 AM
 
Location: New Jersey
8,130 posts, read 11,865,746 times
Reputation: 7489
Before I would close, I'd get a confirmation of what that is.

If oil tank....walk away.
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Old 09-15-2018, 12:11 PM
 
6 posts, read 3,981 times
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Yes that is the plan IF the bank (seller) lets us rip up the driveway prior to closing. I have no problem paying the $400 and digging. I would hate to walk away from this house if it isn't an oil tank.
I am waiting for them to respond with that answer...
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Old 09-15-2018, 01:08 PM
 
Location: New Jersey
8,130 posts, read 11,865,746 times
Reputation: 7489
Quote:
Originally Posted by Carrybradshaw View Post
Yes that is the plan IF the bank (seller) lets us rip up the driveway prior to closing. I have no problem paying the $400 and digging. I would hate to walk away from this house if it isn't an oil tank.
I am waiting for them to respond with that answer...
$400 is fine. 10k isn't.
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Old 09-15-2018, 04:46 PM
 
1,958 posts, read 1,837,865 times
Reputation: 3141
If they converted from oil to gas they had to get permits to bring the gas lines into the house. That had to be inspected. See if the town has any record of permits pulled.

I know because we converted our house from oil to gas. Pulled the oil tank. Had paperwork to prove it. Buyer did a sweep of property anyway, which is fine. Found evidence of something under brick patio right as you walk out of sliders from house. Wanted to dig. We said OK, but if you back out you're paying to fix it. They dug, it was the rebar in the cement pad that was laid before the bricks were put down.

Bought the house but destroyed the patio. I had a laugh since they were such Aholes about everything - not just the patio. The oil tank was on the opposite side of the house, and what the found was too close to the house to be another oil tank.
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Old 09-16-2018, 01:14 AM
 
2,766 posts, read 1,816,936 times
Reputation: 1969
Quote:
Originally Posted by macrodome2 View Post
That had to be inspected.
That is wishful thinking. We have a house that is 95 years old. Before we bought it I called the buildings department for any previous permits.

One. For a new hot water heater after Sandy.

Not the transfer from oil to gas. Not the removal of the oil tank. Not the additional gas line someone ran out the back door to a grill. Not the roof fifteen years ago. Not the electrical revision in the 60's to get rid of knob and tube. None.

So while it might have been inspected, there's no guarantee that a record of it was kept.
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Old 09-16-2018, 06:22 AM
 
13,559 posts, read 16,060,181 times
Reputation: 18028
Quote:
Originally Posted by jaymoney View Post
So while it might have been inspected, there's no guarantee that a record of it was kept.
… or, there were no inspections performed after work was done.

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Old 09-16-2018, 01:29 PM
 
6 posts, read 3,981 times
Reputation: 10
I spoke to the next door neighbor today and her family has lived on the block over 50 years. She said her home next door never had oil and as far as she knew the house were supposed to buy never had it either. She said the driveway (where the anomaly is) has been there over 50 years. An interesting fact was that the house dates back to 1950- however, she said a contractor bought it for his son (It was an old farm house) and leveled it to the ground and built the home that is there now in 2008. SHe said the only thing that is original is the basement. I cant imagine they would level the whole house, tear the yard up and not pull an oil tank out? He was a contractor so surely it wouldnt be as $$ for him as it is for everyone else? The bank did not disclose this. That makes sense because when my inspection was done, everything was from 2008- Central air, hot water tankless heater, etc. Thats exciting because we are pretty much getting a 10 year old house, roof, etc crazy cheap- and not a 68 year old one. I asked the neighbor to check with the rest of her family/neighbors that have been there since the dawn of time and ask if they ever had oil heat/tanks or if they had info about my house. I will still contact the township tomorrow to see if they have any info and I will call PSE&G and see if they know how long the house has been connected to gas. This makes me more comfortable to go forward and take my chances... Thoughts?
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Old 09-16-2018, 01:56 PM
 
Location: Beautiful Rhode Island
6,295 posts, read 10,460,438 times
Reputation: 6060
See if there is an inspection firm near you that does ground penetrating radar (GPR).

Don't know what it would cost but might be less invasive than digging things up.

Property Scans to Locate Possible In-Ground Oil Tanks - Enviroshield, Inc
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Old 09-16-2018, 05:49 PM
 
2,766 posts, read 1,816,936 times
Reputation: 1969
What it seems like you're looking for is permission from everyone here to buy this house without scanning and then assuming everything will be fine when you go to sell.

So I'll be the first to say "go for it." But then, I didn't discover a 16 square foot metallic object in my yard. Look, it's great that you're asking opinions and getting educated but we can't tell you what a previous owner did or if they made any sense. I'll be the first to say that none of the decisions from previous owners made any sense to me. But if you're cool with it then buy the house.
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