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Old Today, 02:57 PM
 
2 posts, read 2,196 times
Reputation: 10

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Hello All, wanted to get some help


Im in the process of buying a house and we are going through the inspections. The house has an oil tank which underwent a vacuum test and the results were not good, showing a dry and wet leak. Sellers are willing to work with us to the problem fixed but wanted to know what the process is and how long does it usually take to address the problem.


Soil sample are going to be taken....how long does it take for the results to come back??


Now that there has been a leak identified, the tank needs to be removed correct? do soil samples need to be done again after the tank is removed....if yes....then would it be better to remove the tank first and then have the soil tested???


Also once the tank has been removed, how much would it cost to convert it to gas, rather than putting above ground oil tank??




Thank you


Any input is greatly appreciated
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Old Today, 03:18 PM
 
16 posts, read 20,009 times
Reputation: 22
Took us almost a year to get the all clear from the NJ DEP. Depending on how bad the leak is the remediation could take some time. Ours was very limited in how far out the oil reached, but it's all of the paperwork and associated costs involved. If i remember correctly they have to remove the old tank and then start taking soil samples at certain distance intervals to see how far the oil went out. If it is a bad leak the remediation itself can cost 10's if not 100's of thousands. You also have to see if the leak went under the foundation and that's another ball game entirely. Regardless it is not a fun process.
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Old Today, 03:21 PM
 
1,309 posts, read 936,646 times
Reputation: 1776
Quote:
Originally Posted by jenny24ayala View Post
Hello All, wanted to get some help

Im in the process of buying a house and we are going through the inspections. The house has an oil tank which underwent a vacuum test and the results were not good, showing a dry and wet leak. Sellers are willing to work with us to the problem fixed but wanted to know what the process is and how long does it usually take to address the problem.

Soil sample are going to be taken....how long does it take for the results to come back??

Now that there has been a leak identified, the tank needs to be removed correct? do soil samples need to be done again after the tank is removed....if yes....then would it be better to remove the tank first and then have the soil tested???

Also once the tank has been removed, how much would it cost to convert it to gas, rather than putting above ground oil tank??

Thank you

Any input is greatly appreciated
The tank legally does not have to be removed. But it would be a huge mistake to buy a house with a known leaking oil tank.

Yes, soil samples will need to be taken after the tank is removed. There is no way to know what's under there. If testing shows leaks, I'm not sure there's any point in testing before removing the tank.

If the sellers have oil tank insurance (ProGuard, for example), you may not be able to switch to gas right away. The terms of the policy probably require you to stay with oil for a year after the tank is pulled. You (or the seller) will probably have to install above-ground tanks in the basement for a year.

This could get messy and expensive and could drag on for months. The seller should have sorted this out before putting the house on the market. If I were in your shoes, I'd keep looking at houses unless you're in no rush to move.
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Old Today, 03:50 PM
 
Location: Jersey City
6,337 posts, read 15,717,326 times
Reputation: 5294
I'd run away as fast as possible.

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Old Today, 05:11 PM
 
13,869 posts, read 16,488,929 times
Reputation: 18461
Quote:
Originally Posted by Kthnry View Post
it would be a huge mistake to buy a house with a known leaking oil tank.
Quote:
Originally Posted by lammius View Post
I'd run away as fast as possible.
+1
Friends don't let friends buy old houses with leaking oil tanks.
Has an enemy suggested that the OP buy this potential money-pit?
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