Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They hold a document stating that it was properly abandoned. Noone really knows how old the tank is, with what it was remediated, and if the soil was checked for leaks, etc. Has anyone ever proceeded with a purchase of such house?
All advice given to us was to "run" away, but doesn't the seller know that buyers will run away? Why would they plainly say -no- to our request? We offered pretty much the full asking price with no concessions, why aren't they willing to take out the tank and remediate? Where have we gone wrong???
"Run away" is the correct advice. The seller is in denial and needs to have enough people walk away before they understand that it needs to be dealt with (or... they could get lucky and find a taker who doesn't understand the risk).
The seller may have abandoned the tank in accordance with customs at the time, but TODAY they need the proper testing/paperwork. I understand it sucks for them and they probably don't want to believe it, because it could be quite expensive and I'm sure they weren't planning on that cost.
I bought a house with an abandoned in place tank. I did not think anything of it. We took the tank out so that when we sold the house people would not be worried. Now we are selling ,and we have that documentation, so it's a non-issue. I know someone who just sold a 2million dollar house with a 50, maybe even 75 year old tank underground still in use.
I would suggest that you stipulate as part of your inspection or offer that the tank be removed prior to sale, and the soil tested with "no further action" required. this is really not a lot of money in the long run (2k) and I feel like you deserve to know the status of this if you are inheriting the potential problem. if you love the house so much, you could even offer to pay for it, "IF" it comes back clean.
otherwise When you walk, they will comeback to you in a few weeks when they realize this seems to be normal in 2012 or wait for someone who doesn't care.
I got a letter from my insurance company informing me that my insurance was going up because they "presumed" based on the age of my house that we had an oil tank. They didn't care where it was. I had to call them and assure them that there is no tank on my property (no way was I letting my insurance go up). It's such a buyers market right now. I would definitely run. We ran from a house with a buried oil thank - thank heavens! I can't imagine the nightmare that we would have been going through!
They hold a document stating that it was properly abandoned. Noone really knows how old the tank is, with what it was remediated, and if the soil was checked for leaks, etc. Has anyone ever proceeded with a purchase of such house?
All advice given to us was to "run" away, but doesn't the seller know that buyers will run away? Why would they plainly say -no- to our request? We offered pretty much the full asking price with no concessions, why aren't they willing to take out the tank and remediate? Where have we gone wrong???
You can't buy the house with an oil tank in the ground. It's foolish, and could ruin you financially if there is or was a leak. I don't care what documentation they have, the tank is there. And if you buy the house, the tank will be yours. Buyers are now quite commonly doing tank scans, regardless of documentation provided by the seller. If the tank exists, the tank has to go. On the seller's dime and at the seller's risk. Period. Forget about why the sellers are behaving the way they are. You cannot psychoanalyze them, you simply have to stay focused and make sure you are not assuming the risk. Either they remove the tank and get an NFA letter, or you move on to another house. There is always another house. And another house after that.
You can't buy the house with an oil tank in the ground. It's foolish, and could ruin you financially if there is or was a leak. I don't care what documentation they have, the tank is there. And if you buy the house, the tank will be yours. Buyers are now quite commonly doing tank scans, regardless of documentation provided by the seller. If the tank exists, the tank has to go. On the seller's dime and at the seller's risk. Period. Forget about why the sellers are behaving the way they are. You cannot psychoanalyze them, you simply have to stay focused and make sure you are not assuming the risk. Either they remove the tank and get an NFA letter, or you move on to another house. There is always another house. And another house after that.
NFA letter would not be required unless there is an open case with DEP / EPA
NFA letter would not be required unless there is an open case with DEP / EPA
Which in this case would probably not be a long shot to contemplate. If the sellers are so reticent to remediate, perhaps they suspect there is a leak.
In any case, in situ remediation no longer cuts it. Tank must be extracted and taken far far away.
Who knows or cares why the sellers are reacting like that. That is like asking why are some sellers overpricing their house and unwilling to drop. All that matters is what you do.
We sold our house with oil tank in ground properly abandonded. It is very rare nowadays that a buyer will accept these terms. However, if the buyer asked us to remove and remediate the tank, we wouldn't have sold. Solely because we couldn't have afforded to.
It is an expensive process, and heaven forbid the soil is contaminated you are looking at a huge amount of money. Friends of ours had to do this to their house and it cost them almost half a million dollars. (this of course is an extreme case).
They hold a document stating that it was properly abandoned. Noone really knows how old the tank is, with what it was remediated, and if the soil was checked for leaks, etc. Has anyone ever proceeded with a purchase of such house?
All advice given to us was to "run" away, but doesn't the seller know that buyers will run away? Why would they plainly say -no- to our request? We offered pretty much the full asking price with no concessions, why aren't they willing to take out the tank and remediate? Where have we gone wrong???
Walk away.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
