U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-05-2015, 05:45 PM
 
108 posts, read 148,142 times
Reputation: 18

Advertisements

Looking to purchase a home that has a buried oil tank that is supposedly insured in the front yard. It seems as though the seller wants to sell as is. I know I would need to get the soil tested. What is the average price to remove from the yard? What else should I be considering? TIA
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-05-2015, 06:13 PM
 
357 posts, read 962,722 times
Reputation: 218
Dont do it, can't test underneath and that is where the leak will be.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2015, 06:34 PM
 
465 posts, read 496,618 times
Reputation: 821
Quote:
Originally Posted by leo06 View Post
Looking to purchase a home that has a buried oil tank that is supposedly insured in the front yard. It seems as though the seller wants to sell as is. I know I would need to get the soil tested. What is the average price to remove from the yard? What else should I be considering? TIA
Never buy a house with an underground oil tank unless seller agrees to contingency that he will first remove it and gets the necessary document from the state that the soil has been tested and is cleared AND hands you the paperwork by closing.

Seller would need to go drastically below market rate to convince anyone otherwise. 10k below won't work if you have to spend 50k in cleanup costs.

Surely your realtor has advised you not to fall for this?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2015, 06:50 PM
 
Location: Princeton, New Jersey
707 posts, read 1,089,106 times
Reputation: 1266
I agree. I am an environmental consultant and have done residential tank removal. Costs vary widely. Make sure the seller agrees to take on all environmental costs and obtain closure with the State (a 'No Further Action Letter'). Irregardless of the cost, if there is an issue, it will take some time (months to potentially years) to obtain that closure. So unless you can wait, it's just not worth it on any level.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-05-2015, 07:19 PM
 
Location: Randolph, NJ
4,073 posts, read 8,217,104 times
Reputation: 3250
Quote:
Originally Posted by leo06 View Post
Looking to purchase a home that has a buried oil tank that is supposedly insured in the front yard. It seems as though the seller wants to sell as is. I know I would need to get the soil tested. What is the average price to remove from the yard? What else should I be considering? TIA
People, including realtors, like to throw around the term "insured" and people get a false sense that it covers them like their auto or home insurance. Tank policies are much flimsier, and have many specific conditions. And they almost always are limited to soil contamination -- if oil has contaminated water, almost certainly not covered by the tank policy, and water contamination is where the really big costs kick in.

We went through a tank removal. We had a tank policy (which, by the way, required that we install a new oil tank -- above ground -- but complicates matters if you're looking to convert to gas) and through dumb lcuk, we had one of the rare homeowner policies that gave 3rd part coverage (ie water contamination) for a leak. We had 6 months of absolute nightmares with a giant hole in our front yard. We ended up out of pocket only about $10K for a job that was about $150K, but that was dumb luck and hard to replicate. It took another 18 months to get the NFA and I can safely say I will never consider an underground tank again under any circumstances.
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top