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Old 03-03-2010, 06:16 PM
 
21 posts, read 86,144 times
Reputation: 18

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I'm in the process of buying a home in NJ that has an old not in use oil tank, home was converted to gas long time ago.

The bank did a site inspection and it came back with an estimated $10,000 to remove the tank and necessary repair, but said I'm liable if there are more problems!

I'm thinking of accepting the $10,000 concession but add that they will be liable up to another $50,000 if necessary.

I've talked today with a company owner that all they do is to remove oil tanks..he told that he seen people spending form $2,000 to $100,000 to remove the tank and cleaning up the area from the leaks...some homes had to be raised from the foundation and moved so they infected soil could be removed!

What do I do? I like the house!

Can I just leave the tank alone or is required by law to remove it?


I thing 10K plus another 50K just in case will do the job! I hope!

What you think?

Rome
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Old 03-03-2010, 07:04 PM
 
1,931 posts, read 3,283,393 times
Reputation: 956
Run dont walk away from it.
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Old 03-03-2010, 07:12 PM
 
21 posts, read 86,144 times
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What if the house is worth more than asking price?

Sorry, I don't know about environment rules, but what's the worst scenario here?
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Old 03-03-2010, 07:40 PM
 
Location: Ridgewood NJ
592 posts, read 2,123,823 times
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if the house is 20%+ below true market value, then you might even consider wasting the time to hire a good inspector to check it out.

otherwise run dont walk as others have said...
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Old 03-03-2010, 07:41 PM
 
1,931 posts, read 3,283,393 times
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Cleaning up and oil mess could run you in the 100k range. Not for nothing plenty of homes out there now and in the future not to take a risk like this.
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Old 03-03-2010, 07:50 PM
 
21 posts, read 86,144 times
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I have the report, estimate of $10,000 done by an engineering company, but with too "MANY IFs"...not respnsible for extra remediation work, not responsible for damages during work.....
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Old 03-03-2010, 08:03 PM
 
21 posts, read 86,144 times
Reputation: 18
Correct if I'm wrong, but if the entire North East coast older homes had oil tanks, how many homes out there is in this situation? I remember 20 yrs ago ordering the oil truck to fill the tank.

Then the NE is oil plant?

Who created these laws??? The same people that are creating the new environment laws for Global Warming?
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Old 03-03-2010, 08:10 PM
 
21 posts, read 86,144 times
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I'm just frustated, even in these recession you can't find a nice home for less than 300kclose to the city!

East Coast forever!
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Old 03-03-2010, 10:26 PM
 
2 posts, read 10,656 times
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This happens all the time. No reason to run away if you like the house.

What you want is to limit your liability to future problems. When I bought my house a few years ago we discovered a tank as well. Pushed the sellers to pay for removal and had town certify there is no contamination. Permit takes a few days, work takes one day.

If there is contamination you can either wait until it's cleaned up and state certifies that (weeks or months) or have seller do the cleanup and escrow sufficient funds to cover any additional work. In extreme cases like having to dig under house to clean up soil or ground water you may reconsider the whole thing. Do not accept liability until you have a very good idea how big the problem is.
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Old 03-03-2010, 11:27 PM
 
21 posts, read 86,144 times
Reputation: 18
The bank will NOT PAY. They did order an estimate to remove the thank and infected soil for $10,000.

It's take or leave!

I can't find anything perfect in Northern Jersey under 300k which I can't afford at the moment...this can be my lucky shot!

I think the chance of a nightmare is 20%.


I'll loose a night of sleep debating 80% win 20% loose
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