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Old 05-30-2013, 07:44 AM
 
Location: Connectucut shore but on a hill
2,619 posts, read 7,039,799 times
Reputation: 3344

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I'm deciding how to deal with buried oil tank. If I go the abandonment-in-place route it would all be legal and legit, permitted, inspected, documented, etc. There's little difference in cost, but getting the excavator in for removal would be very complex and potentially damaging to buried water lines.

The preferred contractor says that some banks may balk at the abandonment approach because there have been hack jobs leading to problems down the road (failing to drain tank, no permits, etc etc). Does anybody have any experience with how lenders treat the respective approaches to the buried tank problem? Thanks in advance.
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Old 10-10-2013, 10:53 AM
 
155 posts, read 556,703 times
Reputation: 63
When I check with Bank of America and Wells Forgo both are ok with abandonment oil tank
but not the home insurance
so my option is to remove it.

Thanks,
Joseph
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Old 10-10-2013, 02:39 PM
 
Location: Connectucut shore but on a hill
2,619 posts, read 7,039,799 times
Reputation: 3344
I just went through the same thing. My motivator was prepping for resale. And I too had big concerns about a water line problem (more on that below). See this if you haven't already. I did have to re-landscape the whole front of my house. That was a blessing in disguise, cause it needed it anyway. Now it looks terricic. Anyway, my reasoning in favor of removal was:
  • banks that might not balk now may decide to balk in the future
  • Some fraction of buyers may not care to do any homework and just avoid any house with a tank in place. Then they don't have to think about whether it's OK or not. This concern was echoed by several real estate agents. They all kind of groan if there's an underground tank at all, cause they know there's going to be a lot of conversation that might have otherwise be avoided. It's a barrier to sale that needs to be overcome, and sometimes can't be.
Back to my water issue. The path for the excavator went directly over a buried well pipe junction area. The excavation process uncovered a tiny, long standing, pinhole leak in the pipe to my well. It had been nourishing nearby vegetation for at least 20 years. Fixing that made it a double win, I killed 2 birds with one stone.
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Old 10-10-2013, 05:26 PM
 
Location: Yorktown Heights NY
1,316 posts, read 5,194,911 times
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After our last thread on this topic (the one Kletterman linked to) I asked my realtor neighbor about the issue and he said that the vast majority of sales he deals with are houses with active underground wells. He said every now and then a buyer will get freaked, but that as long as the tank is under 20 years old and is up to current codes it's not a problem. And, as I said in the last thread, the architect wife says that lots of new construction in the area puts the tanks inground.
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Old 02-06-2015, 09:03 AM
 
2 posts, read 4,124 times
Reputation: 10
Do not bury a tank. It is a nightmare. Approach an abandoned tank with caution.
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