Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Underground oil tank
During our home inspection, it was discovered there is an underground oil tank on the property. This is a bank owned property, and so far it has been a very S.L.O.W. process. It's been over 1 month since signing the P&S agrmt, and they still don't have the well working, so we can't test the water and the septic tank.
Does anyone have any experience with removal of an underground oil tank? I know you can't get a mortgage if there is a tank on the property. I"m just wondering if anyone knows how long it takes to get it removed and get the soil tested.
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In the confrontation between the stream and the rock, the stream always wins--not through strength but by perseverance. - H. Jackson Brown
Re: Underground oil tank
I'll start off by saying that in my area we don't have many underground oil tanks. So take my thoughts with a grain of salt
First, are you sure you can't get a loan with an underground oil tank? Ask for specifics and ask if there are lenders that will loan on properties that have them. If they are common in your area (or were in the past) it would seem to me that someone would loan on them. Just thinking...
Secondly, I'd just start searching for contractors with experience removing tanks and get a bid or two (same thing with soil testing). I would think that you could get them removed more easily than you may think. That being said, make sure it is an experienced, reputable contractor. It will be important that the hole is filled properly. Soil testing may take some time just for the testing process.
Good luck!
Lighthouse State Beach, Santa Cruz.
In a lot of areas, USTs are no longer allowed due to tanks rusting and then leaking hazardous material into soil and groundwater. Tanks have to be closed or removed before home is sold usually at the expense of the owner. This is why lenders will deny mortgage is there is an illegal tank.
We had a client a couple of years ago who had to have a tank removed before selling and it was quite costly. Can't remember the exact amount, but I think it was between $1500-$2000. Since you are trying to buy a bank owned home, I would think the bank would be responsible for removing the UST.
BTW, even if you find a lender to do mortgage with UST on property, you may still run into finding homeowners insurance as a lot of companies will no longer insure properties with USTs.
Good luck, hope all works out.
We are in the process of buying a SS home with a LEAKING underground oil tank. There is not a mortgage company out there that will mortgage the property and it cannot be insured and the bank and owner made it specifically clear that they will not be removing it. This homes value in its current condition without the underground oil tank is in the $275K-$300K range. For our sale it has to be a CASH sale. We offered $135K for the property because of this and DH's parents are helping us with the Cash. We will then have the tank removed and the leak cleaned and refinance the home to pay them back. The clean up shouldn't take long, a day for a removal and a couple days for clean up.
In our area it is about $2-3K to remove it. But to clean up the leak, we are expecting about $20K in clean up. Depending on the size of the leak (which we don't expected but are aware that there is a slight change) it could be up to $100K if it hit the ground water or has leaked under the house. We are taking our chances because it is a minor chance, but even if that happened the total investment is still less than the value of the home when it is fixed.
And after we do our renovations to bring it up to comparable homes in the area we know we can get $450K for the home. So, we aren't running scared from the leak - though it is a bit scary!