Profile picture for arcamia

Has anybody encountered inground oil tanks, during home inspection on a short sale in NJ.

  • December 16 2008 - Toms River
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Profile picture for user8722433
[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • August 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We have many homes for sale in Sussex County that have in ground oil tanks. If the home is still occupied there may be tank insurance that can be transferred to you when you close. If there is no insurance I would highly recommend that you have the tank tested during or after a home inspection. If your mortgage requires the bank may work something out to have it removed prior to closing. As-is generally is what it states, but sometimes you may get lucky with the bank and they will work with you because they will encounter the same issue down the road with another buyer.  If it is determined that the tank is ok and not leaking then you should be looking at the grant from the state of NJ to have the tank pulled and an above ground tank installed.  The grant covers up to $3000.00 for removal and a new install. It shouldn't cost more than this unless you upgrade to a Roth or comparable type tank. ANCO is a oil tank removal company in the area that will even(for a fee) do all of the paperwork for you.  When you are buying a home ALWAYS have a home inspection.  You may also consider hiring an engineer(good one in Franklin) if you want that type of opinion. You can never be to careful especially when purchasing a distressed property.

Good Luck!!
  • May 27 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You not only need to be really careful with short sales, now when you have inspection issues you need to be very cautious.
Do consult an inspector and discuss the buyer options with your attorney regarding underground storage tanks.
Good Luck...
  • January 03 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Good question .  I have not experienced on a short sale, however knowing that the exposure is GREAT and short sales are virtually a true "as-is".  Let the buyer beware in this regard would be my suggestion. I would make sure that you understood completely the status of the tank and the ground surrounding it before you went to the closing table.  Check to see if the tank had insurance from the oil delivery company and what it covers...more important...what it does NOT cover.  You should do as much due diligence as you possibly can.  The "deal" that you may feel your getting on a short sale can be completely wiped out and more if the DEP needs to get involved!  Figure on about $3,000 per truck load for disposal of contaminated soil.  Thats's for the disposal and not the digging, hauling, etc.
Is it well water?  If so this may give you a sense of leakage but in no way will be be definitative.  Pay for the soil logs, pay for the pressure test and check the tank insurance making sure it's still in effect.

I'm in the Hunterdon, Somerset, Warren, Sussex, Bucks County PA area.  I know of remediation companies if you need one.
  • December 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would strongly encourage you to get a soil test before proceeding any further to determine if there is any contamination from leakage.  If all is OK I wouldn't let it stop you.  As the earlier post stated, there is a program where the state will give you a grant to take the tank out of the ground or "abandon" it by pumping the oil out and filling the tank with foam.  This must be done by a licensed company.  If you're in the Ocean, Monmouth, Burlington or Atlantic County area drop me an email and I'll pass along the name of few oil companies in the area who can handle this for you.
  • December 17 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for frisky1
NJ has a program where you can get a grant to have your oil tank remediated (if its leaking) or removed/filled if its not. check the DEP and NJEDA underground storage tank programs.  I had an estimate on a house i didnt buy--was 4k to remove and put a new tank in the garage, and the grant would pay approx 3k.  however, NJ is totally going bankrupt so who knows if the money will last.
  • December 16 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for seattlejoel
yes, we had to have one filled with 'slurry' before we could close on our house.  It can be a major environmental concern, but one of the many risks we take when purchasing a house.

I wouldn't let it stop you, but make sure you have it checked out.  I had another friend that was able to sell the heating oil that was in his tank when he purchased his house.
  • December 16 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for seattlejoel
yes, we had to have one filled with 'slurry' before we could close on our house.  It can be a major environmental concern, but one of the many risks we take when purchasing a house.

I wouldn't let it stop you, but make sure you have it checked out.  I had another friend that was able to sell the heating oil that was in his tank when he purchased his house.
  • December 16 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Only in my location, and only on a rental property.  They are, however, an environmental concern.  It should be tested for leaks and/or contamination of the soil.  The new owner could become responsible for the clean-up if the tank were leaking.  Make sure the tank is not a hazard, and can be removed without major expenditures.  Chances are you will want to replace the furnace with a more modern high efficiency model as well.  
  • December 16 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.