So where is the oil tank?

By
Real Estate Broker Owner with JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 10491201242
http://actvra.in/Nzv

These days we are more aware of environmental issues.  In some areas the practice of putting the home heating oil tank underground was very common.  Today, if your heating oil tank is underground and you are thinking of selling your home this could be one of your selling expenses.Oil Tank  New York State does provide a homeowner's guide for underground heating oil tanks

When taking a listing this is a subject I cover with the seller. We discuss the various ways this issue could be addressed and sometimes will get a few estimates.  My suggestion is that the seller address the issue before listing the property.

Some homeowners will resist because, after all, they have not had a problem with the tank.  What sellers fail to do is to think like a buyer.  Why is the tank in the ground such an issue with buyers? It is because buyers are now more aware of the various environmental issues and do not want to inherit a potentially costly problem.

In this competitive buyer's market would it make sense to lose a sale because of a buried oil tank? Well, this is still happening. In the last month I had two buyers who ruled out homes they liked because of the buried oil tank.  I tried explaining that this is a fixable issue but they would not hear it.  The wise course would be to avoid this issue by correcting the problem prior to listing.

Yes, sellers, it does not make sense to create a stumbling block to completing the sale in this climate.

 

 

 

 **** Informational only; deemed reliable but is not guaranteed

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Topic:
Home Selling
Location:
New York Dutchess County
Groups:
Hudson Valley Real Estate and Mortgage Professionals
NJ & NY Realtors
Keller Williams
Tags:
ny homeowners guide for underground oil tanks
home sellers
environmental issue
buried oil tank

Comments 26 New Comment

Ambassador
1,381,941
Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
In Dutchess Columbia and Ulster Counties
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Karen - that is true, sometimes you will come across a pipe sticking out of the ground or from the concrete floor in the basement, it might have been abandoned but was in done correctly?

Anthony - I did not think of that, but I can undestand why.

Tom - Glad the post was helpful.

Carol - Good good point,  the attorney in most cases advice there clients against proceeding with the purchase unless the issued is remediated.

Teri - It sounds like a big deal, fire Marshall and all.  This is certainly not the time to but a stumbling block in front of a buyer.

Jenny - Sometimes this can be hard to discover especially if you don't see the pipes. 

Russel - Sometimes an above ground tank was installed later, the old tank is still underground and the pipe sawed off, so the inspector and Realtor have to play detective.

Ryan - In most cases the remediation will be minnmal but when it goes wrong it could be a nightmare.  The contamination could be a big deal, here in many parts of NY people have wells for their water supply.

May 12, 2009 08:49 AM
Rainmaker
175,384
Leander McClain
Cecil & Harford County Realtor

Jennifer,
You are absolutely right on this one. I suggest to sellers with underground oil tanks that we have the tank tested.  That way we can provide the results to any potential buyers.  Howver, there are buyers in my area who do not want to deal with oil heat at all.  In those cases, there is nothing you can do

Have a great day

Make This YOUR Best Year Ever

Leander

May 13, 2009 08:00 AM
Ambassador
1,381,941
Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
In Dutchess Columbia and Ulster Counties
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Leander - Yes this is a subject that can be a turn off to buyers, therefore sellers should be proactive.

May 13, 2009 07:02 PM
Rainmaker
335,557
Dena Stevens
Putting The Real Into Realtor Since 2004
Century 21 Canon Land & Investment

George likes to point out the regional differences around the country. I learned something tonight!

May 13, 2009 09:24 PM
Rainer
137,520
George & Arlene Paukert
Road to Wealth, Inc.

This is one thing selling in Vegas, I never had to deal with and I'm really glad I didn't. I could see where it really could make or break a deal if an oil tank became an issue.

June 06, 2009 06:10 AM
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Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals

In Dutchess Columbia and Ulster Counties
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