Oil tank leak negotiation

[Bharath Janakarajan]

Hello pros,

I am in contract to buy a short sale "as is" property in central Jersey. During inspection, we discovered there is an abandoned oil tank and soil contamination. The realtor is saying we can get a price adjustment but a soil delineation/ground water testing has to be carried out for me to come up with even a conservative number to protect me. The test costs around $4000 which I am not prepared to spend. The property has a lot of potential but would like to protect myself from possible extreme remediation. Any thoughts/ideas to make this deal work or should I walk away?

Thanks,

Bharath