Oil Tank & Home Inspection

[Chris Daliani]

Hello BP!

In process of purchasing 2 family property in Bayonne, NJ. Had oil tank sweep and inspection yesterday...of course there is a curve ball...

No oil tank on my property. HOWEVER!!! There is a shared common driveway with an apparent out of service/decommissioned oil tank. Tank sweep guy stated there is no vent pipe and that is why he feels it is out of service. According to seller...the neighbor advised them it was filled over 20 years ago. My question is...should I be concerned??? There is a lot of "what if's." I guess this would be equivalent to someone having a tank under their front yard next to my property line...not much I could do about it??? or is there? Anyone ever have experience on this? Can I request soil samples?

The next major issue was that the inspector advised to add approx 10 lolly columns for additional support in basement. The home was built in 1920...it is solid but this is what he advised. On top of that he also informed that there is a lead water line coming into the home. I am assuming these issues could exceed 10k. Trying to come up with a solution as I do not want to loose the deal, but not afraid to walk away if I have to.

Keep in mind...this is a private sale with only attorneys involved FYI.

Any input with these matters would be great! Thank you. 

[Alok Sood]

You might want to consider tearing down and building new if you're getting it at the right price?... In the end, it could save you $ and higher value for new construction. Plus less maintenance in the long run for buy and hold. 

[Chris Daliani]

@Alok SoodI would have to purchase at a much lower price then this for it to be worth it for a knock down...but I do understand what you mean...

[David Krulac]

If the oil tank was de-commissioned 20 years ago there should be paperwork, government permits and photos, if done legally.  If it wasn't done legally, I would not touch it.