Oil tank remediated. no sell?

[Solomon F.]

I am looking at a deal where the property had an underground oil tank removed and the soil test shows mild contamination. The seller is re-mediating. One realtor advised me against getting involved because I intend to flip the property and a buyer may have trouble getting a mortgage or insurance if the property is known to have had any contamination even if it was remediated. I was under the impression that so long as we get a letter from the state of "no further action needed" i would be ok. Whats your advice? 

Thank you

[Nate Wightman]

Here is a link you should look at   http://www.bergen.com/201magazine/201estates/featu...

and some more..... ""Update June 2014, on UST removal. We now have water assessments from sampling wells just for purposes of hopig for a clear report sowe can close on the house under contract. We are in the 2nd year of waiting for a "no further action" from state DEP. One more test of water sample hopefully no oil trace, and we can plan the closing. The lenders and HO insurers hopefully will be satisfied and do business. This was an abandoned and "de-commissioned" tank, town permit obtained. But over time the tank deteriorated, sludge in bottom of tank leaked into soil. Seller cannot sell, buyer cannot obtain loan nor HO insurance. I see the end of this 3 year drama coming to an end after an expense of more than $200,000, covered by an older HO policy- Liberty Mutual. When the sale closes, I will report again. Carl""  found on zillow here...  http://www.zillow.com/advice-thread/When-buying-a-house-in-NJ-with-an-in-ground-oil-tank-must-the-tank-be-removed-from-the-ground/177906/