Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago,

User Stats

247
Posts
63
Votes
Vonetta Booker
  • Investor
  • Stamford, CT
63
Votes |
247
Posts

Undisclosed underground oil tank!

Vonetta Booker
  • Investor
  • Stamford, CT
Posted

…and so the fun begins. :-/

I just had a formal inspection done today on what's supposed to be my first rehab, a Fannie Mae REO.Lo & behold, the inspector found evidence of a buried oil tank underneath the deck (the only indication was the short pipe sticking out of the ground).Mind you, there was no mention of one in the listing (which stated gas heat and "n/a" next to "oil tank"), nor anything on the disclosure—so I thought everything was cool.

I went back and told the LA that I wouldn’t be closing unless the bank took care of testing, removal & any remediation.(As the owners, aren’t they responsible for this, especially if they didn’t disclose?They claim they were unaware, but don’t they have people checking these things out?)

Any thoughts, guys?I could try renegotiating w/ the bank & getting the price further down to offset any of my UOT expenses (seems the average is $650-700 for soil testing only, $1200-$1500 to remove & test; of course they also have to rip up the deck to get to it, lol)…but then again, as this is my first rehab, I also don’t want to get in over my head & I’m really thinking of just saying, “Next!” (Luckily I always put “oil tank” as one of the inspection contingencies on my offer!)

Loading replies...