Underground Oil Tank Removal

[Alex V.]

I have a 3 family under contract in Bloomfield, NJ. We just did a tank sweep as underground oil tanks are very common in this area for houses of that age. Sure enough the tank sweep turned up a massive underground oil tank. The report states that they found a 1k gallon tank with approximately 8 inches of fuel and 1 inch of water. Obviously this tank was never properly decommissioned. Normally I would happily negotiate a price for us dealing with it but given the size and water in the tank indicating a leak, we are prepared to walk if the seller refuses to remediate. This is the first time I'm dealing with an oil tank so I was curious what other investors experiences have been. How much has your worst case scenario cost you? What about your best case?