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.
New Jersey Real Estate Q&A Discussion Forum
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 4 years ago,

User Stats

8
Posts
0
Votes
Thomas Daly
0
Votes |
8
Posts

Property with In-Use Underground Oil Tank

Thomas Daly
Posted

Hello! I have spent the past year reading these forums and books in prep for my first purchase, and one major take-away is to be extremely cautious on properties with underground oil tanks. The instructions on how to proceed on a house with an underground decomissioned oil tank are clear. i.e. Only purchase the property if the seller removes the tank and tests the soil, and a clean bill of health is given. If this cannot be done, find another property.

I have come across a property I want to move forward on, but it has an In-Use underground oil tank. Are the risks the same with an in-use underground oil tank? Should/Can the same strategy be used in regards to the offer language with an in use oil tank? I.e. offer is based on oil tank removal + clean bill of health? 
 

Loading replies...