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 3 years ago,

User Stats

28
Posts
11
Votes
Daljit S.
  • Union City, NJ
11
Votes |
28
Posts

Removal of Underground Oil VS Legal Decommission of Tank

Daljit S.
  • Union City, NJ
Posted

Hi BP, 

I'm a new investor looking to close on my first house hack in North Jersey! I was able to find an awesome property and get my offer accepted. I'll be able to house hack and reduce my living expenses significantly, allowing me to save up more for my next deal. After I move out, the property will cash flow based on my estimates. I'm currently in attorney review and the only caveat is that there is an underground oil tank. 

 The seller is refusing to remove the tank, and will only pay to have it legally decommissioned in place. For those of you with more experience or have run into a scenario like this - would you move forward with the deal knowing that the seller will not remove the oil tank and will look to legally decommission it? Or would you pass on this opportunity?

 I'm interested in learning about the pros and cons of accepting the sellers terms and getting is legally decommissioned or walking away from the deal if the risk of buying the property with the underground oil tank is too great. 

Thanks! 

Loading replies...