All Forum Posts by: Account Closed

to have someone come in and do the whole job is around $1600 .    If you do it yourself and pay for the environmentally safe drum the drum lalone will cost you 500 bucks thereabouts     The labors the labor and you have to have some kind of material to fill the tank.     After some consideration last night I decided that I'm not going to get the drum and just put the oil removed into the house oil tank .   So if you take this route the cost is minimal

@Justin Marshall

Brian is spot on, but keep an open mind.  This past spring I closed out an 18 year 401k, lock stock and barrel.  I am going to take the hit on taxes and penalties.    Why?  The return I get on my money makes it worth the hit.  If you want to be an active flipper using said funds you'll find it comes with much concerns.  Talk with you tax guy, and you may find the hit is not as bad as you think.

In 1 year the expense of what I did will be made up, and now I can do as I wish with my $$$$

@Mags S.

Well the deal is that in pa there is no regulation on tank removal/filling.  As long as the tank is on the smaller side.  I think the EPA guy said something like 1000 gallons.  There is regulation on transporting that kind of waist.  Hence the following:

In any event, what I did was call code enforcer and got his buy in.  Called a local environmental cleanup company who will provide me with a 50 gallon drum.  Cut top of the tank off.  Remove oil and squidgy down the sides.  Take some pictures.  Put waist in the drum.  Have it taken away and send invoice of drum and pics to code guy.  I think with that kind of paper trail I should fair well on my disclosure and appease the appraisers/inspectors and underwriters.  Thanks for watching.

By the way.  They are charging me $500 to haul away 2 gallons of fuel oil and sludge.  That's seems messed up.  I guess the EPS guys need family vac too.

@Jen H.

I have had luck putting oil primer on wall paper, followed with latex paint. 

I have also had luck skimming with joint compound and just going over it with latex. 

Is quick and easy.

I am rehabbing a house that has a buried oil tank in the backyard.  It is not needed anymore.  The house is in Pa.  I popped off the fill lid today and it has about 1 inch of fuel left in it.  It has probably been in the ground for a long time and does not appear to be leaking.

1. Should I just empty it, rip the top off and fill it with dirt?

2. Should I call in someone who will basically do the same thing?  I am concerned he will not sign off on anything without a environmental test.  Big$$$$

3. Should I just leave it in, disclosure it of course, and invariably have either the home inspector/bank underwriter or appraiser basically push me back to option 2?

Basically is there anyway out of this, less having an expensive environmental test.

Thanks, never had a buried tank on the lot before.

@James W.

To your question

That makes it even more complicated if municipality charges wont appear on title search.

I wonder now, in a "traditional sale", how does the Title search company determine the Municipality liens and encumbrances - and clear the title for sale?

When I want to understand if a municipal lien exists against a property I search and find them at the courthouse.  That is straight forward.

That being said, liens recorded at the courthouse does not necessarily tell the whole story.  Sometimes these municipal entities have not gotten to the recording phase.  Read my post "Burned by foreclosure" link to post.  The best thing to do is call local departments which could have an interest in the house such as water and sewer.  It has been my experience these folks have the latest bill and can pull up any recorded liens.  You may find not all of these folks are that helpful and some may want info requests in writing.  IMO is always pays to be nice, respectful and to always start the conversation out with (who you are, what your doing and then what you want).

I am dumbfounded by the statement that title searches conducted prior to a sale do not reveal all outstanding bill/liens/tax/whatever.  That is what they do.  That is what you pay them for.  Maybe I just misread.   Whatever. 

On a last note, municipal liens is just a small piece if the overall puzzle and really one of the easier aspects of the process.  Not sure this is the case but, if you want to start getting into title searches get some books on the subject.  Make some friends at the courthouse who do this for a living, or hire an attorney to sit down with you.  Never assume the folks who work for the county have any clue, many of them have no clue simply because it is not their job to.

Hope this help. 

@Account Closed

Don't agree, in that anything can be learned.  That being said, you won't learn how to do a title search on a web forum.  I learned by reading and talking with abstractors and attorneys I have worked with on real estate deals.  I have also picked up some info here.

I recall talking with an owner of an abstractor title company.  I asked if she would be willing  to teach me, and in return I would pay her.  She said it could not be taught unless I worked as an abstractor.  IMO, that is utter nonsense.  You may not know all the rules, but when in doubt, just pass on the deal or find the answer prior to the sale.

As an example.  The other day I was looking at a house coming up for sale.  The owner had written up a will and in it, had left his house to his son.  Subsequently the owner died, but the land records showed no transfer to the son.  Furthermore the son was never served notice of the foreclosure sale.  I would have thought he would have.  His sister, the estate executor was served, but that was it.  So I passed on it.  No big deal.  You need to know enough, but no everything. 

To Kevin's point, when available, yes get the insurance.  That being said, I buy houses all the time where a title insurance policy is not available to me at the time of purchase.  It adds risk to the transaction but with said risk comes reward. 

give me a call if u want to discuss