Oil Tank In Ground
Just did an inspection on a house we are planning to rehab. The house is an estate/probate sale and we just found out there is an oil tank in the ground.
I got estimates back of $1250 -$1500 depending on the tank size.
But was told that if there is a leak the starting cleanup costs are $5,000, but usually are like $10-15k.
Any advice on how to convince the estate to pull the tank.
From a seller stand point, I would not pull the tank unless the buyer is willing to pay any amount over $1500.00.
It can get very costly in removing such tanks.
50% of the time when you pull these tanks......the leaks are a result of the actual removal.
I have bought property with such oil tanks......as long as the tank is empty, there isnt a problem.
A better solution is to fill it up with sand and be done with it.
NC_Yank
if the tank is not empty just fill it with sand and be done wi th it.
[addsig]
Quote:
On 2005-10-07 23:11, Stockpro99 wrote:
if the tank is not empty just fill it with sand and be done wi th it.
That would be the best thing to do, we have them all over the place up here in the east coast. The issue is will the mortgage co. thats loaning on it have an issue with the tank and want it removed before financing it? if not then dont sweat it and fill it with sand.
A guy just got arrested the other week in my town. He was excavating a site a found the tank, he dedided he would pump the oil out himself into the local storm drain. Well turnes out his smooth thinking ended up filling an adjacent restaurants basement with oil. One complaint was all it took. He will probably be doing time for that manuver. Funny thing was he owned the building the restuarant was in but somebody eating there complained of the smell of oil.