These days we are more aware of environmental issues. In some areas the practice of putting the home heating oil tank underground was very common. Today, if your heating oil tank is underground and you are thinking of selling your home this could be one of your selling expenses. New York State does provide a homeowner's guide for underground heating oil tanks
When taking a listing this is a subject I cover with the seller. We discuss the various ways this issue could be addressed and sometimes will get a few estimates. My suggestion is that the seller address the issue before listing the property.
Some homeowners will resist because, after all, they have not had a problem with the tank. What sellers fail to do is to think like a buyer. Why is the tank in the ground such an issue with buyers? It is because buyers are now more aware of the various environmental issues and do not want to inherit a potentially costly problem.
In this competitive buyer's market would it make sense to lose a sale because of a buried oil tank? Well, this is still happening. In the last month I had two buyers who ruled out homes they liked because of the buried oil tank. I tried explaining that this is a fixable issue but they would not hear it. The wise course would be to avoid this issue by correcting the problem prior to listing.
Yes, sellers, it does not make sense to create a stumbling block to completing the sale in this climate.
**** Informational only; deemed reliable but is not guaranteed