Those pesky in-ground oil tanks are still around Litchfield County, CT area. I am always amazed people don't understand the need to "yank the tank" before putting the house on the market. It can cause issues, no doubt, all the way around. Although the State of Connecticut does not require you to remove your underground storage tank (UST) if it is not leaking, buyers and their lenders do not like them at all.
You have an in-ground oil tank. You decide that you will wait for an offer to come in and if the buyer asks for it to be pulled, you will do it then. It can work, I have had it work. I have a "guy" that is a genius, he pulls a tank like no one else, you can't tell there was ever a tank in the ground! And I know he will do it right. If there is contamination, he will find it. If not, it is a relatively painless process to either pull or abandon the tank properly.
(But I don't think pulling or abandoning the tank is the real concern.)
I believe the real concern on the part of sellers is .... contamination. What if there is contamination? Perhaps you want to wait until the last minute because of contamination. You are afraid of the ramifications of contamination. Here is a news flash for you. If there is contamination found you will still be responsible for remediation no matter when it is done. And if you wait until you have an offer you run the risk of the buyer bolting, and bolting FAST!
Yes, remediation can be costly if contamination is found. But waiting to the end of the deal can cost you the deal. So if still have that pesky in-ground oil tank, take care of it asap. If you are thinking of selling in the winter months there is always the risk that the ground around the tank will be too frozen, or there will be to much snow over the area, and that could certainly screw up the deal if you have a buyer who is ready, willing and able but can't wait.
If you have that pesky in-ground oil tank and want to sell your house, yank it. But don't do it yourself! Your oil company can help find a qualified professional who knows exactly what to do. Your real estate agent probably has a list of people who do tank remediation too. But don't just don't sit and do nothing!
State of CT Department of Environmental Protection: Residential Underground Home Heating Oil Tanks Frequently Asked Questions.
YANK THAT TANK!
Village Properties of Mineola, LLC - Mineola, NY
Great blog on a important subject. Especially in new York. Thanks and good luck this year.
Oct 20, 2011 12:51 AM
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally
Andrea, although the State of CT doesn't require a tank's removal, many banks will not lend to a buyer if the house had an in-ground tank just because of the potential hazard. Cost to remove a tank and install a new one safely can range from $6,500 to $8,000
Oct 20, 2011 12:55 AM
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team
Good morning, Andrea....I owned a home with one and that was 20 years ago....it cost me $5k to remove it......I was fortunate that the ground around it was not contaminated..... inground oil tanks were the rage in the '70's...
Oct 20, 2011 12:58 AM
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life
This is an important topic. I'm a mortgage broker in 8 states including Ct. The majority of lenders want them out, so coaching a seller is very important. Great post.
Oct 20, 2011 01:03 AM
RE/MAX Checkmate - Johnson City, TN
CRS, GRI, PMN - Northeast Tennessee 423-677-6677
Good morning Andrea,
This is a problem. I have run into it over the years. People just don't understand! Out of sight, out of mind............... NO!!!!
Oct 20, 2011 01:35 AM
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate
Hi Andrea - I've run into this only a couple of times over the years, but they each stand out for being very expensive problems. In one case, we only found out about it because I tripped over a pipe end hidden in the grass, fortunately during our inspection period. These things are mega-headaches.
Oct 20, 2011 04:38 AM
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor
When I lived just across the pond from you, on Long Island, this was a big problem too. If your in-ground oil tank is found to be leaking, the EPA is notified and the cost of clean up can be very expensive.
Oct 20, 2011 05:28 AM
JRV Home Inspection Services, LLC - Wallingford, CT
Connecticut Home Inspector
As an inspector a UST is a BIG red flag. I make the buyer aware of the potential issues. Your advice is right on the money, get it out before listing.
Oct 20, 2011 10:45 AM
ProStead Realty - Charlotte, NC
CRS, GRI, CMRS, Charlotte, NC
Hi Andrea, great post. One runs into this issue here occasionally in the older sections are Charlotte. Good advice...yank the tank.
Oct 20, 2011 11:57 AM
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT
Andrea -I just had this conversation with a client this morning. You explained it so much better than I did, I have to reblog.
Oct 20, 2011 02:04 PM
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
Andrea -- I ran into this once. the seller didn't want to take care of removal /testing.. so the buyer had no choice and the deal fell apart.
Oct 20, 2011 03:02 PM
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome
Andrea, Such a good topic especially at this time of year when people are having their tanks filled for the winter. Like your "yank your tank". It makes it clear what needs to be done.
Margaret
Oct 20, 2011 03:17 PM
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Des Peres, MO
SelectAnn.com
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT
Josh, it is amazing how many didn't participate when the State of CT was helping them! But please, yank that tank!
Ed, lenders are rarely ever happy to hear this. It is also very important that the company doing the pull is reputable. I am dealing with an issue right now, surprise, surprise.... I will certainly write about it someday. The man I use had never disappointed me or my clients, that's for sure. Money well spent.
Barbara, you were lucky, I think many are fearful of contamination. As if they wait, the contamination will disappear!
Right Trac, oh I do more than coach, LOL.
Cindy, it is not out of mind for buyers, that's for sure!
Dick, uh oh... now that is a good thing you found it!
Craig, yes indeed, it can be a huge expense if it is leaking. Very bad indeed. So just get it over with and face the music. Because you will face it now... or later....
Jim, I have been fortunate that my sellers have all listened. I am dealing with one now where the seller waited too long, is not forthcoming to her own attorney with information, we are 3 weeks past closing date, and our clients are not happy at all.
Judith, thank you! Yank the tank should be a bumper sticker, LOL.
Gail, thank you! And thanks for the reblog. I hope that will help you to get your client to understand how important this issue is.
Joan, very foolish indeed. What are they thinking... seriously!
Margaret, there is no choice in the matter if someone wants to sell, seriously. And my "guy" makes it as painless as possible, really. Both to your yard and to your wallet. As I said before, the contamination is really the issue I think. And who would want to put precious oil into a tank that is leaking? There goes all your money...
Ann, that it is... that it is.
Oct 21, 2011 12:24 AM
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers
Yes contamination is really a BIG DEAL. I agree with you that it should be taken care of ASAP. I will cost you a buyer if your are not expedient.
Oct 23, 2011 01:26 PM
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Andrea Swiedler
Realtor, Southern Litchfield County CT
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Real estate and local area information for Southern Litchfield County CT. I assist buyers and sellers in New Milford, Bridgewater, Roxbury, Washington, Warren, Kent & Sherman.
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