I am not sure but it seems you are saying that there is a 550 gallon heating oil tank in the basement. Most basement tanks are in the range of 225-300 gallons. If it is an aboveground tank in the basement and you can see under the tank look for any oil spill or smell for oil. If you cannot see under the tank it is important that you have a professional company evaluate the area for oil contamination that can lead to huge clean-up cost. In either case the tank should be removed and there are many companies that will remove it for around $500. If this tank is in the ground you must have soil sampling taken before you purchase the house. Our company would take a minimum of 4 samples and send the samples to a laboratory for analysis. If the soil shows unacceptable contamination the current owner is responsible for the clean-up. The state of New Jersey has a grant program that will pay most of the cost for removal of an underground tank. If the tank was found to have leaked the state will also pay for the clean-up providing you qualify and the contractor has charged in accordance with the state guidelines. Most people qualify for the grant program and if you contact our office we can definitely tell you if you qualify.

Depends where the house is. If its in an estate area in Tewksbury then 300k might be worth it. A fixer on Farmersville sold in the high 200s not too long ago. And a small 2 bed on busy Route 512 sold for 360s last year when I bought my house here. Otherwise, if its in Califon or Lebanon Township, you can do much much better. In this zip code, very high 200s to low/mid 300s seems to be the price for a smaller home on a decent (maybe a quarter acre or more) lot in pretty good condition. So your house would be about that price minus the cost to do all the fixes--maybe low 200s. Check http://www.gsmls for the three towns. and contact an agent. This is an amazing place to live and definitely worth pursuing.

My suggestion is to put in an offer. It sounds like you have seen this home so I would suggest speaking to your agent if you have one. There is a "multitude of sins" here. A couple of questions. How long has the home been vacant? If it has a cesspool, the cost to install a new septic can run $20,000 - $30,000 or more. If there are structural issues I would recommend getting an engineer to inspect and determine how extensive. Carpet, Kitchens and baths are all cosmetic. You do want to have a thorough home inspection to know what you are buying and if this is a project you want to tackle. Another thing to take into consideration in Califon is there is a river running thru town and if this property is near the river you may need flood insurance which can be pricey. I just had a client get a quote of $3000/year for a $375,000 home.

If you need additional information on this home or other homes in the area please do not hesitate to call me at 908-303-2472.

Denise Gueterman
Weichert Realtor
142 Main Street
Chester, NJ 07930

denisegueterman@hotmail.com email

Okay, I'm back again. There are a total of 4 homes for sale on the MLS in Califon. All are in the 300s to 400s.
If you would like, I would be glad to send you the listings by email. Just let me know.
At the very least it might give you something to compare to.

Hi Ellen,

Without knowing the specific house I couldn't give you a fair answer, but my question is this:
Why are you interested in this house in particular if you think it is overpriced and needs so much work?