Home Buying in Maspeth>Question Details

Maspeth Buyer, Home Buyer in Maspeth, Queens, NY

buying foreclosure home in queens with underground oil tank. I am currently trying to purchase a foreclosure in queens. our inspector found evidence

Asked by Maspeth Buyer, Maspeth, Queens, NY Thu Mar 11, 2010

that there is/was an underground oil tank. I have heard sellers usually take care of this prior to closing. what happens with a foreclosure? also how far can I go, in terms of testing without having to complete the sale?

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Maspeth Buyer

Foreclosures are generally sold "as is" with the bank unwilling to make any repairs. (Banks will also insist that New York City and New York State transfer taxes - which are normally paid by the seller - be paid by the buyer.)

If you have not signed a contract then you may wish to have the tank or soil tested at your expense. Based on the results, you could renegotiate your price or walk away from the deal.

Good Luck

David Callaghan
Coldwell Banker Residential Brokerage
Web Reference: Http://ForSaleByDave.com
0 votes Thank Flag Link Sun Mar 14, 2010
The sellers generally take care of these type of things prior to close. Now, as a bank owned property, the bank doesn't need to do anything. In fact, your agent should have advised you that bank owned properties are generally "SOLD IS"
0 votes Thank Flag Link Sat Mar 13, 2010
Dear Maspeth Buyer,
When buying from banks/lenders they put all costs in to the buyers pool. And generally the properties are As-Is-Bassis. So im pretty much sure you will hv to take care of it.
0 votes Thank Flag Link Sat Mar 13, 2010
Hi Maspeth buyer. I would agree that the Bank will not bother with any repair as foreclosures are indeed sold in as is condition. As far as other testing you may wish to do, go right ahead. As long as you've not signed any contract of sale and kicked up some dough for your escrow deposit, you're not on the hook to complete any sale.

Any resultant offer could be inclusive of the cost to repair/replace said tank if needed or perhaps a credit at closing. What's the worst that can happen? They ignore you? They counter? If all your ducks are in a row and it makes sense, they may bite. Good luck.
0 votes Thank Flag Link Fri Mar 12, 2010
I agree. The homeowner in this case the bank is flexible with such issues. Buying is New York is buyer beware. If the testing is coming from your personal funds prior to the sale the owner should not have a problem. Make sure to let them know the specific testing you are doing as consideration as they are liable for any problems that may occur during testing.
0 votes Thank Flag Link Fri Mar 12, 2010
I agree, the bank probably will not do anything. Have the soil tested if you want to. May want to consider digging it up after closing. Couldn't hurt to try to force the bank.
0 votes Thank Flag Link Thu Mar 11, 2010
You should have the soil tested by a licensed professional to determine if a leak exists/existed--if it is/did and with solid proof you can try renegotiating, though no guarantees--you can do as many tests as wish to pay for--consult with your attorney as well.
0 votes Thank Flag Link Thu Mar 11, 2010
Do not expect the bank to do anything for you. They want to sell as is and not spend more money. You can ask for something and expect the bank to say no.
0 votes Thank Flag Link Thu Mar 11, 2010
Hi Maspeth buyer, Usually underground tanks would be the responsibility of the seller, however foreclosures are sold in " as is" condition with no representations. What you find is strictly to let you know what you are in for...base your offer on your findings. If you need name and number of environmental companies to get a price- what it would cost to abandon a tank give me call. Terry K 718-614-3167 cell or email me therese.korahais@elliman.com
0 votes Thank Flag Link Thu Mar 11, 2010
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