The good news is that it is not super expensive to remove an old oil tank. Qualified contractors are around who do this kind of work. I would be glad to refer a contractor to you and other realtors probably have resources also.
At the very least you need to get environmental information, talk to an area Realtor and real estate attorney, when putting the home on the market, Disclose it and have estimates from reputable removal companies at hand, either to give the buyer a credit at closing to have the tank removed by the company they trust the most, or offering to remove the tank before closing when you have a sales agreement....
Just some thoughts for you...
Take care and good luck
Edith YourRealtor4Life and Your Chicago Connection
working always in the very BEST interest of her clients
There are approximately 607,000 underground storage tanks (USTs) nationwide that store petroleum or hazardous substances. The greatest potential threat from a leaking UST is contamination of groundwater, the source of drinking water for most Americans. EPA, states, and tribes work together to protect the environment and human health from potential UST releases, GOT TO WEB REFERENCES BELOW FOR info on UST. Hope this helps you on your decision. Lawyers may tell you to remove now before taking the chance of an expensive lawsuit later. For more informative discussion, call my office direct at 484-468-1310.
You should look into having the tank removed before putting your home on the market.
The problem with underground oil tanks is that they can leak and that leak may eventually get down to the water table. If they leak, then the tank and the surrounding dirt needs to be removed. This can get quite expensive since the dirt is contaminated and the word EPA comes to mind.
Some people don't care since they probably remember changing the oil in their car and going to the back of the yard and dumping it. Others are totally scared about it. I tell buyers that even if they don't care about the tank, if they have to sell the home, it may become an issue that they will have to deal with in the future.
Typically, if a home is purchased with an underground oil tank the property inspector is going to recommend that you get a professional out to make sure the tank is not leaking. In some cases, the buyer may request that the tank be removed. Just like radon, electric power lines, and mold these tanks have become a buzz word for Buyer Beware.
You do have to disclose the underground tank when you put the property up for sale.
Long & Foster Real Estate, Inc.
Lehigh Valley, PA
All the Best
Dave & Lisa