"The dual agent says that she'll talk to the bank to see if they will remediate."
If the seller refuses to address the situation, walk away. You never know what is going to happen. These soil "remediation" companies are ruthless once they get involved and charge exorbitant amounts of money for a practice that is well.. dig a hole and fill it with dirt. It is ridiculous.
I think we need to remember in the world that the oil came from the ground.
You use the words the "Dual Agent" will speak to the bank. Is this a short sale? If so, possible the bank may have to get involved to remediate.. as if it is a short sale, the seller has no money to pay the mortgage, let alone the remediation. And again you point out the â€œdual agentâ€ like is means something other than the realtor. If it is a short sale, then the realtor will send this information to the bank for discussion. It s possible they will address the problem.
Good luck to you,
Unwavering Commitment to Service, Unsupassed Results
Speaking as a person that has had numerous encounters with oil tanks, I can say that it seems that underground oil tanks are â€œcoming dueâ€ meaning reaching their life expectancy for the time that they had been built.. 50-60-70 years old and there has been issues. So be careful and continue your due diligence.
What I do know is that the tests can run from $150 - $800 in some cases. This such a â€œgray areaâ€ in testing and such that I have also found that many, many of these companies are ripping off buyers and sellers to the tune of THOUSANDS of dollars. When there may actually be nothing wrong with the tank and the property.
I recently was privy to a sale that they had the soil tested with three companies.. $500 per soil test.
The buyer was insistent on doing the tests.. the first company found nothing, no leakage and a properly treated underground tank, the second said , no leakage but the tank had to be removed( baloney) $6000, the buyer still wanted another opinion and the third found the tank, and there was major leakage.. That the tank had to be removed, the dirt replaced with â€œclean dirtâ€ $17,000. tank removal, $3,000 clean dirt and $1500 for grass seed and landscaping repair.. Really?
You should get referral for a reputable oil tank company to do the inspection. A lot of these companies are ruthless and will just go after the contents of your wallet.
Ask you realtor or home inspector for a referral of a good company.
Best of Luck ~ Tara
Feel free to contact me for more information. I don't make money for referrals, just my inspections.
Mid Jersey Inspections
NJ Home Inspector Lic. #076900
re oil posting,
He may not have noticed that oil tank is underground and possibly from 20s. They would have to dig it up to locate serial number tag etc. Also smelling oil isnt certain as some spillage while removing nozel could leave smell. Improper tuning of furnace where oil isnt properly burning can also create odors. It may be a clue but you can have leaks without the smell and also have smell with out leaks. Avoid in place abandonment if at all possible as it's presence must be continually and forever disclosed and is possible source of contention. Once removed even if there was leakage a NFA letter is issues upon clean up and matter resolved.
i read from other online blogs, that in nj, there is only one insurance company who will not insure home with underground tanks, but all others do.