Those pesky in-ground oil tanks are still around the New Milford, CT area. in Litchfield County. 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!
YANK THAT TANK!
Originally posted at Yank the Tank
c Andrea Swiedler 2011