Oh good grief! The oil tank is still in the ground?
You changed from oil to gas heat years ago. Oil tanks didn’t matter back then. Consequently you closed the thing off and left it in the ground.
It’s time to sell your house now. That old oil tank you forgot about is unacceptable today. As a result, you have a problem.
You can’t sell a house with an abandoned underground oil tank. Here are some reasons why:
Almost all buyers use a mortgage. Banks will refuse to mortgage. Insurance companies will refuse to insure. Even cash buyers run away.
Environmental damage is the big fear. Underground tanks rust because they’re made of metal. Leaks happen sometimes which contaminates the soil. As a result, an expensive cleanup is required.
Buyers don’t want that responsibility nor does the bank or insurance company. Because of this you can’t sell your home until the oil tank is removed.
What else can you do? Hope for a cash buyer who doesn’t care? Removing it is the only solution. You really have no choice if you want to sell your home.
Licensed contractors remove underground oil tanks. It’s done most of the time like this:
- A backhoe digs out the tank.
- A special truck siphons out whatever remains inside.
- The backhoe pulls the tank out of the ground.
- Workmen inspect the tank for any obvious defects.
- The town inspector determines if everything is fine.
- The tank is hauled away.
Contractors remove tanks in a few hours. They charge around $2,000 (including permits) for the average home. Homeowners lose much more if they don’t do this. Because buyers see this as an intolerable negative, they cancel the contract. The next offer you get is almost always lower. You lose more than $2,000 as a result and the tank still has to come out.
Be proactive because buyers see excavated tanks as a positive. This adds value to your home so you win. Also you sell your home quicker because houses with tanks removed shine in the marketplace.
Contact me any time If you need the name of an oil tank contractor or just have some questions.
