What You Should Know When Buying or Selling a Home With An Underground Oil Tank

The amount of home buyers that are discovering underground oil tanks in properties for sale is steadily increasing across the USA. As the leading provider of oil tank removal in Philadelphia, we want to advise potential home buyers on what to do when they discover a disused oil tank on the grounds of a property they are considering purchasing.

They Can Be Easily Removed

Underground oil tanks can make it more challenging to sell a property or decrease the value of a property in the eyes of a potential buyer. These tanks can also increase the chance of complications when it comes to closing a deal and selling a home. Mortgage lenders have become weary of buried oil tanks and could even refuse to lend money on a property that includes an underground oil tank.

Even if all environmental tests come back OK, many potential buyers will want an oil tank removed before confirming the purchase of a property. In fact, many buyers will submit an offer with the removal of an oil tank being a part of the terms of sale. If the property owner refuses to have the tank removed, potential buyers could simply move on to another property.

What Should Sellers Do About Buried Oil Tanks?

Some homeowners will decide to have their oil tank professionally removed before putting their home up for sale. This ensures that there will be no concerns or issues with the prospective buyer concerning the oil tank. Other homeowners will list the property anyway and wait to see if any problems arise.

In this case, the buyers will test the soil and the oil tank, and if there are no issues, move forward with buying the property.

In some cases, a buyer will ask for the cost of the removal to be deducted from the selling price of the property.

Our Advice To Homeowners With Buried Oil Tanks

If you are selling a home that has a buried oil tank within the property grounds, we recommend removing the tank before listing your home on the property market. For free estimates on the cost of oil tank removal in Montgomery County or any of the surrounding regions, click here today to visit the Professional Tank and Environmental website.