AmericanForeclosures.com

July 22, 2009

Underground Oil Tanks Are Important to Look for When Buying Pre-Foreclosures in New Jersey

Filed under: Uncategorized — americanforeclosures @ 12:45 pm
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One of the major things that you need to look out for when purchasing a foreclosure or pre-foreclosed property are hidden or partially hidden underground oil tanks. If you are thinking about investing in a foreclosure, especially for the first time. It’s really important to hire someone who has the right equipment (metal detectors) to look for underground oil tanks. If one is found, then you will want to then proceed to hire an environmental cleanup contractor to test the surrounding soil around the oil tank. If contamination is found, you will want to most likely back away from the home purchase if you still can. An environmental spill can cost upwards of $20 to $60 thousand dollars. You’ll want to look for signs of oil tank yourself such as metal valves sticking up from the yard and pipes leading insides the property. Keep an eye out for any signs of unusual soil color and odors coming from the yard. Removing an oil tank is not the end of the world. It will cost about $500 to $2,500 dollars. With New Jersey homes you’ll need the correct permits for the removal. Also, it isn’t illegal to have the oil drained and the tank left in the ground (albeit you’ll probably want the tank completely removed). New Jersey’s government website offers advice on financial options such as grants and loans. You can visit them to see what you are eligible for with your tank removal and environmental testing.

One of the major things that you need to look out for when purchasing a foreclosure or pre-foreclosed property are hidden or partially hidden underground oil tanks. If you are thinking about investing in a foreclosure, especially for the first time. It’s really important to hire someone who has the right equipment (metal detectors) to look for underground oil tanks. If one is found, then you will want to then proceed to hire an environmental cleanup contractor to test the surrounding soil around the oil tank. If contamination is found, you will want to most likely back away from the home purchase if you still can. An environmental spill can cost upwards of $20 to $60 thousand dollars. You’ll want to look for signs of oil tank yourself such as metal valves sticking up from the yard and pipes leading insides the property. Keep an eye out for any signs of unusual soil color and odors coming from the yard. Removing an oil tank is not the end of the world. It will cost about $500 to $2,500 dollars. With New Jersey homes you’ll need the correct permits for the removal. Also, it isn’t illegal to have the oil drained and the tank left in the ground (albeit you’ll probably want the tank completely removed). New Jersey’s government website offers advice on financial options such as grants and loans. You can visit them to see what you are eligible for with your tank removal and environmental testing.

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