Digging Deeper: The Quirky Quest for Oil Tanks

Welcome to the wild world of real estate, where buried treasures (or tanks) lurk beneath the surface! Yup, we’re talking about oil tank searches—a step that’s more exciting than it sounds! Sure, it might seem like just another expensive item on the old inspection checklist, but trust me, taking the plunge and digging into those underground tanks can be a game-changer. It’s not just about avoiding future headaches and dollar signs—it’s about uncovering secrets that could make or break a deal! So grab your shovel and let’s get digging!

The Issue with Oil Tanks

Old timey oil tanks were all the rage back in the day for keeping homes toasty warm. But times change, and so do heating trends. Now days, it’s all about natural gas and electricity, leaving those old oil tank relics feeling a bit neglected. And guess what? They’re not taking it well. Yes, you heard it right—they’re hiding out underground, just waiting to cause a stink. So, while we’re enjoying our modern heating setups, those old tanks are plotting their comeback, one leaky surprise at a time!

a massive excavated oil tank

Oil in the Soil

You know those old oil tanks hanging out underground? Well, they’re not just chillin’ down there—they’re causing a bit of a ruckus! As time goes by, these tanks are known to rust and can leak their oily contents into the soil and groundwater. And let me tell you, when that happens, it’s not pretty! We’re talking about some serious environmental contamination that can turn a backyard into a greasy mess. It’s not just bad news for the folks living on the property; it’s a whole ecological disaster waiting to happen!

oil tank4.jpeg
gray soil is contaminated soil 

 

Rusty Business

Let’s Talk Dollar$ and Sense!

Finding an old oil tank hiding in your backyard can be a real headache for everyone involved in the sale of a property. For sellers, if you’ve got a leaky or buried tank, it’s like a big red flag waving “buyer beware!” Potential buyers can be scared off by the thought of oily surprises lurking underground. And buyers, be careful! Many times sellers don’t even know they have this buried treasure and you could end up with a property that’s not just expensive to clean up, but also puts you in hot water if that oily mess spreads.

Dodging the Law’s Oil Slicks!

When it comes to those buried oil tanks, it’s not just about the environment and your wallet—there’s also a whole legal rigamarole to navigate! Depending on where you live, sellers may be required to disclose an oil tank lurking underground. Forget to mention it? Well, get ready for some legal drama! By doing your due diligence and sniffing out those tanks early on, you can sidestep any messy legal battles down the road. It’s all about staying on the right side of the law, folks!

Zen and the Art of Oil Tank Searches!

Ah, peace of mind—the holy grail of real estate transactions! For buyers, uncovering the secrets lurking beneath the soil, like those pesky underground oil tanks, brings a sigh of relief and shields them from surprise bills after the ink dries. And sellers? Well, they’re like real estate ninjas, swooping in to tackle tank-related woes before they scare off potential buyers. So, invest a little time and cash upfront, and watch as everyone glides through the transaction with the grace of a zen master!

Ready to dive into your next real estate adventure? Don’t forget to add oil tank searches to your checklist! Whether you’re buying or selling, it’s a crucial step that could save you from a world of trouble down the line. And if you found this post helpful and need a reliable real estate agent to guide you through the process, look no further! Contact me today, and we can make your real estate dreams a reality.

Hanging Out With Eli Under His New House

Pro tip –  Remember to do a re-inspect of the repairs you ask the seller to do before you close on your deal. With such short notice, Eli and I weren’t able to get the inspector that did his home inspection back out to the house to re-evaluate the repairs.  Luckily, we had invoices sent to us by some of the contractors that did the work. Using that information, we were still able to crawl around together to check that the plumbing no longer leaked, dry rot had been replaced and electrical buttoned up.  It’s important to do this together as a team (if possible), and if you can’t do it together, than make sure your agent does this for you prior to closing on your new home.

Repairs and Final Walk-throughs

You’re buying a home. You’ve completed your inspections. You’re waiting to close. Now what?

You’ve made it through the inspection period and the seller has agreed to complete some home repairs. Congratulations! Now what? A week before closing I remind my clients about the closing process and to schedule a final walk through before closing. Besides asking the seller to provide any invoices or photos showing the repair has been completed- schedule a final walk through at least 3-5 days before your closing date. It’s always a good idea to double check that seller has completed the items they’ve agreed to repair.

Often you’ll find that a seller is scrambling to get those last repairs done, or cleaning up their move out. You’ll walk through the house with your real estate agent and verify that the items have been repaired.  I’ve found that a day or two before closing is just not enough time to remedy unfinished repairs. If a seller has not performed the agreed repair, do not give authorization to close until you are satisfied. This may delay your closing and you’ll have to write an extension to close.

Here are some repair and final walkthrough tips-

  • Make sure your repair requests are written in detail or refer to a specific scope of work.
  • In addition to your inspection report, get a professional estimate for repair.
  • If you are asking for a sewer repair, request that the seller scope the line after the repair and provide you the video of the scope.
  • Make good judgement about work that is being completed by homeowner or needs to be completed by a licensed & bonded contractor. There is a lot of work that a homeowner can do on their own. If the repair is related to a “service” of a major appliance, structure, or health/safety issue- request a professional handle that repair.
  • If a repair is being completed after closing, for example a sewer repair- ask for escrow to hold back additional funds in case the repair exceeds the provided estimate.
  • Your repair request agreement has a date written in which the repairs need to be completed by. If you haven’t seen photos or invoices come in, check in with your REALTOR® to request them from the seller.

If you are thinking about buying a home- give me call! I’d love to help you through the real estate process.

Julia Robertson | Broker | Living Room Realty

541-505-1111 | julia@rebyjulia.com