Underground Fuel Tanks What Buyers Should Know

<h1>Underground Fuel Tanks What Buyers Should Know</h1>Author: <a title="Eric Badgely" href="http://www.articlesbase.com/authors/eric-badgely/24532.htm">Eric Badgely</a> When it is disclosed, or discovered, that an old underground fuel tank exists on a lot, that can create a number of problems at closing. The information below is current and provides insight into how to best deal with this possibility so complications, and delays at closing, can be avoided.

In the USA, requirements have, in recent years, become stringent regarding the need for removal of old underground storage tanks. Even a few years ago, people would decommission tanks by draining the fuel (gas or oil) and filling the tank with a concrete slurry. Recently, a government official told me that, today, any tanks discovered must be removed. That does not apply to tanks that were grandfathered in and were legally decommissioned under the old guidelines and the official did cite a possible exception to the current rule. He said that, if removing the tank would damage the home or something of real significance, like a valuable tree or an attached historical structure, then an exception might be allowed. Special permits would be required to exercise this exception to the rule.

As a realtor, periodically, this concern with tanks comes up as many banks won’t close on a loan until any known underground storage tank is removed. Why? The issue is not the tank but possible pollution from the contents. If pollution has leached out from the tank, cleanup costs can be very expensive. I know of one such cleanup in my area, where the costs ran in excess of $50,000. That was more than one fourth of what the low end home was worth.

In just about every community there are licensed fuel tank excavation and remediation companies that can come in and locate, and evaluate and remove, any underground tanks. If you are a realtor, listing an older home, you might want to take a look around the house and the lot. Look outside, near the foundation, for any old metal vent pipes or fill tubes. In a basement or crawl space, look for small diameter copper tubing (it may be disconnected and rolled up) that comes through the wall -- usually a foot or so under the level of the soil outside. If you see such materials, you can anticipate and circumvent problems by having a professional locate and deal with any old underground fuel tanks prior to putting the home on the market. If you are suspicious that any such tank might be present, have the situation checked out. The cost, to have someone qualified look for old underground fuel tanks, is minimal. Now, if a tank is found, it costs something to have it removed. But, at the least, you will have resolved an ugly problem that was bound to come up anyway and at a much more inconvenient time.

About the Author: This article was produced by the writing team of Eric Badgley & Angee Gardner; specializing in <a href="http://www.bellingham-realestate.net/Condo.php">Bellingham Condos</a> and <a href="http://www.bellingham-realestate.net/">Bellingham Real Estate</a>, along with <a href="http://activerain.com/kingofthehouse">Bellingham Home Inspectors</a>. Making sure buyers are protected.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/underground-fuel-tanks-what-buyers-should-know-361143.html" title="Underground Fuel Tanks What Buyers Should Know">Underground Fuel Tanks What Buyers Should Know</a>

When it is disclosed, or discovered, that an old underground fuel tank exists on a lot, that can create a number of problems at closing. The information below is current and provides insight into how to best deal with this possibility so complications, and delays at closing, can be avoided.

In the USA, requirements have, in recent years, become stringent regarding the need for removal of old underground storage tanks. Even a few years ago, people would decommission tanks by draining the fuel (gas or oil) and filling the tank with a concrete slurry. Recently, a government official told me that, today, any tanks discovered must be removed. That does not apply to tanks that were grandfathered in and were legally decommissioned under the old guidelines and the official did cite a possible exception to the current rule. He said that, if removing the tank would damage the home or something of real significance, like a valuable tree or an attached historical structure, then an exception might be allowed. Special permits would be required to exercise this exception to the rule.

As a realtor, periodically, this concern with tanks comes up as many banks won’t close on a loan until any known underground storage tank is removed. Why? The issue is not the tank but possible pollution from the contents. If pollution has leached out from the tank, cleanup costs can be very expensive. I know of one such cleanup in my area, where the costs ran in excess of $50,000. That was more than one fourth of what the low end home was worth.

In just about every community there are licensed fuel tank excavation and remediation companies that can come in and locate, and evaluate and remove, any underground tanks. If you are a realtor, listing an older home, you might want to take a look around the house and the lot. Look outside, near the foundation, for any old metal vent pipes or fill tubes. In a basement or crawl space, look for small diameter copper tubing (it may be disconnected and rolled up) that comes through the wall -- usually a foot or so under the level of the soil outside. If you see such materials, you can anticipate and circumvent problems by having a professional locate and deal with any old underground fuel tanks prior to putting the home on the market. If you are suspicious that any such tank might be present, have the situation checked out. The cost, to have someone qualified look for old underground fuel tanks, is minimal. Now, if a tank is found, it costs something to have it removed. But, at the least, you will have resolved an ugly problem that was bound to come up anyway and at a much more inconvenient time.

This article was produced by the writing team of Eric Badgley & Angee Gardner; specializing in Bellingham Condos and Bellingham Real Estate, along with Bellingham Home Inspectors. Making sure buyers are protected.

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/real-estate-articles/underground-fuel-tanks-what-buyers-should-know-361143.html

Article Tags: Real Estate, Home Buying, Home Inspections

Related Videos
Related Articles
Ask / Related Q&A

Play

Pressure Tanks and Private Well Systems

Play

How Does a Toilet Work

Play

How To Save on Your Home Heating Costs

Play

How to Insulate Your Home

Play

How to Maintain a Hot Water Tank

Latest Real Estate Articles
More from Eric Badgely

What to Look Out For When Buying a Home

By: Stephen Burton | 14/11/2009
Most first-time home buyers search for the perfect home - one with the perfect view and the perfect location. They don't dig very deep to search for possible faults, and turn a blind eye even if they know the offering price is too high. Here are some tips and pitfalls...

I Buy Houses: Helpful Real Estate Resources

By: Simon Volkov | 14/11/2009
As more homes fall into foreclosure, more "I Buy Houses" signs pop up. The majority of these signs belong to private real estate investors or investment groups. Investors buy houses that are either in preforeclosure, already foreclosed, bank owned or probate real estate at discounted rates. Their services allow sellers and lenders the opportunity to reduce financial burdens.

First-Time Miami Real Estate Homebuyers’ Guide in Making an Offer

By: Mark Ferrer | 14/11/2009
It’s easy for homebuyers to get afflicted by the love bug when browsing for a home. Nice home, good location, perfect neighbors, selling potential are enough to experience coup de foudre for any homebuyer. This often causes hastiness and eventually some home-buying gaffes that can seriously cause future financial scrapes. Before you get caught in the heat of the moment and utter an unreasonable offer, look at this guide when buying a Miami real estate home.

The Pitfalls of Buying Remodeled Miami Beach Luxury Homes

By: Mark Ferrer | 14/11/2009
Remodeled homes are not new in the real estate scene. Many homes in the city, like Miami Beach luxury homes, are often outfitted or have undergone makeovers ranging from the subtle (de-cluttering, re-grouting, landscaping) to the extreme (total renovations, expansions, etc.). While it’s definitely refreshing to see these properties in the market, not to mention enticing to deep-pocketed buyers, it’s imperative to know that you're not going to end up with a shabby remodel.

Use Reverse Mortgage on Your Next Home Purchase

By: Lokesh | 14/11/2009
In case you are over 62 years of age and own a house, there’s a wonderful way to supplement your retrial income by way of taking a reverse mortgage loan on your home. Yes, don’t be surprised, you can continue to stay in the home that you own and mortgage it to earn from your home. Your home could be your best friend and financer and would stand by you to provide that you that additional money and comfort that you look for when you are in your sixties.

Short Sale- What if the Bank rejects your Offer what do you Need to do Next

By: Flynna Sarah | 14/11/2009
There are a lot people who still manage to cope with the ongoing financial crisis. Because inflation has been very unpredictable, most individuals are struggling to meet all their financial obligations. Those people who will greatly be affected by the global economic turmoil are the ones who are in the middle class.

Miami Foreclosures Q&A: All About Auctions

By: Mark Ferrer | 14/11/2009
One way to purchase Miami foreclosures is through an auction. Auctions are held at county offices but with the increasing popularity and ease-of-use features of the internet, more and more auctions are performed online through private auction houses. If you're planning to embark in this direction, make sure to do it the right way by exercising due diligence. Here are some questions answered appropriately to provide you with useful information.

Miami Commercial Real Estate – Leasing an Industrial Space

By: Mark Ferrer | 14/11/2009
Industrial spaces are great Miami commercial real estate properties for business that require large storage spaces. These properties are greatly helpful for large-scale production and even shipping. If you’re looking for large commercial office area, however, industrial spaces are also wonderful. While these are certainly tempting advantages, let’s move further and see industrial spaces from two sides: the pros and the cons.

A Buyers Agent Can Save You Time and Money

By: Eric Badgely | 22/07/2008 | Real Estate
You search and search, viewing dozens of properties online, you call on ads from the newspaper and real estate magazines, yet you still haven’t found the right home. What are you missing?

When the Appearance Can Make the Sale

By: Eric Badgely | 22/07/2008 | Real Estate
In today’s declining market, the importance of home appeal is becoming more and more apparent. So what can you do to make your home more appealing to buyers?

Vinyl Siding Maintenance

By: Eric Badgely | 28/03/2008 | Home Improvement
Vinyl siding is a common siding. It is popular with many homeowners because it does not require painting. On the other hand, it is still a relatively high maintenance product for other reasons.

Water Pressure and Standard Variations What a Buyer Should Know

By: Eric Badgely | 28/03/2008 | Real Estate
Homebuyers are often concerned about the water pressure at a home they plan to purchase. On the other hand, to complicate matters, it seems that no two homebuyers agree on what is satisfactory water pressure. Realizing that, home inspectors try to provide their clients with a water pressure reading that they can analyze and evaluate on their own.

Underground Fuel Tanks What Buyers Should Know

By: Eric Badgely | 16/03/2008 | Real Estate
When it is disclosed, or discovered, that an old underground fuel tank exists on a lot, that can create a number of problems at closing. The information below is current and provides insight into how to best deal with this possibility so complications, and delays at closing, can be avoided.

Lead Based Paint What a Buyer Should Know

By: Eric Badgely | 16/03/2008 | Real Estate
Anytime a person buys an older home, it is only logical to assume that some lead-based paint is on the premises. Typically, this is not much of a concern unless the paint is flaking off or if a major renovation is planned.

The Facts About Septic Tank Inspections

By: Eric Badgely | 11/03/2008 | Real Estate
There are a number of reasons why the standard home inspection does not include a detailed inspection of septic systems. The article below gives insight into some of the problems a home inspector would run into if he or she attempted to inspect septic systems.

Private Wells What a Buyer Should Know

By: Eric Badgely | 11/03/2008 | Real Estate
Buyers, purchasing a home with a well for the first time, often know nothing about the biology or mechanics of a well. The brief article below will provide some simple but essential information.