Selling a Hampton Roads House With Leaking Oil Tank

Selling a Hampton Roads House With Leaking Oil Tank (Virginia Beach, Norfolk, Chesapeake, Suffolk, Hampton Roads, Newport News)

Are you Selling a Hampton Roads House With Leaking Oil Tank? Don’t worry, I have been in this situation several times. Keep reading to find out what you can do.

Selling a Hampton Roads House With Leaking Oil Tank

Background

Many older homes in the Hampton Roads area have home heating oil tanks. Some are still in use, and some are left over from old systems. In some cases, the homeowner may not even be aware of it. It’s an unpleasant surprise to learn about an oil tank on your property. Everyone seems to have a horror story about cleanup costs, difficulty selling, even Superfund sites (kidding here…kinda). I recommend that home buyers and sellers get an oil tank sweep if they have any reason to think there may be one on site. If you don’t know the signs, ask your real estate agent and home inspector. Read on for tips on selling a Hampton Roads house with leaking oil tank.

Option One

Do nothing and sell the home at a discount. Selling a Hampton Roads house with leaking oil tank is possible, but many buyers (and their agents) will be wary. The buyer will want an inspection and/or a discount on the property to account for any cleanup costs. Many buyers will pass altogether rather than deal with the issue. If you can’t afford to fix the tank, chances are there are other things which need repair. In this case, I would recommend selling to a real estate investor. We can pay cash, close quickly, and take this headache off your hands. Go to http://www.WeBuyTidewaterHouses.com to start the process.

Option Two

Fill the tank in place. With this option, the tank is left in the ground but is dealt with in an environmentally friendly way. Generally, the oil is pumped out, and an inert substance like sand is pumped into the tank. The proper procedure for doing this depends on your city so check with the local officials first. Two local companies who do this are E.T. Lawson and PetroChem. Using a professional will ensure that the work is up to code and industry best practice. You will receive a certificate of tank closure which will be good enough for a buyer. The peace of mind comes at a price though, around $1200-$1300.

Option Three

Use the Virginia Underground Petroleum Storage Tank Reimbursement Fund. Few people know that Virginia maintains a fund to assist with the costs of cleaning up an oil tank spill. If you have the time, this is a good option for cleanup because the tank is removed and all contamination is cleaned. Virginia will reimburse the cost of cleanup. You are only responsible for a deductible in the amount of $500 or $700. The amount of the deductible depends on the level of contamination that is found. Even better, the contractor who performs the work will bear all the upfront expenses, because you sign over the reimbursement to them. I recently had an oil tank drained, cleaned up, removed, and filled in with clean dirt, all for $500. I would recommend anyone with an oil tank to investigate this option. The tank has to qualify with a certain level of soil contamination, so if there is no leak, you can’t get reimbursed. A qualified contractor has to come out and test the soil for the necessary level of contamination. Don’t try to navigate this process yourself. A professional environmental contractor can handle the entire process for you. Check out this list of contractors who can help with selling a Hampton Roads house with leaking oil tank.

Selling a Hampton Roads House With Leaking Oil Tank

There are a number of ways to deal with the tank, such as ignoring it, filling it in place, or having it removed. If you’re short on time or cash, the best option when selling a Hampton Roads house with leaking oil tank (Virginia Beach, Norfolk, Chesapeake, Suffolk, Hampton Roads, Newport News) is to let us take care of it for you. Go to www.WeBuyTideWaterHouses.com and fill out the contact form now. We can pay cash and take this headache off of your hands.
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