What Is The Law Surrounding Oil Tank Removal Before I Sell My Home?
There is no law stating that an oil tank needs to be removed before a home is listed on the market. However, this is a defining factor in the homebuying process and will turn away many potential property and home buyers. We will discuss why it is imperative to have the oil tank removed and some roadblocks that may stand in the way if you choose not to.
Roadblocks If You Decide Not To Remove Your Oil Tank
If you decide not to remove your oil tank, then there will be several roadblocks you will face that will make it difficult to sell your home.
The Realtor. Realtors have been known to filter out any homes that have an underground oil tank. Realtors want homes that can sell and can sell fast. If a realtor is filtering out homes with a specific feature, it is important to take note. Realtors do not want to get involved or stuck with a client’s home that does not have sellable qualities. This really shrinks your potential buyer pool.
The Buyer. You could potentially get past the first roadblock. The realtor could start to then begin showing your home to potential buyers. An underground oil tank will be a hard pill for potential buyers to swallow.
The Buyer’s Attorney. If a buyer is still interested in your property, even with the underground oil tank, you will next have to get through the buyer’s own personal attorney. The attorney will be more informed with legalities and tests, providing warnings to the buyer and asking them more details about the property.
Mortgage Lender. The mortgage company, before they provide you with a mortgage, will want to know key details about the state of the property. You will have to inform them that the home has an underground oil tank. This may turn the mortgage company away from providing you with the necessary funds.
Homeowner’s Insurance. In order to be provided with insurance, just like with a mortgage, you will have to provide information on your property. You may face higher fees or premiums if an insurance company decides to cover your property, given that there is an underground oil tank.
It is hard to sell a property and go through the inspection process alone, jumping through these hoops just to sell a home with an underground oil tank could make the process less than desirable. So, what would be the solution to all of these roadblocks? The good news is that they can easily be avoided.
Take The Tank Out. Make your life easier by simply taking the tank out before you sell the property. This will make your property more appealing on the market and will guarantee your home will be considered for the market to begin with by a realtor. This will make buyers more interested in your property if it does not have a potential problem attached to it. Buyers do not want to have to worry about their new property.