Selling a house with an oil tank
If you take the proper steps you can overcome any stigma a buyer may have regarding an inground oil tank. The first step is to give your house some tank curb appeal. No doubt your Realtor provided advice on preparing your house for prospective buyers, such as landscaping, painting and cleaning up clutter. What they may not have provided is what to do with your oil tank. The best defense is a good offense and what people are afraid of with an oil tank is if the oil tank is leaking. So the easiest approach is to have the tank tested. This is far and away cheaper than removing an oil tank and either replacing the tank or converting to another fuel source. It directly addresses the primary concern of a purchaser of real estate that a tank has not leaked.
Oil tank testing by obtaining soil samples from around the buried tank provides concrete results regarding the oil tank. If the soil test determines that the soil is acceptable, the home buyer can use the soil testing report to facilitate the tank closure process after the real estate closing. This will answer any question as to whether the tank presents an environmental hazard. Although this is the cheapest, fastest and most direct approach, many homeowners still don't have their tank tested. It is more common that the homeowner tries to sell the house with the tank in the ground. After a deal or two falls through because of the oil tank, most sellers realize that doing nothing with the oil tank can severely limit the number of potential buyers.
This page is not meant to be all encompassing regarding oil tank testing during a real estate transaction, but rather to provide options. Not every situation is the same, some tanks are being used, others have been taken out of service, others still have been filled in place with sand, foam or concrete. No matter the situation, Curren has over 20 years in dealing with oil tanks. If you have questions that this site has not addressed, contact our office and speak to one our professionals.
Think you have an Oil Tank? Learn about tank scans with GPR, click the photo.