How underground storage tanks can cause headaches to homeowners

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To homeowners, make sure you address the problems of underground oil tanks before you put up you property for sale. Learn from the experiences of Marianne and Matthew Schottenfeld, a couple from New Jersey, USA.

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How underground storage tanks can cause headaches to homeowners

  1. 1. How Underground Storage Tanks Can Cause Headaches To Homeowners To homeowners, make sure you address the problems of underground oil tanks before you put up you property for sale. Learn from the experiences of Marianne and Matthew Schottenfeld, a couple from New Jersey, USA.Underground Tank RemovalUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks http://www.ancfoster.com.au/
  2. 2. How Underground Storage Tanks Can Cause Headaches To Homeowners In early 2009, when the couple thought of selling their home, a real estate agent advised them that they unearth the underground heating-oil tank. At first they thought it was going to be painless and inexpensive. However, a contractor later discovered the underground tank to be corroded. Worse, that had been an oil leak into the ground. From there, the Schottenfelds have found out underground tank removal did indeed cause a dent in their wallet.Underground Tank RemovalUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks http://www.ancfoster.com.au/
  3. 3. How Underground Storage Tanks Can Cause Headaches To Homeowners The Schottenfelds’ property is completely cleaned now, but it took two and a half years and a staggering $60,000 just only to have the tank excavated. This could have been such a small case, but consider the cost and the pain it took to remove a corroded, polluted tank. This is one issue homeowners, buyers and real estate agents can face if they are not ready to see a contaminated tank. They are “very frightening things” remarked a real estate lawyer.Underground Tank RemovalUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage TanksUnderground Fuel Storage Tanks http://www.ancfoster.com.au/
  4. 4. How Underground Storage Tanks Can Cause Headaches To Homeowners The New Jersey Fuel Merchants Association estimated there could be about 120,000 residential underground fuel storage tanks. The number has been decreasing. Homeowners remove the tanks and replace them with aboveground tanks, while some others convert to natural gas heat.Underground Tank RemovalUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks http://www.ancfoster.com.au/
  5. 5. How Underground Storage Tanks Can Cause Headaches To Homeowners At home sales, the question of underground tanks comes out, as homeowners are to show to prospective buyers the premises of the property, leading them to where the tanks is located. Aware of the tanks’ potential for contamination, most buyers demand underground tank removal before the deal can go through.Underground Tank RemovalUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks http://www.ancfoster.com.au/
  6. 6. How Underground Storage Tanks Can Cause Headaches To Homeowners Buyers will refuse to buy a house with an underground tank or pay for removal even if they are given discount or credit for it. Even mortgage lenders and insurance companies are wary of underground tanks. Insurance companies won’t take care of the cost of the cleanup, and try to limit their exposure to tanks. Real estate agents have no option but to push the sellers to deal with the tanks before putting up the house for sale. The sellers then will have to remove the tank and convert to gas heat.Underground Tank RemovalUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks
  7. 7. How Underground Storage Tanks Can Cause Headaches To Homeowners Most often, sellers don’t know whether there are oil tanks on their properties as previous owners will not reveal about their existence or may have abandoned the tanks years earlier. So if ever the question about tanks pop out, home inspectors look for old pipes, oil-feed lines or other signs in the house.Underground Tank Removal http://www.ancfoster.com.auUnderground Storage TanksUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks Underground Fuel Storage Tanks
  8. 8. How Underground Storage Tanks Can Cause Headaches To Homeowners To search out for an old tank, a home inspector will usually sweep a property with a metal detector and conduct test borings of the soil nearby to check if there have been any leaks. If a tank is found, removal would cost a few thousand dollars. But if the tank is contaminated and there has been oil leakage, the cleanup costs can run up to tens of thousands of dollars.Underground Tank Removal http://www.ancfoster.com.auUnderground Storage TanksUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks Underground Fuel Storage Tanks
  9. 9. How Underground Storage Tanks Can Cause Headaches To Homeowners This was what had happened to the Schottenfeld couple. Their tank had leaked oil into their neighbour’s property as well as theirs. It was found out that the leaks probably started 20 to 30 years ago.Underground Tank Removal http://www.ancfoster.com.auUnderground Storage TanksUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks Underground Fuel Storage Tanks
  10. 10. How Underground Storage Tanks Can Cause Headaches To Homeowners This is the lessons for every homeowner to learn: Never underestimate the problem underground storage tanks can bring. Before they would like to sell their property, they should take care of the tank and handle the conversion to gas prior themselves to spare new owners from misery. To buyers, do not accept a credit for the underground tank removal of the tank because if there’s a leak, the cost can be much more than expected.Underground Tank Removal http://www.ancfoster.com.auUnderground Storage TanksUnderground Storage Tanks http://www.ancfoster.com.auUnderground Fuel Storage Tanks Underground Fuel Storage Tanks

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