Closter, NJ · Member since 2015 · 72 posts · 19 votes
I am going to put an aggressive offer on a REO property I really like for a flip. the Bank disclosed that there was an underground oil tank that was recently removed. Do I need to ask for a clearance certificate before closing or once I bought a property without an underground oil tank it isn't my responsibility (the seller obtaining the responsibility, even after the transfer of title)? This is an as is deal in NJ. Thanks!
Wholesaler · Dallas, TX · Member since 2017 · 306 posts · 133 votes
7y
Hello Doron! Yes, I would request at least a letter that states that's was done and done legally. You do not want to be responsible for that. I live in Dallas, Texas and we have never had to deal with that. Based on my years of experience in construction and Real Estate I would do that. I would at least get that area inspected by an experienced in that area and get their opinion in writing, especially that the work done was legally.
Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes
7y
@Doron Rice Since the seller disclosed then yeah it would be nice to get some documents but good luck. In my experience the people you deal with on an REO may not have anything to give you. Most of the time they don't even know the code to the lockbox.