How Do You Approach Underground Oil Tanks?

[Brian Sorensen]

I have a contract on a house with an underground oil tank. I've had tank service people come out and estimate the removal at several thousand. A previous owner has poured sand into the tank so it's apparently better to remove than to try to decommission this tank.

I've had a couple of other investors tell me they stay away from oil tanks. There's a risk of past leakage or leakage during removal.

Here's a scary story -

http://community.seattletimes.nwsource.com/archive/?date=20030504&slug=hometank04

How risky is this? Do you stay away from oil tanks?