Brooklyn, NY · Member since 2016 · 115 posts · 40 votes
Seller has an Oil Tank on property and wants me to know he doesn't have the money to move it. He is offering me a $5k credit on the deal of which I am already paying a bit more than I wanted to of $170k for a 4fam for a buy and hold in Irvington, NJ. I already have a 5k concession on the deal. Should I go even lower on the price or just accept the $5k credit?
You may want to get the soil tested before you take this on. If the soil is contaminated it could cost considerably more than $5K to remedy this. Some localities will allow old oil tanks to be filled if they are empty instead of having them removed if the soil is not contaminated. Check before you buy.
I agree I would research more and make sure it can be removed easily and for around the $5k he is crediting. It might be an environmental issue and involve the EPA, lawyers, and a lot more than $5k.