Oil tank risk on Sheriff's sale property
I am considering a bid on a sheriff's sale property. I have determined my max bid, but have reservations because of the unknown oil tank risk. I have gone to the town building department to see if there is any record of a tank installation, removal or decommission (none), and have reviewed NJDEP data to see if there has been prior remediation on the property (none). There are NJDEP records of nearby (same block) properties that had leaking tanks.
The MLS listing for the prior sale of this property in 1996 says the house has natural gas, baseboard hot water heat and central air, which is consistent with the information I was able to get from the town. But none of this confirms the lack of an in-ground tank.
I am not sure what else I can do to evaluate oil tank risk. I cannot access the property for a sweep.
I know that my entire investment thesis goes out the window and that this could become a liability if there is a leaking tank. Any thoughts? Investors take this risk every week when they buy NJ auction properties, right? Is there any further investigation I can do on whether there is a tank short of getting access to the property.
Thank you in advance for your replies.