Removal of Underground Oil VS Legal Decommission of Tank
Hi BP,
I'm a new investor looking to close on my first house hack in North Jersey! I was able to find an awesome property and get my offer accepted. I'll be able to house hack and reduce my living expenses significantly, allowing me to save up more for my next deal. After I move out, the property will cash flow based on my estimates. I'm currently in attorney review and the only caveat is that there is an underground oil tank.
The seller is refusing to remove the tank, and will only pay to have it legally decommissioned in place. For those of you with more experience or have run into a scenario like this - would you move forward with the deal knowing that the seller will not remove the oil tank and will look to legally decommission it? Or would you pass on this opportunity?
I'm interested in learning about the pros and cons of accepting the sellers terms and getting is legally decommissioned or walking away from the deal if the risk of buying the property with the underground oil tank is too great.
Thanks!