Oil Tank Seriousness: Northern NJ Older Home

[Michael S.]

I currently have a duplex under contract in Northern NJ that has an oil tank underground in the front yard. Per my attorney, this should be a deal breaker if the seller isn't willing to remove. Since oil tanks and older homes are new to me, I wanted to ask -- how big of a deal is an oil tank? Should I really walk away if the seller won't remove it during the inspection contingency period?

[Tom W.]

Michael S. Most lenders will not provide financing on a property with an older underground tank.