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Oil Tank

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Indy Residential

Thread Starter
Freshman Member
Joined
Aug 17, 2007
Professional Status
Licensed Appraiser
State
Indiana
I have recently inspected a property that has a gas furnace. There is however an oil tank in that was left in the basement. I am all most certain I have read that the oil tank has to be removed from the property, but can not find it. This is an FHA assignment, can someone please verify this information for me, or guide me in the right direction? Thank you for reading.

Farewell Coach Dungy, you will be missed in Indy
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I know of nothing that requires the old oil storage tanks to be removed. I would just note it in the report and let the UW worry about it.

Side note: My old farmhouse in Kalamazoo had 2 fuel oil tanks in the basement when purchased in 1975. In 1978, gas came down the road and we switched. In 1988, when we sold the house, the buyer wanted the oil tanks removed as part of the sales agreement. I contacted the fuel oil supplier, they came out, pumped out the fuel oil that was in the tanks, disassembled the old tanks, carted them off and wrote me a check for $78.00. Such a deal.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I agree 100% with Mr. Carlsen on this one.
 

MEL

Member
Joined
Feb 27, 2002
Professional Status
Certified Residential Appraiser
State
Massachusetts
I also concur with Mr. Carlsen. I do the same. Just note what you saw and if you noticed any leakage.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
To prevent stips / questions - suggest taking 2 shots of it side view and floor beneath (confirms no leakage). comment on it. no big deal.
 
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