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VA & Fuel Storage Tanks

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John LaBelle

Thread Starter
Junior Member
Joined
Jul 5, 2006
Professional Status
Certified Residential Appraiser
State
Massachusetts
Let me start off by stating I am not on the VA Fee Panel, and this question does not pertain to an appraisal I am doing. Rather, I was asked this question by someone I know in regards to VA loans.

I freind is considering purchasing a home and he plans on obtaining a VA loan. A local home heating oil company has underground storage tanks directly across the street from a property my freind is interested in. Do you think this will be an issue with a VA loan? It is an unmanned storage facility where their trucks go to fill up.

Any thoughts would be appreciated.
 

David Beasley

Senior Member
Joined
Dec 12, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
I've never had a property like that, but my best guess is that the presence of it will not disqualify the property for a VA guaranteed loan, but it may affect value in the aspect of possibly being an external obsolescence.

But for an absolute determination, a call should be made to the VA RLC with jurisdiction. They're the ones that would review it should something come up.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
John as an appraiser you should tell this person not to buy the property. It is not a VA issue unless the operation is 24/7. The tanks that are in the ground, is the oil storage for contaminated oil?
 

Jim Onderisin

Senior Member
Joined
Sep 15, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
That's not a VA issue. Does your friend's prospective property have a private well? If so, he might be a little concerned.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I just completed a VA appraisal on a 2 year old home built next to a natural gas transfer station less than 100' from the subject, railroad tracks less than 1/4 mile, and directly across the street from a mobile home(single wide) park, and on a very busy 2 lane street. I supplied photos of all that and the loan saild right through. Unless you can show that it is a safety, soundness, or a sanitary issue or the subject does not meet VA MPR's it should not be a problem.
 

John LaBelle

Thread Starter
Junior Member
Joined
Jul 5, 2006
Professional Status
Certified Residential Appraiser
State
Massachusetts
thanks for your responses
 
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