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Home Buyer Due Diligence

By Doug Francis

Heating oil tank

An old heating oil tank in the basement. Flickr Photo by MassMatt

Virginia is one of those states where home buyers bear the responsibility to investigate a property to their satisfaction before they buy it. You may have heard of caveat emptor before, which means let the buyer beware.

So, it is very important for you to know as much about the property as quickly as possible.

One line in the Northern Virginia Regional Sales Contract which is used by Realtors, discloses what type of heating fuel is used in the property. Natural Gas is the most common, followed by electricity, heating oil and propane. The specific type of fuel is marked off on the contract.

Heating oil was popular for many decades and is still delivered via tanker truck across Northern Virginia.

I have seen heating oil storage tanks in basements, in garages, in crawl spaces under a house, outside next to the house, and buried underground in the yard.

If the house you are considering uses heating oil, it is important for you to add a contingency allowing you to hire an environmental firm to evaluate the storage tank especially if it is buried underground. Older tanks are metal and after many years in direct contact with soil, rusting can occur and holes can develop.

 70% inspected were leaking… Pollard Environmental.

Environmental firms can test the soil around the tank for evidence of oil. Pollard Environmental of Rockville, Maryland published that of the 5,000 underground storage tank inspections in Virginia, over 70% were found to be leaking.

Now, this isn’t the end of the world, but it is something to address with the seller prior to settlement. There are companies that dig up underground storage tanks everyday or properly seal them in place in accordance with guidelines from the state. But it needs to addressed before you become a Responsible Party.

Hiring a licensed environmental remediation company will cost money ($4.000 to $8,000) depending on the tank or tanks, the amount of contaminated soil that needs to be removed and replaced, plus the cost of a new tank. So it is essential that you negotiate that now to pay for the majority of the work.

It is also important to have some say into who will perform the work. When a leak is detected it is reported to the Virginia Department of Environmental Quality. There is a paper trail and it needs to be finalized by a licensed environmental contractor.

This is one of a handful of issues that I like to cover with clients because it shouldn’t necessarily be a deal breaker if it is addressed properly.

 

 

 

Filed Under: Blog, Home Buyer Tips Tagged With: buyer agent, Home Buyer Tips, virginia

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

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