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Home Buyer Due Diligence

May 27, 2014 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.

 

 

 

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

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. 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 have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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