A friend is trying to sell her house. The house has an old steel tank
(15 years) that is not leaking.
Prospective buyers that come to the house say they were told a
bank won't approve a mortgage and/or they can't get homeowners'
insurance with the underground tank. This is in RI.
The person is considering removing the tank and replacing it with
an above ground tank, but this will require rerouting of the line,
tearing up the driveway etc. I say the issue is not the underground
tank per se but the fact that it is so old and that she should
replace it with an underground fiberglass tank. She could then show
the buyer, the bank and the insurance co the bill of sale and the
warrranty.
In your experience have you ever heard of mortgage/insurance co
problems if it can be proven that the underground tank is new and
non-corrosive?
Thank you.
Frank