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Regulations Governing Underground Home Heating Oil Tanks
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 |
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