Yup, the topic has come up yet again. And again. I am mentoring a new agent in the office – she wrote her first contract not too long ago. During attorney review, her buyer asked that the seller remove the decommissioned underground storage tank. ALL buyers ask for this to be done – it’s a no-brainer. But, because of the nature of this particular negotiation, and the perceived discount that this seller gave this buyer, both parties dug their feet in and the deal fell apart. The seller was still getting used to the idea of selling their home for less than they had anticipated and wasn’t prepared to spend additional money to get the house sold. The second scenario has a happier ending – a potential buyer for one of my listings presented an offer for one of my listings and offered to let the seller leave the tank in the ground as long as they could get insurance. I had already prepped my seller client that they would probably have to pull the tank, so when we found a buyer that wasn’t concerned about it, we were thrilled. Then along came the attorney… and the calls to the insurance companies… and while you can get insurance, it is not without stipulations. After lots of discussions and a good night’s sleep, my seller clients agreed to have the tank removed. I’ve written about this before and I updated it this morning on my Bernardsville blog. Follow the links for more information about this popular topic.
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