old boiler

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  #1  
Old 02-24-03, 08:02 AM
scotth26
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Angry old boiler

i am in the process of purchasing an older home with a boiler system that does not work, i have family members in the heating/ac trade. what should i do!?!?!?!?!?!?
i absoltely love this house and am getting it at a considerable discount (accessed at 92,000, purchase for 60,000)
should i continue?
also there is a possibility the under ground oil tank needs to be checked
 
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Old 02-24-03, 09:02 AM
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Check it out...

If you have family members in the trade, call them for sure....a ruptured underground tank will require removal of contaminated soil, this might cost more than the house. Get someone with lots of insurance...to include yourself. Talk to the neighbors. Visit the site at several times of the day. Location, Location, Location...Check with the oil company if they have any knowledge of the history.
 
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Old 02-24-03, 10:47 AM
Brewbeer
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Putting in a new boiler is a known quantity - it will be a few (3-5) thousand bucks.

The oil tank is a different story. If it leaked, it could be very costly to clean up properly, and might cost even more than the house.

If you decide to buy the house, make a contingency in the Purchase & Sales Agreement which makes the sale of the house subject to the proper removal of the underground oil tank and "clean bill of health" from local and state regulatory authority having juristiction over the underground tank.

A straight forward tank pull with minor contaminated soil will run a couple of thousand dollars, assuming the contamination is so minor that it falls below the threshold of involving the state environmental regulatory agency. A "dirty" tank pull revealing a leaking tank and lots of dirty soil (or worse-polluted groundwater) will in all likelihood severly strain or bankrupt anyone without substantial monitary means.

Consider a contingency that states something to the effect that the buyer will pay up to X,XXX dollars to have the tank removed and the contaminated soil, if any, cleaned up prior to the transfer of the property from the seller to the buyer. The contingency should also state that if the property can not be transferred by a given date with the oil tank problem (if any) completely cleaned up to the satisfaction of the involved regulatory agencies, then the deal is off.

One thing you don't want is a bottomless contamination problem.
 
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Old 02-25-03, 03:44 AM
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kudos

, I a think thats a great idea, have a back door open that you can walk away from the deal if it becomes a big mess.... great idea!
 
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Old 02-25-03, 08:28 AM
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boiler

From all of your other posts SCOT.------- oil tank----boiler----bad electric---joist down 2" in upstairs.Ill bet that there is more stuff you havent found in this home yet. Like I said before RUN RUN RUN
ED
 
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Old 02-25-03, 08:36 AM
scotth26
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ed

even if i've had a thorough insp.? and family/freinds in elec, plumb. hvac, concrete, drywall?
 
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Old 02-25-03, 08:50 AM
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COST

If you have the time and the $$$$$$$$$$$$$$ And the home dont cost much ok.But ill bet you could build a new one for less and get what you want in it. This way you would have a new home not an old one when your done. All I can say is be sure and add up all of the costs you would have here. Sometimes it cost less to have something done by outsiders than to have all the friends do it, in time and $$$. Been there and done that ED
 
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Old 02-25-03, 08:53 AM
scotth26
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ed

thank you sir
 
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