In the past few months GWS Contractors Inc. has noticed a jump in the number of residential and commercial tank removal Request for Proposals (RFP).
This uptick seems to be directly proportional to the increase in housing sales we are hearing about on the radio and TV programs. We always ask or potential customers about the condition of their tank and why it is being removed. The customers are increasingly telling us it is due to a pending sale of the house or building. Based on that information it seems that the housing market is turning around, and with the housing market so goes the economy.
Most people are terribly afraid to remove their heating oil tanks and wait until they are told to do so by the buyer. There are a number of reasons why you wouldn’t want to do that. Firstly, steel and water eventually turn into iron oxide, better known as rust. Holes happen when your tank remains in the ground, so the best thing to do is get it out of the ground and put it into the basement, or convert to gas.
People have to get into the mindset that a tank is a maintenance item, much like tires on your car…it’s going to wear out and you need to take care of it. With that said, you should also know that these days purchasers of your property, commercial or residential will almost definitely check to see what the history of the property was. The mortgage provider doesn’t want to take risks on properties with tanks. They know that if there was a leak you might walk away from the property and leave them in the lurch. This “checking for tanks” policy came about due to properties being abandoned. Since 2008 the abandonment of properties has increased significantly. There are many reasons for this including job loss and “underwater mortgages” when the value of the house exceeds the equity valuation. Many houses had been leveraged heavily using home equity lines of credit against houses that had little equity to begin with. The lenders don’t want any other issues to get in the way of you paying your mortgage.
Update! June 1, 2015
Well the Spring has brought a lot of action on the commercial and residential real estate market. GWS Contractors Inc. has been removing lots of residential and commercial tanks. Take a look at the 10,000 gallon Underground Storage Tank we removed at a site in Jersey City just yesterday.
Lot’s of real estate transaction based UST removals happening these days with GWS!