We have an interesting transaction going on right now. Its a pending offer but the inspections are interesting. This is the first time that we have come across a property with not one but two oil tanks. PortlandMaps showed no record of either tank but the tax record does show oil as the heat source even though it is currently heated by an electric furnace.
Alpha Environmental did the tank inspections by drilling into the concrete patio where the tanks are located. You’d never know after the holes were patched. The samples are analysed and both tanks have some contamination around them. They’ll need to be cleaned up and decommissioned by the owner of record within 90 days. The current owner is a bank. The offer included an eight page addendum that stated “as-is-where-is” in about seven different paragraphs.
A seller, under a normal real estate contract in Oregon, has no obligations to make repairs of any sort that aren’t in the original contract. There is as-is wording in the default contract. The buyer has a take-it-or-leave-it option with the inspection contingency if the seller refuses to make repairs or credit the cost of what is being asked for. If the buyer doesn’t ask, the buyer has no chance of getting. Just because you ask, doesn’t mean you’ll get.
We’ll see if the bank will relent and make a concession or not.