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Updated about 5 years ago,
Auction property with flooded basement
I am looking at a foreclosure auction where the house looks in great shape. I was able to check the property and it looks great inside. Only major concern ... when the owner abandoned the house and their power got turned off, the sump pump stopped working and the 1800 sq ft basement has now 2 feet of water! I estimate the basement could have been flooded for several weeks. I realize that could be one of those nightmare flip scenario
I am trying to get et an estimated repair cost. I tried a couple water remediation specialist but no one even wants to give me a range for estimated cost without an onsite -visit which I can’t arrange!-
My options if I decide to bid for it are:
1) to plan for a large remediation cost... but no idea on how much to plan... 50k? Any experience anyone?
2) plan for gutting the entire basement and not repairing it, selling it as unfinished basement... probably still some cost for water remediation but should be much less
thougts anyone?