About to close on foreclosure when basement flooded

[Account Closed]

Hi All,

I was about to close on what I thought was a great foreclosure for $246 K. This is in Illinois. 3200 square feet, 4 bed 2 bath, all brick. Missing a kitchen and needs about $75 K in work. However comparable houses are about 380 - 400 K.

The week of the closing the sump pump failed and the basement is now completely covered in 2-3 inches of water.

The basement is unfinished, concrete and tiled. The dry wall had been cut out before so that is not wet.

Now it has been a full week that the basement is covered in water because the bank is taking forever to come to a solution to this.

We offered to still purchase it with a $6K credit. They countered with $2K and then we countered with $4k on Thursday. Of course they did not respond on Friday.

We got a contractor out and he gave us an estimate of $2800 to clean the basement out and replace the wooden framing as well as the sump pump. We'll probably have to hire dryers and dehumidifiers thus why we think it's going to be about 4 K.

My questions:
1. How bad is it for water to sit in a basement for two weeks while the bank takes its sweet time?

2. I plan to install a new sump pump, clean out the water, put in a couple of dryers and dehumidifiers. Clean any mold/mildew and replace all the wooden framing that covers the bottom of the basement. Will this be sufficient to take care of the problem caused by the sitting water?

3. This is a great deal on a great property so I don't want to back out. Is there something I'm missing with this basement flood issue that might be a big expense later?

Thank you for any advice.