Water Damage, what is next?

[Maya Gavasheli]

Today we've planed to have a closing on our home. Two store house with a basement, almost 5k sqft. It was almost sold, but one week ago, buyer's agent found our house full of water, because of toilet tank leaking during almost 10 days( we live already different state, and our agent worked on listing and selling our home). Buyers gone. And today we are talking with our insurance company and the same time different type of contractors, trying to dry out, and repair the house.. not really understanding what are possible scenarios that can occur next.. We don't yet know how much will pay our insurance and afraid to get from them less then we need, and we determined that what we need is close to $50k. Our biggest mistake( after that we did not put the cameras all over the house, until it would be sold ), our biggest mistake was, we never actually have read the policy, with the foolish confidence that we will never need it. Now we are talking to the insurance company, we had an adjuster in our house and we still do not have the answer, how much they will pay. However would like to understand what amount of our own money we will need to put in it. We need to understand, where to get the money - sell our stocks or use the HELOC, from this house? We already used our emergency funds, for a good investment, that we found couple of weeks ago, with the confidence, that we will rebuild this emergency fund after we will sell the house (here comes the Murphy with the ugly grin).

How much we can expect to sell this house after repairs and already not a season of selling.. How long it could take, the repairs and then listing and then all those inspections and a finally closing.. can it take 6 months? We take actions, but still? And maybe coming processes of house market crash...

If you have an experience in this, please help me to determine right steps for now!

Thank you in advance