Homepath house with plumbing issue

[Jon Swift]

I put and offer in on a Homepath home and the offer was accepted. The house was winterized and the basement looks like it has been flooded and all the drywall torn out.

Now that the bank has accepted our offer they tell us that the home can't be dewinterize because of a burst pipe/ pressure problem. They want us to pay for a plumber to come out and fix the plumbing issue so we can get the inspection.

The home is listed as-is but should i have to pay to fix the plumbing even though i dont own the house yet? If i do pay to fix the plumbing issue and something else comes up that causes us to pull our offer would i be able to recoupe that money or would it be gone?

[Robert Leach]

I personally have worked on several Fannie Mae properties and Freddie Mac for that matter in my career and this would be my advice, take it for what it's worth...

1. It is not uncommon for a property to flood during foreclosure. There can be a delay in switching over utilities which means no electric...no sump...basement water. I would request an air quality test before I did anything to ensure mold is not present.

2. It is possible that the bank's preservation contractor could not dewint due to something as simple as a damaged vanity faucet. Typically the repairs are less than $500 unless the property wasn't dewinterized before the property saw a winter. Broken pipes are still simple fixes but there could be several and you won't know how many until you charge the system. Air pressure tests are useless and will only reveal the first break or maybe 2nd. A plumbing inspections is $250.00 and well worth the insurance. Site unseen, I would guess your looking at less than a $1k problem. 

3. If the home has been vacant for a year or more, I would plan to replace every fixture in the house and re-seat toilets as rubber O-Rings can shrink or crack and wax can freeze. Best to do this automatically to avoid nagging issues later.