Copper Pipes stolen from HomeSteps REO while under contract

[Brittnee Robinson]

I'm currently under contract on a 4-unit building Freddie Mac foreclosure in Baltimore city and the copper pipes have been stolen while under contract.  So this deal has been crazy from the get go dealing with an un-interested listing agent with shady dealings.  Even when the unit was vandalized, the listing agent did not tell the asset manager until I sent in an addendum two weeks later asking for the damage to be repaired or price reduction.  So the bank gathered their contractor bids, police report and etc and countered my price reduction today.  Since its four units, I requested a 50k reduction due to the bids that I received. Their contractor provided a 25k bid however the bank responded with only a 10k price reduction.  Has anyone had any experience with negotiating with REOs after vandalism has taken place at the property while under contract.  I don't understand why the bank would only offer a 10k reduction when 25k worth of damage has been reported.  Any tips on how to move forward?  My contract does say that the property is sold "as is" of the date it was executed.

[Ned Carey]

@Brittnee Robinson  in a row house in Baltimore a full re-plumb is around 5K (without wall work) So that would be about 20k for a 4 unit. From your description you do not need a full re-plumb. I am sure they did not touch drain lines. You don't even need a full re-plumb of pressure lines.

Keep in mind estimates can vary 100% !   A investor type contractor might do for $5k, when a guy from a big plumbing company with yellow page ads, TV and Radio ads might charge double that.

If I am the bank, I am going to credit you for what Chuck with a truck or Pete with a pickup charges, not Rick with a radio ad.