Hi @Ned Carey - Well, the property was completely renovated back in 2007/8 so much of the work (electrical, all new hvac, plumbing) was done and permitted. Mostly Cosmetic (painting, appliances, new carpet) on my end after it has sat for a year or two empty. There was some plumbing work that required that resulted from a leak in April that one weekend where the temperatures dipped below freezing but otherwise everything was in great condition. The thieves damaged the sheetrock in the basement to get the copper from the main water line, the lines running to the laundry area, the pipes under three of the kitchen sinks, the pipes to 4 water heaters and they snipped part of the copper lines that runs from the AC to the furnace on two units. This also possibly damaged the coils in both furnaces. Luckily, they did not touch the bathrooms or the actual AC Units.
I've never run across this scenario before so trying to estimate how much this would cost to repair has been an experience especially since we are going to need to create more holes to repair everything. I countered the bank yesterday with 20k reduction and they responded today with 15k. I am waiting on numbers from my contractor today to see if I can work with this since I got this at such a great price for the property. I maybe OK but I still don't get why the bank wouldn't just give me the estimate price - especially since they will probably file an insurance claim which will pay them the amount. The contract has a clause to sell in same condition "as-is" from when we entered into the agreement so we have some wiggle room. I am using a renovation loan for this project so I am now updating my SOW to include the additional work.
