My offer on a REO duplex just got accepted. I have 10 days to inspect and decide if i want to proceed. The house is currently winterized and the contract states that i am responsible for re-winterizing if I de-winterize it to inspect. Both kitchens and bathrooms will need to be totally remodeled. There may be additional water connections in the basement. Any advice on whether I should de-winterize and inspect? How much would it typically cost to de-winterize and re-winterize?
Around here typically $250 to dewinterize and re-winterize. If you're already planning a big rehab I wouldn't bother. Just assume you'll have some issues. It its copper the difficult part is finding leaks. Fixing them isn't too big a deal, nor is patching drywall. If its galvanized pipe and its been empty, plan on replumbing the entire place. Galvanized doesn't handle being drained well. The insides of the pipe rust and you'll have ongoing issues with nasty looking water.
Many times the Bank has a service team that you have to use to turn on any utilities (not just winterized plumbing systems), the fees vary pretty dramatically in my area for this service. The other thing is that these service teams can be pretty flaky. I have done many inspections where they were scheduled to get there ahead of time to turn on all utilities, and upon arrival we find out they never showed up....just another joy of buying from a bank.
@Satha Palani around here the winterized properties seem to be a joke, I always figure on at least some plumbing repairs. You are doing major work anyways so save your money. Thats my advice, best of luck.
Thank you all for the great advice. I spoke to my agent today and she has reached out to the LA to get us in touch with the folks who winterized the place. Apparently they charge a reasonable fee.
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