water pipe broken before REO inspection

1 Reply

Hello everyone

I need some advice, I was ready to do the house inspection on saturday12/5/15 and my agent call me up to cancel, because a water pipe broke, the agent seller (deutsche bank) have to wait for a contractor to make an estimated and be approved for the bank, we were waiting for 3 weeks to do the inspection due to electric and water shout off and  in a midtime the contract still in a torney review. 

I have a few questions:

Should I wait to see what happen and use this as a contingence to low the price?

Should I get out of the deal?

I was looking to get into a deal pronto, we were supposed to close on 12/18/15 and this isn't happening, since I was using a FHA 203k loan and these guys don't show in a picture yet. I think a REO are a little complicated for newbies.

I like the house, but I'm not sure of the numbers yet, until I go thru the whole inspection.

Any advice and comments will be appreciated.

Fernando Londono

A water pipe burst can be an easy fix to a huge ordeal if it warps hardwood floors, causes mold, etc.

See if you can walk through with an experienced contractor and get a rough estimate. This should give you an idea if it is worth to continue to pursue the deal.