Blinking Folder with a question mark

I have a failed imac 2011 that won't startup. I've followed all of the instructions to enter recovery mode. Once i'm there I access disk utility to run verify and repair and though I see that my disk are there the verify and repair permission buttons are greyed out. I tried utilizing a software to recover the disk contents but nothing shows up. Not sure if that means my hard drives are fried or not but i'd really like to know if there are any suggestions for me to access the data off the drives. I've recently purchased a new imac but I am in dire need of some music project files that remain on that disk/computer. Help Please!