I'm hoping to get a bit of advice on a home I'm looking at purchasing. My wife and I found a beautiful place in a perfect location at a reasonable price, but it looks like the foundation will need to be replaced. The house was built in 1920 and according to a report done by a structural engineer, the foundations have "reached the end of their useful life". The walls aren't leaking, but the concrete has crumbled away in a few spots due to moisture permeating through.
I know that as a general rule, houses with foundation issues are to be avoided since you have no idea how much it will cost to have it all fixed. That said, what would the risks be if I get quotes from various companies to do an entire foundation replacement and have that amount removed from the purchase price? Given that we'll be replacing the entire foundation, I'm having trouble thinking up of any hidden costs that could be added to the quote we receive. I'm sure I'm missing something though. Does anyone have any experience or advice with this kind of situation?