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Updated almost 4 years ago,
First Time Buyer Scared of Foundation issues
I am looking into buying a rental property and just had it inspected by a local foundation repair contractor. I am showing roughly 2" in
deflection from left to right (20' Distance) and about 1" from front to back (60' Distance). I believe the cause is the high side has some
grading issues that need to be fixed to redirect the flow of water away from the foundation. The contractor said I needed 36 Piers and quoted me $19,600 for the repair and made sure that I knew that this did not include plumbing or electrical repairs. I am in San Antonio, TX. I have 3 days left in my option period and plan to go back to the sellers agent to discuss further.
My question is a 2 fold.
#1 should I be super scared of buying this house because of the foundation being out of tolerance? or would it be reasonable to expect the expansive clay to dry out over time after grading is corrected thus fixing the slab?
#2 Does the quote seem high in today's market?
Thanks in advance, this is the first rental property I have been able to win so I hate to let it go if there may be a reasonable solution.