Foundation Issues ~ When to get a structural engineer in?

[Sam Koenig]

I am in the Madison, WI area and a new to real estate! Recently there was a foreclosure put on the market. From my unprofessional eye, the foundation looks respectable after walking the property. My question is, when in the timeline would you bring an engineer to get it professionally inspected? Obviously a major foundation issue would be a deal breaker and the numbers wouldn't work. Do you put in offers before knowing the condition of the foundation or is this where contingencies come into play after an offer is accepted from the bank? Any help or advice would be greatly appreciated!! Thanks!

[Odie Ayaga]

@Sam Koenig it may vary from bank to bank and state to state, but I've always had an inspection contingency in my offers on every property, bank owned or not. I would not pay for an inspection prior to submitting an initial offer as you may be out the funds and not even get an offer accepted. Is there a particular reason you're concerned about the foundation? If not I would put in your offer with an inspection contingency included and if it's accepted get it inspected and go from there. If you find a major issue you didn't previously know about during the inspection then you can change your offer or walk away