To Buy or not Buy with foundation issues?

[Connor Castillo]

Hi all,

I hope someone can lend their wisdom for this. We found a great opportunity for a home in an appreciating area, and on paper the numbers work. I sent a low-ball offer, and we went back forth but ended up getting 30K under asking accepted.  The inspection report came back, and it's pretty bad. The worst part is the foundation. We have received two quotes so far, and they are very different. One is about a 11K and the other is about 70K. They have very different types of solutions, but both say all of their work plus the integrity of the foundation is covered under warranty for the life of the home. The guy who quoted 70K said that I should tread lightly because he sees many issues throughout the home potentially. My agent (whom I trust fully heartedly) said that this foundation expert tends to be an alarmist. He said both foundation guys are very reputable and do great work but have different ways of approaching solutions. The seller will not let us extend due diligence and will just put it back on the market and said he could do these repairs for half of the cost of the low bid (~5k). So we are gearing up to ask for the full 11K and to have the expert do the work instead of them. For all of you experienced RE investors out there. Are there enough red flags that I should run for the hills? Also, forgot to mention, this house is a hundred years old! 

Thanks!