Foundation Repairs, too much?

[Jordan Page]

Hey BP, I need help!

Quick details, sorry for length. I’m under contract on a house and my inspections and appraisal just came back. Appraisal value is 120K with comps around 135K+ & the current purchase price is 105K. Great area for rentals with new Amazon Distribution center opening next summer 10 minutes away. (1500+ new jobs)

Inspection came back with minimal major issues aside from the large crawl space foundation issues. I got a foundation expert to come check it out and he estimated around 11-12K in repairs.

Basically the back corner is cracked and water is coming through the other end and washing out the support over time and is creating a problem. His quote was to completely waterproof seal the entire crawl space & jack up/repair the back corner & I think possibly 3 new support beams on that end.

I don’t necessarily have that kind of cash to pay in full, but he said I could possibly roll it into my loan/finance? Am I taking on more than I can handle? Should I get a second quote and renegotiate the sale price minus the cost of repairs?

Thanks!

-Jordan

[Terrell Garren]

water is coming through the other end and washing out the support...

You have a drainage problem outside the crawl.  Solve that and repair the foundation. If needed, add a crawl french drain, sump pump and 6 mil vapor barrier.  I would not seal the crawl on a rental.