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What is the cost to repair/replace a house foundation (concrete slab) in the bay area (Saratoga, CA)?
I put an offer on a bank owned foreclosure at $861K it was listed on the MLS for $860K (on zillow its worth 1.5 million). However I noticed the house (built in 1950 with concrete slab foundation, wood and stucco exterior, ranch style 1600 sq ft home on a 13000 sq lot) has many problems but I'm mostly concerned with the foundation of the house. If I buy this home I won't have much money left. And I want to know how much it would cost me to fix or replace it. I noticed the floors slope and bulge in certain areas. Any suggestions about who is really knowledgable and honest I should hire to inspect and/or fix the foundation? Because I have no idea how bad the foundation is. The house seems to be in living condition but I don't want to take any unneccessary risks. Plus because it is a foreclosure I don't have any idea what else is wrong with the property. Do you think if there is anything wrong with the house the bank would give me credits or negotiate a lower price? Thank you.
I have represented buyers that have had issues with foundations and in every situation a Structural Engineer was hired for a specific inspection. A regular home inspector is often not qualified to make such an assessment.
Foundation problems vary greatly. But a slab that slopes and bulges puts up some major red flags to what is going on beneath the slab. A slab is nothing but a piece of concrete and concrete doesn't "give" much. You could be looking at a repair cost of a few hundred dollars or something like $20,000. Regardless of the engineers findings, keep the report for the sake of future buyers of the property!
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