Foundation and structural damage on potential purchase, thoughts?
Hi Everyone,
I am new to this forum. I am an accountant from the Chicago land area and I am working on my second real estate deal. I am currently in contract for a multi-family 4 unit in Lombard, IL. After inspection, the major problem with the building was that it has a 4-6 inch slant. The inspector said this could cost a lot in the future and is likely to cause further problems. Of course my contract is contingent on the inspection report and I could negotiate further with the seller or back off.
Questions -
Has anyone purchased a building with foundation problems?
What could be the potential problems that would happen in the future?
Is this something that could be repaired professionally and reliably?
Your general thoughts about this situation are appreciated!
Thank you!