Foreclosure missing half the foundation

[Dustin Mellor]

I looked at a foreclosure this week that had no foundation under the addition. Just posts on cinder blocks, which I'm assuming is not to code unless you're building a shed! The bank was asking 108k and the ARV looks to be 120k. I was hoping to get all in including reno and holding cost for 100k but the foundation issue makes that pretty difficult. That coupled with the fact they they sawed one wall in half to fit a larger refrigerator and the roof is sagging. My reno budget was 17k and I'm paying cash so no holding costs.

1. I've read that banks may take as little as 75% of the asking price if there isn't much competition. Is that correct? 
2. Anyone ever added a foundation under an existing structure? Is that costly? The building is a very simple one story 3 bd/1bth otherwise in decent shape. 

Thanks!

Dustin