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Purchasing house with "no" foundation

Posted by Tracy Murphy on December 26th, 2002 03:51 PM

I am currently renting a house, that, due to the death of the owner is being offfered to me for purchase "at a really good price" (I don't know a real number yet).
I live in a river valley in SW Colorado (dry region, but damp location due to the river). I suspect this house was moved to it's current location from down the valley around 1940. It is a wood frame farm house.
The back quarter of the house is sinking, and it has gotten worse over the past year I have lived there. There is also some amount of wood rot on the exterior walls closest to the soil. My understanding is that the
foundation is a trench filled with river rock, with the house set on top. My neighbor's house is exactly the same, and that is how his foundation was (he jacked up the house and built a new foundation himself a few years ago).
I am new to home buying, and not someone who could do this work herself, and I guess my question is - Am I getting into way more than is probably worth my time and $? Is this sceanario unusual? Should I run screaming or is putting
in a foundation where none existed at an existing home site a reasonable thing to do? The house is a fixer upper, but has tons of potential, and if the price is right it may be a good investment.
Thanks for you opinions on this! Tracy

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