Looking at a house to buy- water leak under slab

[jeffpas]

Looking at a house for sale that has been on the market over 4 months. Riskily, I contemplated making an offer to buy the property as-is to get a better price.
But why hasn't it sold in over 4 months? That was the nagging concern.
To my (complete) surprise, after indicating I was interested the bank that owns the house actually disclosed that service has been shut off and there is a 'problem with the water'. Who knew banks could be honest? (pausing for laughter). After calling the city they told me there is a leak past the city meter, aka, from the underground meter going to the house.

This obviously means a leak either underground in the yard, or beneath the slab foundation of the house.
My question is.... what kind of money are we talking about here? The unthinkable (jacking/breaking up the house to get at the water line) or what other technique is best, and what is the typical cost of such a job.

To get the house at a good price, it may be worth the repair. But to be honest it sounds like my worst nightmare, water/sewer problems underneath a slab house where there's no access.
Thoughts anyone??

 

[havasu]

I know this is a general question. A water leak could be something as a simple as a loose supply line, which takes no money and 5 minutes of time. It could also be a broken city water line 4' deep, somewhere on a 2 acre parcel, where it could cost upwards of $40,000 - $60,000 to fix. You need to be a bit more specific as to where this water leak is, what city and country you live, and how you are confirming this information.

I do know many banks will deceive the public when someone from the bank wants the property for themselves. I once tried buying a bank owned property, but they talked me out of it because there was a $200,000 lien against the property. Ironically, a month later, this same bank manager was seen moving into the property and discovered everything he told me was a lie.

 

[jeffpas]

It has to be general because I have no idea where the actual leak is of course, and no right to start digging to look. Of course I do know its AFTER the city meter, as they have it shut off (at the manhole cover, in the ground) and its not leaking. So I can quite easily go out to the house and see where the meter is, and get an estimate of how many feet from there to where the water comes into the building.

It looks like I'm behind the 8 ball as they say. Anywhere between $0 and $60000 is a staggeringly unplannable price range.
The bank can't be lying about the leak since I got the leak information from the city's water management department. But if someone at the bank wanted the house for themselves, surely they would have taken it by now its been 4 months?

 

[mike fiore]

thats a tough one. if leak is between meter and house thats actually better. If its under slab ive had to abandon lines in slab and repipe whole house. cost depends on youre location, if you are in any freeze zones youre 4 to 5 ft down which is a lot of digging depending how far meter is from house.

 

[Diehard]

In most states, property owners only have to make real estate disclosures for problems they're aware of. That means that you generally don't need to hire someone to inspect your property. Some states, however, have stricter requirements, and will identify specific problems that you are responsible to search for (e.g., termite damage). A few states, like California, have extremely detailed disclosure requirements, so search for the laws in your state and always consider consulting with a lawyer or real estate expert. Always check the real estate laws in your state.

 

[Geofd]

you may want to talk to a plumbing/heating co that specialize in slabs.....they maybe able to tell you different senarios …...don't forget the drain......its also in the slab...….
I knew someone whose drain was leaking and they had to stay in a hotel for a while....I actually got a call on a slab leak....it was the hot water feed to the kitchen faucet
it was under the refrig….the tile floor was hot...….I passed on it....I was called back to look at the work by the owner....there was a maze of electrical piping/heating/and domestic hot and cold water.....if its water or heat. I would repipe....if theres one leak theres gonna be another.....my niece has a slab befre she bought in the previous owner
put an air handler in the garage....so her heat is hot air...heated by her boiler....she also has central air...really a nice system.....you should get the drain cameraed so you know the condition of that......