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Is there a tight housing market and thus the reason you're really into this house?
When we were house hunting, the first house we had a contract on had foundation issues---$20,000 worth of repairs. The seller refused to repair it nor lower the price. My bank refused to pay full price. So we walked away. The second had busted radiators. So we broke that contract too.
The difference with my story and your house is that the first house I looked at was built in 1785 (we wanted to buy a historic house). With a house of this age, its no surprise there are foundation problems.
However, your house was built in 1975. That sounds like some serious repairs for a house of that age.
My advice?
Keep shopping around. If you're in love with this house take a break and the novelty should wear off. It is not worth the headache and your $. Second, don't be afraid to break your contract on the house. Don't settle for anything less than what you want. Good luck!