Buying a house is the same as buying a car, as long as you pay a fair price for what you are getting and know all the warts then you are doing ok. If the house has been surveyed and problems found then it's best to walk away unless the cost of the house is so low that there is still a "profit" in it after the work is done. Subsidence does not have to be a deal killer, it looks like there is 100k margin between what the house costs now and what it could be worth. It would take a very brave (or mentally retarded) man to go ahead without a full structural survey though. As other posters have said it could be many months of living on a building site too.
Dave
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