Get an engineer. It'll cost a little more right now, but man, it could save you a lifetime of issues. Too bad you don't live in my area, I could recommend one.
We thought about doing that. Then we were thinking well we could be out say $500 for someone to look at a house and tell us it is going to cost $X amount of money and we decide its not worth it.
I suppose its like gambling and either its a win or lose situation. Although we could make a offer on the house with that being one of the things we bring up. Then I suppose the bank could say they will either fix it or they may drop the price of the house or reject it. I honestly dont even know if they know of all the issues with the house. Hell they say it has a fireplace, well technically it had 2 but the prior owners took them with them! The things people in foreclosure do.