I am considering buying a newly renovated house in Chicago with a slab foundation. I found this pinkish stuff in two places between the ground and the foundation of the house. After some internet research, I am wondering if this is some sort of slab edge insulation. If so, should I be concerned about the fact that I don't see it around the entire perimeter of the house and only in two spots? It doesn't seem like something that would last - in fact, you can see the photo that the right edge has already chipped off. Am I correct about what it is? Would you be concerned about buying a home with this. What would you ask the developer to ensure all is OK?

Thank you!