Foundation Problems at Purchase

[Zack Bracha]

Hi all, 

Like many here I have been silently reading and listening while trying to learn as much as I can. 

I am currently in the option period of my second deal. However, with so many of the homes in the Dallas Texas area it needs foundation work. This particular unit is a townhouse that shares a common wall with the unit next to it. Does anyone have experience with working with the neighbors when completing foundation work? I'm not sure if I can ask for them to help pay for some of the cost since it is a shared wall, but I would like to at least get them to sign something stating that I am not responsible for damages caused in their unit.

Also, I am trying to go the traditional 20% down route, but am a little worried with the fact that financing might fall through because of all the work that has to be completed prior to closing. Has anyone had a similar experience that they could share to help me see how that process may all play out? I'm not originally from Dallas, and the idea that foundation problems happen all the time is still new to me.

Thank you in advance to all for your thoughts

Zack

[Nathaniel Berry]

I would highly highly highly recommend that you or make sure the contractor you hire to perform foundations repairs (especially since it is a shared wall that will be repaired and/or modified) is designed with the details that will be used and make sure that it is stamped by a professional engineer. This will help protect you in the event something does go wrong and it does negatively impact the neighbors house and cause any amount of damage. I don't fully know the extent of the work you are planning to perform or what repairs are needed. Just my 2 cents.

If it was a SFH with no other structures being affected. My thoughts may differ.