Hi guys, was wondering if it's worth getting an inspection for a co-op...we'd only be responsible for what's from the walls in...
Thanks in advanced!
Azad
dandj
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Re: Inspection for co-ops?
I asked the same question and was told its not really necessary so we didn't do it.
We just had an appraisal done by the mtg. company.
ppwbride
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Re: Inspection for co-ops?
Our lawyer advised us it wasn't necessary for a co-op so we didn't get one.
azoodie
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Re: Inspection for co-ops?
thanks guys!!! any other tips for buying a co-op?
ppwbride
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Re: Inspection for co-ops?
We read the co-op board meeting minutes for the last few years - It was helpful for us to learn about the issues that were going on in the building, upcoming improvements that might raise maintenance/disrupt our lives, etc. We had to go to the mgmt company's office to read them, but it was worth it. There are a lot of politics going on behind the scenes in a co-op so good to get clued in early.
Chloegirl
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Re: Inspection for co-ops?
We didn't get one either.
However, if we were to do it again, I think I would. Our place is in great shape, however there are always 1 or 2 suprises that would have been nice to have known about in advance.
IrishBride-05
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Re: Inspection for co-ops?
I did get an inspection. I felt that anything that could work in my favor was worth the couple of hundred dollars. It did give me a bit of leverage in getting work done that the co-op was responsible for. I would definitely do it again.
azoodie
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Re: Inspection for co-ops?
we got an inspection! okay so now this may sound stupid, i am totally lost.
there were a few things found by the inspector that need to be fixed (in particular the alum wiring needs to be pigtailed, don't ask me what that means )
now, as a buyer, i should have the seller fix this right? or should we just negotiate a lower buying price? what if they say no to either?
i'm so confused...
KarenB
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Re: Inspection for co-ops?
I just sold my Co-op. I would not have renegotiated the price due to an inspection, I would have sold to someone else. You may be able to negotiate, it depends on how much they want the sale and how they feel about the price you settled on in the first place.
ppwbride
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Re: Inspection for co-ops?
Are the issues ones that the seller is responsible for or that the co-op is responsible for? Make sure you are clear on that - some repairs are the corporation's responsibility. If it's the seller's responsibility, you can ask them to fix, but i don't think they aren't obligated to fix them.
azoodie
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Re: Inspection for co-ops?
we offered full asking price because we really wanted the place. the things that need to be fixed are the responsibility of the owner. i just don't know what to do?
