Author Topic: Co-op inspection and lead paint inspection  (Read 3275 times)

Offline yqc7487

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Co-op inspection and lead paint inspection
« on: December 03, 2009, 05:55:28 PM »
Hi fellow members,

This is my first post on the forum as I am hoping that I will soon be leaving Manhattan and joining all of you to enjoy Jackson Heights Life as a first time home buyer.

I'd like to know if anyone has experience doing inspection prior to signing the contract and if it is necessary?
I was told that it was a waste of money, especially with the lead paint inspection.

I'd like to hear your input and if you can recommend a reliable inspector.

Thank you!

Offline Marlene

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Re: Co-op inspection and lead paint inspection
« Reply #1 on: December 03, 2009, 08:57:04 PM »
Hi fellow members,

This is my first post on the forum as I am hoping that I will soon be leaving Manhattan and joining all of you to enjoy Jackson Heights Life as a first time home buyer.

I'd like to know if anyone has experience doing inspection prior to signing the contract and if it is necessary?
I was told that it was a waste of money, especially with the lead paint inspection.

I'd like to hear your input and if you can recommend a reliable inspector.

Thank you!


Hi,

Welcome!

Your real estate attorney will tell you specifically what must be done as part of the due diligence in this particular transaction.

Best,

Marlene

Offline Shelby2

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Re: Co-op inspection and lead paint inspection
« Reply #2 on: December 03, 2009, 09:54:11 PM »
I think the book The New York Coop Bible might talk about this issue.


Offline Shelby2

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Re: Co-op inspection and lead paint inspection
« Reply #3 on: December 03, 2009, 09:58:50 PM »
And by the way, welcome to JH!

Offline Griswold Girl

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Re: Co-op inspection and lead paint inspection
« Reply #4 on: December 04, 2009, 05:38:59 PM »
It is a touch call.  We did not get an inspection before buying, however our friends in our same building did.  It might be money wasted, however, it might not.  It all depends on what you find or don't find.  They say "an once of prevention is worth a pound of cure."  Maybe if you don't opt for a full fledge inspection you might want to find out the electrical situation of the co-op, how old the roof is, look at copies of previous board minutes to make sure no major problems have been discussed. 

Good luck with your purchase! 


Offline yqc7487

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Re: Co-op inspection and lead paint inspection
« Reply #5 on: December 04, 2009, 10:40:14 PM »
Thank you all for your reply.

Yes, it is a touch call. Although we heard that many people did not have inspections, but since it is my husband and my first home purchase, I am feeling a little nervous not to do it.

I think I will definitely go to a book store tomorrow and check out the New York coop bible.

Thank you!

Offline NYC Native

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Re: Co-op inspection and lead paint inspection
« Reply #6 on: December 06, 2009, 12:12:30 AM »
You know, typically I tell people to save their money on an inspection for a coop since your maintenance covers most.  I had a young couple come to one of the apartments I had just listed and they brough an inspector prior to signing.  He checked the plumbing and stated that the shower body should be replace.  He noticed the bathroom had no outlet and that the kitchen had no GFCI's.  Finally he noted the baseboards were original and possibly contained Lead paint.  He didn't have an XRF with him so he took a small bulk sample and possibly sent it out for atomic absorption test.  The lawyer basically told me that their client will buy the unit but they needed a new shower body, outlet in the bath and all outlets in the kitchen changed to gfi's.  Owner agreed to do all of this things.  Cost for the seller was $1500 but it would have cost over 1k more for the buyer to get this done.  It may be a waste of money if everything is perfect, but if the Coop looks like it needs work in critical areas like plumbing or electrical, hardwood flooring you should probably get one so you have a tool to renegotiate.

Good Luck
Time is running out!

Offline v70cat

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Re: Co-op inspection and lead paint inspection
« Reply #7 on: December 08, 2009, 11:22:50 AM »
I would get the inspection for a number of reasons:

1) We are in a slow market and you can use the report to negotiate a further price reduction

2) The overall condition of the building will impact maintenance costs going forward.  Some of the buildings have really bad roofs that need a complete tear and and roof job and it costs a lot of money.

3) The cost of the inspection is small relative to your investment.

I do not think lead paint is a big issue but if you have children it is more of a concern. 

Offline Marlene

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Re: Co-op inspection and lead paint inspection
« Reply #8 on: December 08, 2009, 08:07:00 PM »
I do not think lead paint is a big issue but if you have children it is more of a concern. 

Lead paint is a big issue and in fact there are documents that must be signed offering disclosure on this particular topic.  Again, consult your attorney.

Best,

Marlene

Offline yqc7487

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Re: Co-op inspection and lead paint inspection
« Reply #9 on: December 08, 2009, 09:26:18 PM »
Thank you all for your help.
We decide to get an inspection if for nothing else, at least peace of mind.


Jackson Heights Life

Re: Co-op inspection and lead paint inspection
« Reply #9 on: December 08, 2009, 09:26:18 PM »