co-op inspection -- question

Hi guys,

We are going into contract on our new co-op :) YAY...

I asked our RE agent for a recommendation for an inspector and he said that the guys that he talked to would charge $275 and told him that it's pretty much a ripoff because the only things that an inspector can check in a co-op are water running, a/c, appliances, outlets (all things that the RE agent and my DH and I could check together in about 45 minutes).

I sort of feel like we should still do it anyway so we have something official..... any thoughts on the matter for people who have gone through this before.... The big stuff is handled by the maintenance of the building so if there were any problems with heating, pipes, etc.. it would fall on the building to repair. My question I guess is - if we don't do it officially, is there ever a time in the future when it could come back to bite us?

thanks!!
Jennifer

Re: co-op inspection -- question

Congratulations! We are also in contract for a co-op and just went through this process ourselves. We were advised by our attorney that an inspection was not necessary. The inspector is only able to walk through the unit and public areas that they can gain access to.

DH is an architect, so we conducted the inspection ourselves. He looked at the more complex areas such as fuse boxes, heating and cooling units, plumbing and signs of water damage, etc. I brought a night light and checked all of the outlets, turned on all of the faucets and applicances, looked under rugs, in closets, etc.

We also requested the financials and Board of Director minutes. Although the building is responsible for repairs, YOU are paying for it through you maintenance, assessments, etc. Check for renovations, roof repair, facade repair and any other costly building alterations. You can also check the DOB website for any violations.

With DH's background, I am confident that we did a thorough review. However, you are spending alot of money on your new home, and you may want to hire a professional for peace of mind.

HTH

Re: co-op inspection -- question

The REA is going to tell you what they want you to hear sometimes. I would get an inspection done - if anything for peace of mind!
Also, don't use who the REA suggests. . . Thats what people have always told me!

Re: co-op inspection -- question

Congrats btw!

Re: co-op inspection -- question

We didn't have any inspection either when we bought our coop. Our attorney told us it wasn't necessary.

Good luck!

Re: co-op inspection -- question

We didn't have one either.

Re: co-op inspection -- question

I don't think many people have inspections on co-ops for the reasons noted, but if you want one, I wouldn't use someone your REA recommends, no matter how much you like your agent. They may suggest people who do not inspect thoroughly and therefore, are more likely to give you the green light on a house. Remember, the REA is all about making the sale.

FM me if you want the number of the inspector we used for our house. If you look on your own, look for an engineer. This website has some listings, www.ashi.org.

Re: co-op inspection -- question

I had an inspection done when I bought my co-op. I was told that I didn't have to, but I figured that I should do anything I could to my benefit. The inspector did note a few problems that needed to be corrected and they were the responsibility of the co-op board, so I had some leverage in getting the work done.

Re: co-op inspection -- question

I would get the inspection done and use someone that you found not someone the REA recommends. If you need someone let me know. I like my engineer alot and he told us alot of great things.