Inspection Period?

You are asking the right questions. And you have a huge amount to learn about NYC real estate. Inspections have been discusses on some other threads you can search. Unless you are buying a townhouse, what do you think an inspector of an apartment would find? You can't open walls, there is no basement or roof, we don't have termites or argon problems...think about it. Any building issues will be covered in board minutes in a co-op, and you would likely not be permitted to have an inspector look at the insides of new construction anyway. Your attorney is correct. And the waiver of financing contingency is currently being discussed on another thread here you should read. In short, there is no "I don't think I can agree." You either can afford to throw away your deposit or complete the deal in cash. There is no playing the odds on this point otherwise. NEVER. On some points there are alternative views. Not this on this one, though.

Kylewest, I do respect your opinions, however, how would someone know if the heating or air system really works for the space you are buying, or that your soundproof windows really are just that without an engineer advising you? My friend moved into a very expensive new development, high end everything, except she had water issues and the windows leaked air. She ended up moving out after a couple of months because the building sponsor did nothing about the problems and a board could not be formed to address them for another year or so. (Read that part of the contract carefully!) Wouldn't an engineer have been a plus? Why can't they look at the heating system in the building and anything else that you are buying into? I'm also new at this and have a lot to learn, but we're talking about millions of dollars. How do you protect yourself?

NYRENewbie, I agree with you completely and that is my perspective.

I've never lost by asking for something and one thing that is true even in NYC is that EVERYTHING is negotiable.

If I'm paying top dollar for top real estate, I expect my soundproof floors/ceilings, HVAC systems, roofs (yes there are leaks on new roofs when the work is not done well, and there is always carelessness on the development side of the business),plumbing, etc to be top notch.

I guess I will not accept the developer's terms on the financing contingency, and if he wants to go find another buyer in this market rather than amend the contract, it's up to him. I've lost 2 deals already, and I'm not sorry that I stuck to my guns b/c I am finding new development deals at a discount now. Ha! to all you naysayers in NYC who don't expect more for your money.

Kylewest, I searched "inspection period" on the thread search, but didn't come up with anything useful on streeteasy. Which word did you search?

I've noticed that plumbing sucks in NYC and I want to make sure I don't have this problem in my condo and I want to make sure that my washer/dryer vents correctly to avoid humidity.
Also, I'm concerned that since this building was originally building in, I think the 20s, that the conversion work was done with proper care. (what can go wrong? i'm not sure...you tell me, if you know! haha) Am I being paranoid?

http://www.streeteasy.com/nyc/talk/discussion/3361-how-long-does-it-take-to-get-tco

read malraux's posts concerning inspections in new development

My comments are borne of experience in existing buildings--perhaps I over-reached vis a vis new construction. That said, there is really nothing an inspector can do in an old co-op. You need a pro to tell you if windows are soundproof? Come on. Turn on the tap. Does water come out as you expect with sufficient force and at the right temperature? Are there water stains in the closets, on ceilings? My point is that if you can't see it, an inspector won't either. If there is something specific that gives your pause, that's different: the floor creaks a lot and in visibly pitched; large cracks in walls; the bathroom floor is obviously torn up in a dozen places...Then of course you need to get an answer about those things. But if the building is sizable, the condition of the physical plant will be reflected in the minutes of the board if there are any significant issues. Similarly, if the minutes are silent about upcoming and past capital expenditures, maintenance of the roof, boilers, sidewalk vaults, elevators and risers, then that too is a warning sign that must be investigated. In existing construction, due diligence will do much more to inform you than a walk through with an inspector. The need to have a lawyer who is extremely well-versed in NYC RE is essential. I would not hire a lawyer who just dabbles in the area. They have to understand how to read a financial statement and parse the minutes and prospectus. They must be an investigator--not a rubber stamp.

In discussions, search "inspector" for old threads. You'll make your own decision. There is little down side here, so it isn't like you are going to waive a mortgage contingency without understanding what you are doing. Let us know what you decide.

Maybe search for 'home inspections', 'home inspector'? Another thing you may want to consider when you're checking out the apartment is how rapidly the water drains in the shower/tub. I HATE IT when I'm taking a shower & am also getting a good foot soak at the same time - ick!!!

You should try to get a member of NAHI -- the National Association of Home Inspectors -- as your inspector, but KyleWest is right -- without your inspector having access to things like the boiler and the roof, it won't do you that much good.

The best way around this is not to buy something brand new. If you buy into an established building you'll be able to find out about systemic problems from the neighbors, building financials, board minutes, etc.

We have talked about financing contingencies on other boards; as the market softens, more sellers are open to them, but they are still not standard practice because credit is so tight. Obviously, as a buyer, if you need one, then you need one, but you may have to shop for a while to find a property that will offer one to you.

ali r.
{downtown broker}

thanks everyone for your help.