Actually if this is in Manhattan we rarely do inspections. Especially in Cooperatives. In a coop you do not own the electric & plumbing in the walls, the roof, pointing, windows, etc. They are all owned 'cooperatively' (Big suprise there huh?) So a good readiong of the meeting minutes of the Cooperative and a few mu=inutes with the super can usually telll you what you need to know, You do own the appliances, AC, Lighting and Plumbing inside the unit (Toilet, sink, etc)--but he contract warrents that these are in working order at the time of closing, this yu check at the walk through. Condos are not much different. I would highly reccomend an inspection if you were buying a townhouse or a wreck in a small building...otherwise not really. Less than 1/2 of 1% of buyers in Manhattan do professional inspections. A simpler and maybe better thing would be to get a good handyman to come in with you for a look over before signing.

Thu Jul 24 2008, 12:04

Hi Brett, yes, two separate things - assuming you are borrowing, the lender will require, and coordinate the appraisal. Inspection is one of two contingencies in a contract, along with the mortgage contingency. You should hold on to the right for an inspection and the protection of that contingency. You have the inspection, and from it comes a thorough report of the home. You are looking for major issues and those that exist, you will ask the seller to address - remember you have the right, seller has the right to respond. Let's say that there is a major issue - let's use a very clear one, foundation issue, and the seller refuses to respond...that's when the protection of the contingency comes in giving you the right to cancel the contract.

Assuming all is well, an inspection is still very important - because you learn a great deal about your new home. Be sure to attend and listen and ask questions of your inspector. And oh yes, the inspection is for you as buyer to arrange and pay for. You contract will give you a certain period, generally 10-15 days to complete inspection and kick off a letter via your attorney of issues you would like addressed.

Best of luck,
Jeannie Feenick
Weichert Realtors
Search and connect at http://www.feenick.com

Sun Jul 20 2008, 06:47

Not much to add here - other than a total overview of how things work and I'll be brief.

An appraisal is required by a lender. If you have a private lender, they will probably require one as well. The lender wants an appraisal in order to know the value of the property. So an appraisal is required only if you are borrowing money - but it is always a good idea to get an appraisal, even if you're paying cash (no lender).

An inspection is something that every buyer should get in order to determine the condition of the property - termite inspections etc. However, not every purchase must be subject to the inspection. A bank may require an inspection as well.

Things that come down the pike will be a Title Search and Title Insurance. The lender will require this in order to issue a mortgage commitment.

It's all tied together and can become one gigantic mess...lol - but if you have the right attitude and can relax a little - everything tends to work out and you purchase that dreamy place you will call....home sweet home.

Good luck!

Sun Jul 20 2008, 06:18

You will always want to have both an inspection as well as an appraisal whether you are pruchasing a condo or single family home. A lender will require an appraisal done by someone they select. Underwriters will then decide if they approve the appraisal or need, for example, more recent comps. Inspections are also sometimes required by a lender, ie; termite inspection, radon inspection, well and/or spectic inspection. You as a buyer should also have an inspector look for hidden problems om the home...keeping in mind that there is no "perfect" home. You and your agent should decide what should be remedied before closing, if any.

Sat Jul 19 2008, 08:14

GREAT QUESTION !. no they are 2 separate items, each cost approx. $300 - $500 based on the sq. ft. for residential purchase. NEVER purchase a home unless you have an inspection, bank wont lend money UNLESS an appraisal is completed.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

Sat Jul 19 2008, 08:10