I would highly recommend bringing an Inspector with you for the walk-through. Normally an inspection is carried out within 5-7 days of acceptance of a contract but with new construction there's little to inspect if the unit hasn't been completed when terms of the purchase are agreed to. A developer will allow a punch-list to be created which will often be corrected within a window of time. Make sure a representative of the developer signs-off on the list so that you've a written record of what was agreed to. The more time you can give between walk-through and closing the better chance you have of any defects identified being corrected prior to closing. Those that aren't corrected will be addressed within the agreed to window of time post-closing but always pressure the developer to have them completed prior to closing.
You ask for an Inspector recommendation: Cary Seidner, firstname.lastname@example.org (847) 401 4255.
Best of Luck, Ken.
Did you not work with a buyers agent? I hope you did, as the ins and outs of new construction are complicated. Usually, the developer does not allow contractually for a formal inspector to enter the property in an appropriate time prior to close. I always write into my developer contracts as a buyers agent that the buyer will be allowed entry a minimum of 2 days prior to close with all appliances in working condition in order to conduct a formal inspection. At that time, your inspector can also help you in creating a punch list. If they have a significant amount of work to complete in the few days before close, then you will need to walk through again the morning before close to create the punch list (and add anything the inspector found to the list). Anything not on this punch list will not be fixed by the seller post close (unless it is outlined in the warranty offered by the seller).
As developer contracts are not standard and are created BY the developer, they must be closely read! Yes, take the inspector. Please!!!
Have you checked the developer"s reputation (the majority are poor).
Bottomline: if you are concerned, bring the inspector along. Once the sale is closed you'll have little leverage if you find problems.
Yes, I did bring one with to my walk through. I'd say it was worth the money even though all he said was that the condo itself is built better than nearly all he has seen in Chicago (windows, doors, bathrooms, etc). He didn't find anything wrong, but he did give us the presence of mind to know nothing was wrong and our purchase was justified.
I have had no problems during the year and a half or so we have lived here with the buildings tenants. My wife has had no problems even on the outside by Cabrini. People have been extremely respectful and pleasant to talk to.
As soon as Cabrini is entirely knocked down, I believe this will be one of the best spots in Chicago in terms of location.
Best of luck during your process of looking for a new home.
New or old........our advice is to always have an inspection involved with a transaction. We find that quite often new construction inspections uncoved more items that need remediation than older ones.
The "Eckler Team"
Most contract will have this in your purchase agreement and your Realtor should be filling you in on this as well. It's Real Estate 101. Good Luck!!