Real Estate Blog - No inspection in Manhattan New York Real Estate

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No inspection in Manhattan New York Real Estate

No inspection in Manhattan New York Real Estate, Where the most of the Real Estate in the country has inspection as part of the negotiation, buyers are allowed to inspect the property once the offer has been made and written and ask the sellers for credits and money back after they inspect the property, in Manhattan New York Real Estate, we sell the Co-Ops and Condos in 'AS IS' condition.

No Inspection and "AS IS" condition (in Manhattan New York Real Estate) means all appliances should be in working order,there should not be any visible structural damage, such as leak, cracks in the wall and etc. The seller is responsible to fix if the dishwasher, refrigerator, stove, faucet, and etc is not working. The seller is NOT responsible if the buyer wants a new sink, new floor, or a new coat of paint. Sellers are not obligated or responsible for cosmetic fix ups. The general practice in Manhattan New York Real Estate, we do not credit buyer any money back for non-structural fix ups. (there are some more complicated transactions and exceptions will be made).

With that being said, even though in Manhattan New York Real Estate there is no formal inspection, buyers should always inspect the property and note all the cosmetic fix ups should be discussed with buyers' agent prior to buyers submit the offer. Buyer can always suggest part of the cosmetic fix up to be sellers' responsibility during the price negotiation, however, it is up to the seller to decide if this is something they are willing to do. If the seller is not willing to make the changes that was suggested, buyers should take that cost into consideration when submitting an offer, and not after the offer was submitted! Once the offer is accepted, most of the time sellers are not interested in re-negotiate an offer after the offer is verbally accepted.

*exception can always be made, though this is the general practice in Manhattan New York Real Estate.*

Below are some more information for you to understand Manhattan New York Real Estate market better.

KNOW YOUR PRODUCT-PART 1 OF 5

KNOW YOUR BUYING POWER-PART 2 OF 5

KNOW THE FINANCIAL REPORT OF THE BUILDING-PART3 OF 5

Culture Shock buying Manhattan New York

If you are a first time home buyer, or a buyer that is relocating to Manhattan New York, please note there are lots of different Real Estate practices here in Manhattan New York. To have a smooth home buying practice, it is beneficial for you as a buyer to be educated with not only the market but only the purchase process. Contact us today as we are Manhattan New York Relocationg specialists and we are the market expert. (917)837-8869 or morgan.evans(@).com

Posted by Morgan Evans-New York City Real Estate Expert on 09/05/2009 08:06 AM

Comments (7)

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This post has been included in New York Information New York County, NY Information Manhattan, NY Information
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7 Comments on No inspection in Manhattan New York Real Estate

SEP

That would be so weird to practice where there was not an inspection contingency....I have several investors who I write up their deals with out one, but not having one @ all....interesting.

Our FAR/BAR contracts allow for inspections as well. And we have an addendum that says we recommend that all buyers have an inspection. If buyers decided to buy as-is, we have a seperate contract for as-is purchases. But like NY, our as-is contract still has an inspection clause. But our as-is contract differs from yours where it comes to seller responsibility. It's all or nothing. When a buyer decides to use an as-is contract, they get their inspections, then decide if they want to buy the property, or get their deposit back and walk away. IMHO, that makes the as-is contract in the buyers' favor! Think about it. On our regular FAR/BAR contract, (not as-is) the contract specifically spells out what the seller is and is not responsible to repair IF it turns up in the inspection report. And it completely separates the definitions of cosmetic from structural, in great detail.

But even with all that, we know everything is still negotiable. Buyers will still ask for things that are not covered by either contract if they feel like it. But if they use the as-is contract, they can just take their deposit back and walk away, for any reason at all.

I think it's fascinating how different things are from state-to-state =)

Morgan, That's interesting, I didn't know this about purchasing in Manhattan.

SEP

Thanks for the information and congratulations on the featured post.

SEP

Both in California, and in Hawaii, where I now sell, even though a Purchase Agreement may include "as is" conditions, it is still highly recommended that the buyer have a professional inspection done. And, if the buyer choose not to do an inspection, we have them sign a statement indicating so.

SEP

This was something Eileen explained to me on the phone one day... I really wanted her to speak in English. I cannot comprehend it. It's definitely a different animal up there where you guys are at.

OCT

No inspection in Manhattan New York Real Estate would'nt be a good thing here in Seattle, It would definately make things challenging

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