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Old 03-01-2016, 05:50 PM
 
6 posts, read 6,903 times
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I received a bank's appraisal and I am doing the walk just with a real estate friend. It's an inspection to spot what hasn't been finished.

The quote is for the year. Which based on people I know who own places in Brooklyn that's about average to above average coverage.
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Old 03-02-2016, 10:40 AM
 
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I had a chance to view the building.The team was really nice. There is a gym, a laundry room, a stunning roof deck with view to Manahttan&Brooklyn, excellent finishing in the unit, considering it's affordable unit. It's still being worked on, but it's pretty much there.
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Old 03-02-2016, 12:53 PM
 
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Wow that's great to hear! Did you find anything amiss during your apartment walk-through? And having not brought an inspector, are you happy with that decision? Just trying to decide if I should drop the money for my walk-through that's scheduled for next week.
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Old 03-02-2016, 01:03 PM
 
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what are monthly fees. Condo maint/carrying charges?
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Old 03-02-2016, 02:13 PM
 
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@halfie, honestly I don't think it's worth it, the place is in mint condition, and literally nothing big was missing at all. Inspectors are useful for older building, or brownstones, this is a brand new construction where boiler, ventilation and common area (where there might be problems) are already inspected by the bank, and might again by the market rate buyers... inside your unit honestly it appears up to code, and my appraisal at least agrees to that... so why throw money away... I am maybe taking a chance here, but I don't think it's worth it at least for my unit. Besides, you can come by one more time before closing, and if you felt it necessary then bring the inspector (at least that is what I was told).

@delightfulNYC, I believe the charges are a % of what you own so it changes from unit to unit, you pay more or less depending on your unit size.
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Old 03-02-2016, 02:29 PM
 
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@Patracha Did they mention where they are in terms of closings beginning and the next step timetable.
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Old 03-02-2016, 05:06 PM
 
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Quote:
Originally Posted by patracha View Post
@halfie, honestly I don't think it's worth it, the place is in mint condition, and literally nothing big was missing at all. Inspectors are useful for older building, or brownstones, this is a brand new construction where boiler, ventilation and common area (where there might be problems) are already inspected by the bank, and might again by the market rate buyers... inside your unit honestly it appears up to code, and my appraisal at least agrees to that... so why throw money away... I am maybe taking a chance here, but I don't think it's worth it at least for my unit. Besides, you can come by one more time before closing, and if you felt it necessary then bring the inspector (at least that is what I was told).

@delightfulNYC, I believe the charges are a % of what you own so it changes from unit to unit, you pay more or less depending on your unit size.
Thanks @patracha I was leaning towards no inspector, and after hearing your take, even more so.
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Old 03-03-2016, 10:10 AM
 
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@patracha, Thank you so much for sharing! I was leaning towards having an inspector but what you said totally make sense.
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Old 03-03-2016, 02:31 PM
 
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Default Insurance

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Originally Posted by Mom2016 View Post
Does anyone know how insurance coverage is provided for the rest of the building aside from your own personal insurance? for example, issues that could potentially happen due to exterior issues and then possibly spreading over to your own personal property. Also property that might be kept in the storage area?

Also what would a good quote or reasonable policy look like? I am not sure what questions to ask or how much coverage is needed. I have many questions about this? Please share any helpful tips to consider when shopping around.

The building has a master policy which is an expense of the building and is included in the Schedule B of the Offering Plan.There are notes immediately behind the schedule B

for ho6: I was told the standard is 20% of appraised value for dwelling coverage (must be 100% of replacement cost value on the dwelling - contents of condo/ walled in insurance policy). Does anyone else have any advice on this matter?
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Old 03-03-2016, 02:49 PM
 
7 posts, read 8,349 times
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Quote:
Originally Posted by patracha View Post
@halfie, honestly I don't think it's worth it, the place is in mint condition, and literally nothing big was missing at all. Inspectors are useful for older building, or brownstones, this is a brand new construction where boiler, ventilation and common area (where there might be problems) are already inspected by the bank, and might again by the market rate buyers... inside your unit honestly it appears up to code, and my appraisal at least agrees to that... so why throw money away... I am maybe taking a chance here, but I don't think it's worth it at least for my unit. Besides, you can come by one more time before closing, and if you felt it necessary then bring the inspector (at least that is what I was told).

@delightfulNYC, I believe the charges are a % of what you own so it changes from unit to unit, you pay more or less depending on your unit size.
Did they mention if you will be able to close on it soon?
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