Offer on building - Posted by 3story, NYC

Posted by Ben - NYC on April 25, 2007 at 09:32:07:

I agree. I would make the offer first with the issue raised and however you would like to handle it. Make sure you can agree on a price based on some assumptions that you spell out. From there you can get whatever inspections are needed and if the previous assumptions do not turn out to be correct you can renegotiate.

If you are off on price there is no point in paying someone for a structural inspection and getting quotes to get it fixed.

Whether you have the owner make the repair or not is up to you but if you feel that the issue creates a current danger - i.e. a brick falling on someone, then you probably want the current owner to fix it before you close.

Offer on building - Posted by 3story, NYC

Posted by 3story, NYC on April 24, 2007 at 11:53:22:

We’re considering putting an offer in on a 3 story mixed use building in NYC. Some brick on the outside of part of 3rd floor is falling apart. My question is should we submit an offer contingent upon engineers inspection and financing.
Or get the engineer inspection before submitting an offer?

The owner said he got a $40k quote to fix brick work.

Other info: asking $8m. currently fully occupied.

I appreciate your thoughts. Thanks.

Re: Offer on building - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on April 24, 2007 at 12:42:48:

Contingency…Yes. I would even go as far as having it repaired before the close of escrow. What’s $40K if they are selling for $8M?

A brick falling from 3 stories and landing on someones head could be a real…headache for a new owner.

How is the cash flow?