I have an accepted offer on a 1-bedroom co-op. Really like the place, great kitchen, an affordable price that I know I probably won’t find again. Had the inspection last week. Overall, the apartment is in good shape. But the fire escape is basically falling apart. My inspector was quite concerned when he saw it. It’s a 6th floor apartment, so a sturdy fire escape is a must have. But fixing it would be the co-op’s responsibility, not the seller’s.

Can I make the bldg fix this prior to closing?

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I doubt that you can make the building fix it prior to closing. Your best bet would be to get the building to agree that they will fix it within some reasonable time period (maybe 90 days). I assume the same fire escape serves other units and the same issues impact their safety too. They are probably legally required to fix it. But it might not be practical for them to get it fixed with 30-45 days if you have a quick close. If they refuse to fix it, I wouldn’t feel bad about reporting it to the city building department.

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It can be indicative of how well the building is ran financially. Do they not have the funds? Red flag for me. Don’t rush into anything in this overheated market.

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EY 1: My attorney went through the co-op’s financials and said they’re good. But we are waiting for the minutes from the last board meeting to see if there are any plans to repair the fire escape any time soon.

No you can’t but you can get an inspection then take that to the Co-op board. They will have to listen and record it. Is this in NYC? Lots of the fire escapes are like that btw.

Yes. This is in NYC. And that it’s likely the case in other buildings is what also concerns me. Do I keep walking away from nice apartments because the fire escape is in need of repair? It’s pretty crazy to me that these building don’t get violations for this and that owners let this happen.

Maybe I have to look at apartments on lower floors?

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- Work with the recruiter + apply for jobs on my own?

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Additional Posts in The Real Estate Bowl

Closing on my first home. Advice for anyone with student loans in administrative forbearance per the Cares act: once your offer is accepted have you student loan servicer put your account back in repayment status.

Accounts in forbearance, even administrative forbearance, are calculated at a higher monthly payment by the underwriter.

My fictitious debt to income ratio was too high for them to approve me, and it took seven days for my loan to be officially back in repayment. So just a heads up.

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2. Buy a ~5-550k house that’s not ideal with the plan of moving into an ideal home in 4-5 years when kid is ready for school.

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Post Photo
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Recently freed from the consulting game (starting end of next week) with a great severance and new energy around RE. Closed our first REPE fund last year as well as a sizeable personal portfolio in a large midwestern city, all on the side.
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