A. While an engineer inspection can be very thorough, there are some things may not be mentioned.
If your house is over 50 years old, you might want to have a sewer inspection. Most sewers have a 30- to 50-year life expectancy, although many last up to 100 years or more.
More often, roots or other exterior factors can damage the sewer line to your home. Root damage is not covered by your homeowner’s insurance and can be very costly, running $10,000 or more. A simple inspection can tell you if the line is intact.
Another factor to consider is lead in the drinking water. This too can be determined with a simple test.
Q. The co-op board turned my buyer down. Do I have to return their deposit?
A. Unfortunately, should your buyer fail to obtain board approval, then you must return the deposit to them. In addition, if they fail to obtain financing, then usually, they will get their deposit back.
For this reason, it’s important to hire a real estate agent who is familiar with qualifying the buyer for both a mortgage and. more importantly, the co-op board.
Send your real estate-related questions to firstname.lastname@example.org.