Home Buying in Montclare>Question Details

Nthemarket, Home Buyer in Montclare, Chicago, IL

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Asked by Nthemarket, Montclare, Chicago, IL Mon Apr 16, 2012

how can I find out about the last 3 years of taxes paid at this location. I wan to know roughly what I should be expecting for taxes. (Estimates)

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Pretty much, all of your questions are valid concerns and the answer to pretty much all of them is unfortunately "yes, potentially." This is from the general real estate practicioner point of view...

However, each state's condo laws are different, and I suggest for you to speak to an attorney who is very familiar with condo law (not all attorneys are). You can also read the condo documents re. the board/trustees structure and restructuring (election) - which could be the key to handling the condo problems the least expensive and proactive way. Foreclosures sales are helpful in this situation, becasue the new owners will start paying what's due. Also, the condo association might want to sue the homeowners/banks (if they are the owners) for condo fees and get paid - if the state law allows for it and if there are mistakes made in selling the note/mortgage (and there are many sold with mistakes). If a mistake is made, the bank is on the hook for actually full amount of condo fees due the condo association (so this is worth investigating).

Good luck,

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Apr 17, 2012
I want to know about assoc. fees I am interested in a condo that has 6 units, 2 are occupied and 4 are being sold or in foreclosure. Does the other 2 owners have to pay the fees of the unoccupied units? If a unit or units are not paying fees or fees are not being paid by units or a units, does the other owners have to pay the fees? In other words, if $2000 is to be collected from the condo collectively each month and there is only one owner in the building and the other units are either in the process of being sold or in foreclosure, is that one owner responsible for the fees? Can assoc. fees be raised each month by the assoc.? can fees triple?
0 votes Thank Flag Link Tue Apr 17, 2012
Taxes are directly related to the assessment value of the property.
Assessors office will definately be able to help you in your county.

Best of luck,

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Apr 17, 2012
tax assessors office and also check your last year's bill for contact information but that is not a "lock" on what the future bills will be.
0 votes Thank Flag Link Tue Apr 17, 2012
You should be able to find out precisely. Often, cities and counties have that information online. Do an online search for [city, state tax assessor]--for instance: Cook County Tax Assessor. There will usually be a search function, allowing you to search by street address. Plug in the street address. That'll show you exactly what the taxes are. It probably will also show past taxes.

If you're not able to, any Realtor can do it for you.

Hope that helps.
0 votes Thank Flag Link Mon Apr 16, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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