Home Buying in 10001>Question Details

clubshirts, Home Buyer in New York, NY

HDFC coop has negative $400,000 financial.

Asked by clubshirts, New York, NY Wed Oct 3, 2012

They owe taxes and water. They have a couple units ready to be sold. to help cover cost. What should I know before buying into a coop that has such a bad financial health. They plan on working on it and getting it positive. They just increased maintenance.

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I know attorneys are expensive, but an attorney is what you need. You want to know exactly what happens to you if the co-ops good plans go awry.

If I were buying this, I would also want to know how they got themselves in this kettle of fish in the first place. To owe on tax and water is very serious, it's not like they didn't pay for the spring flowers. Because if a property owner doesn't pay taxes,eventually, it takes a long time, the property can go into tax foreclosure.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
karla.harby@gmail.com
0 votes Thank Flag Link Fri Oct 5, 2012
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