Is Coop with back taxes a Bad/Good buy?

Asked by Kevin, Brooklyn, NY Thu Aug 14, 2014

I found out from NYC Tax record that a Coop I was interested had back taxes of $8K with about $700 interest accumulated yearly. Does not looks like it is affecting current tax due, but how will these back taxes affect future resale value? Can this Coop goes into forclosure if those back taxes not paid off?

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Anna M Brocco, Agent, Williston Park, NY
Thu Aug 21, 2014
If the individual seller owes back taxes, they will need to be paid at closing out of the proceeds of the sale or before the sale. For any necessary clarifications, consult with your attorney.
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Thanks. The seller is NOT owing any back taxes. It was someone(s) in the building owed these taxes many years ago but none of the current owners in the building willing to pay off so it keeps accumulating interests every quarter. I am not sure how these back taxes are factored into each seller tax bill each month, but it looks like the owed amount keeps on growing each year. It was about $4,000 in 2005 and now it has grown to about $8,000. I'm aware that seller has to pay off all taxes at closing. My question was how will the back taxes owed in the COOP BUILDING affect each individual unit resale value in the future. I do not want to buy a property in a building that is not financially stable. Any advice?
Flag Sat Aug 23, 2014
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