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Buying a condo for the first time. Building financials show an outstanding loan of ˜$500k. What do I do about that?

How come just now I thought of using reddit to ask all the questions I've been suffering about lately? (facepalm) It's my first time posting...

Here's the story.

We're trying to buy an apartment in New York City. We have lost some bidding wars already, so anxiety is a real problem. It turns out that our broker (buyers) is also listing a property that suits our needs.

In the first open house, we go to see it. Later in that day, we submit an offer at the asking price. The broker says she already got 7 offers -- so they will be asking for best and final offers due in two days. At the end of those two days, the broker calls me and strongly recommends that I bid $75k above asking. I do so, begrudgingly, and in the next day she says my offer was accepted. By the way, I hate the process -- for all I know the broker is making up numbers and offers to get me to bid higher.

Anyway, going to the point: Today, I received more detailed information about the building, like financial statements, offering plans, etc. I start to go over the details with my lawyer.

He points out that the building likely had to make some sort of maintenance recently and had to take out a loan of about $500k to pay for that. The building has less than that in cash and other assets, so the balance is negative by some $250k.

Here's my question: What do I do now with this information? Should this change anything? It's not a large building (~20-30 units) so the liability is high per apartment.

Thanks for reading. I'm a first time buyer without much of a clue about how to think about these things. Any input is appreciated!

submitted by /u/Constant-Overthinker
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source https://www.reddit.com/r/RealEstate/comments/n0uv08/buying_a_condo_for_the_first_time_building/
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