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I have been looking at foreclosures in a condo building with…

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I have been looking at...
I have been looking at foreclosures in a condo building with an HOA. The fees are huge and it appears that the residents cannot afford them and eventually foreclose. If I buy a foreclosure and all of the other units have been foreclosed on, will the HOA try to raise my fees even further to accommodate for the loss of income? How do I find out WHO is in charge of the HOA and why the fees are so high? Thanks! Julie***@******.***
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 14 minutes by:
1/30/2016
Real Estate Lawyer: Ray, Lawyer replied 2 years ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,901
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you.

The HOA has the authority to raise dues and to have special assessments if necessary for repairs.You can check with each HOA and get information about dues, etc.You should be bale to locate HOA information using the deed records and then contacting them.

The HOA will not raise your particular rates anymore than the other owners.But know going in that rates can rise and special assessments while rare are possible say if the roofs need replacement or painting.These are big ticket items and special assessments are used for such.It is a one time amount they make each unit pay on top pf the dues.

It is definitely a factor in whether you buy into one of these.You want to do some investigation it does affect you financially and you are partners with these folks whether you want to be or not. HOAs have only limited regulation and no real oversight from the state.Only recently has there been more calls for more oversight but it hasn't happened yet.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

If you get a title policy on any of these units they will have tax certificates tha HOA is paid up at time of closing.

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Real Estate Lawyer: Ray, Lawyer replied 2 years ago

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