This is obviously an extreme case. However, the financial health and professionalism of the HOA Management Company plays a huge role in whether you should buy into a certain community or not. In this case, it was a $175K decision. Many buyers simply do not consider the impact of the HOA when buying a condo or townhome.
Now you can see what can happen if you buy without looking deeper into it. Of course there will be some sellers who will not volunteer this type of information or may try to mis-direct or even hide this type of information. It is up to you and your agent to look through and seek out information. It is typically available, it is just a matter of knowing where to look and what to look for.
A perfect example of why the seller and buyer should have different agents.
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