Part 4/8:
HOA-managed communities are facing considerable scrutiny due to a lack of experience among their governing boards. Many boards are filled with individuals ill-equipped to manage the financial and structural upkeep of properties. Non-compliance with regulations or sudden price increases for maintenance costs can lead homeowners to financial panic. A cautionary example is a woman in Palm Aire who is unable to sell her condo due to a $30,000 assessment she must pay upfront. The inability to pass on this assessment to new buyers is crippling, and her only option may be to lose money in a sale.