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What are the implications for a homeowner whose HOA wants to buy the pool/clubhouse?

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September 16 2013 - Canfield
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As best I know, an HOA has a board. You have (when you sign the bi-laws) given them rights to do whatever they please and pass the costs along to you accordingly. If they build this pool/club house, they typically pass the costs along to all those in the HOA equally. So, if it's $20,000 to build it (hypothetically) and there are 20 homes in the association then it's $1000/year added to your dues. Plus they would probably tack on maintenance fees so they could maintain the building/pool. It's best to call your Association President and contact them with your questions/concerns. They should disclose the potential costs and let you know when the next meetings will take place so you could possibly listen in...?  Hope this helps..  Best wishes, Kim Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing information can be found on my profile.
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September 16 2013
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Thank you both for your responses. Currently the pools and recreational facilities are bank owned and about to go to the public real estate market. Currently, an association fee is assessed monthly of which I have paid for years. A pervasive thought is that there is a direct relationship between acquisition of the facilities and house values. I am EXTREMELY apprehensive of future assessments and liabilities. Kim, you said it all in your second sentence!!! Now my options are accept the steep ongoing assessments or move. I have thoroughly reviewed bylaws, amendments, and articles of incorporation. I NEVER THOUGHT that is would happen..

 10 Things a Homeowners Association Won't Tell You www.ccfj.net/10things.htm.
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September 17 2013
Who owns it now?? Are you saying a HOA wants to buy the pool in your back yard? For what??? Or are you saying the HOA wants to buy the community pool which makes me wonder who owns it now?

We need more info from you.
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September 16 2013
 
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