It often takes years between "HOA puts lien on house" and "house is foreclosed and sold", and during that time the house is in limbo, the owner can't sell it and buyers can't buy it.
replyBetween the foreclosure and sale, who is paying to bring the property up to HOA code?
replyThe party who foreclosed the house and is currently selling it. Who else could it be?
replyWhy would you assume that? There’s no prohibition on selling a home with code deficiencies as long as you disclose them.
replyNot only that, buying these types of HOA foreclosures can also come with other liens that are not disclosed at auction.
replyRight, but such things tend to knock down the sale price by approximately the amount to cure.
replyMaybe the buyer after the price is inflated by the extra cost that was unnecessarily incurred by the HOA
replyBut that waters down the argument to the point of meaningless. For instance, did the egg shortage make the housing crisis worse, because every potential homebuyer has less money to buy a house?
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