HOAs are super tough. A few things that may or may not help you the buyer is to be super proactive. Don’t be afraid to try to contact board members. It may not be easy but if you are persistent you can find them.
UR made good points about things such as a CLUE report (note that CLUE reports go back 5 years I believe) and also a CLUE report gives the actual amount paid out for a claim and then the insurance code for the claim. Finding out other details about the claim itself is your task but a CLUE is essential to ask for.
Also as a buyer always make sure that you don’t ever let any contingency period pass in a passive manner. It really is your agents job to make sure that when a contingency date is rolling up, to then be proactive and send a contingency removal form that explicitely keeps in place, any such contingencies that cannot be removed for lack of information. This would include filing a notice to perform for any documentation that has not been delivered to you.
The delivery for HOA docs is lame. HOA docs are ordered from escrow. An HOA demand is placed (usually with a property manager or a 3rd party such as Condo Certs) then the docs get sent to escrow and then to you or straight to you. The process rarely happens in a timely manner. While it is clearly not the buyers responsibility to get those docs delivered in time, (because in reality there is nothing the buyer can do) it is the buyers (or more likely) the buyers agent to handle the situation in a responsible manner. Notice to perform, contingency removal with exceptions noted, and even an addendum explicitely stating buyers right to retain that contingency until after delivery and examination of the HOA docs are tools that are at the disposal of the realtor.
Another item of concern is the developer. Suppose you are considering purchasing into a development that is less then 10 years old. Suppose that there are builders defects and there will be a lawsuit where the residents or HOA plans to bring action against the developer. Let’s say for instance plumbing issues, or some big ticket items… Okay so if the developer declares bankruptcy or is out of business who do you suppose will have to then pay to remedy those defects?
