Community associations are not immune in this recession. Sadly, some homes have been abandoned. The homes were foreclosed and the owners moved away. When banks take over these properties, they usually don’t realize they need to pay the regular assessment. With the depth of the foreclosure crisis and their own financial problems, banks are struggling to keep up.
There’s no way to sugar-coat it: everyone hates special assessments. Getting a notice that you owe more money to the association can not only put a damper on your day but also a dent in your wallet, both of which the board is sympathetic to. In a perfect world, there would never be a need for special assessments—or any other type of assessments for that matter—but sadly, they’re sometimes a necessary evil.
There’s a lot more to managing a community association effectively than you may realize. It’s much more than property management; it’s also about governance—enforcing rules, conducting elections and more. Your home and your ownership interest in the common elements represent a huge asset—possibly your largest asset. Doesn’t it make sense to have a knowledgeable, trained, professional community asager watching out for your interests? Consider all they have to offer.