Can the homeowners association buy a house in my neiborhood?

I was curious about who bought the house next to me so i looked it up on the property appraiser and it said it was sold to the quail ridge estates homeowners association can a hoa buy a house in the community?

There is nothing really illegal about it. Don't recall ever reading anything in the statutes. I would believe the answer lies in you covenants and restrictions. I had read some C&Rs that state the HOA can purchase things such as properties. That won't excuse the property from the C&Rs though.

I am confused on the situation. Is this an outside HOA or is it your own? If it is your HOA, did they buy it in a foreclosure sale. That would make the most sense. If they did, then it would be listed under their name.

My other question is the source of information. A property appraiser may not know for sure. Two things assured in life: Death and Taxes. It's best to go with the tax assessor's office on their records. Although they may lag a bit due to registering between owners.

I don't see why a HOA would buy this property but they can. Just don't understand why they would.

Many years ago we had several units go into sale for non-payment of taxes. At the time I was new on this Board and many of the long time Board members fancied themselves as knowing everything.

We too have the right of first refusal in our documents. I had suggested we consider buying these units and either renting them or selling them at a hefty porfit for the cash strapped association.

The President who was unable to handle his own personal finances told the other yo-yos the Board could not purchase these properties because we are a non-profit corpoaration which in fact had nothing to do with this matter. The other dumbells agreed with the President.

Thinking outside the box was foreign to any of these folks.

So YES in some cases there just might be GOOD reason for the HOA to buy a unit. It just might benefit the HOA.

In my case when the next units came up for sale I bought them. At one point their value was 5 times what I paid. They continue to be rental properties for me today. The HOA's loss my gain.