HOA Management for a Foreclosed HOA

We manage an HOA that was supposed to be 500 units, but after 100 were built the developer declared bankruptcy.  200 units are owned by the bank, and another 200 were bought by an individual at auction.

Needless to say each interested party has slightly different ideas of how they want to see the community built out.  Some homeowners are standing by the promise of a water park while the individual investor has put forth the idea of a soccer field or baseball diamond.

Working with our partners at Local Innovations we have proposed a series of 5 community meetings including a Halloween party, two meetings in November, a Christmas Party and then a grand finale to present the community’s desires everyone.

At each event we will have informational boards on a variety of topics – each with a comment box ranging from the HOA, the Metro District, Water issues, Xeriscaping, the PD (PUD), current housing market, etc.

At the final meeting we will present to all interested parites the results from meetings, emails, conversations, website synthesized into feasible solutions for the HOA to move forward.

After that we hope to work with them to re-write their PD (PUD) to re-create the community as they would wish it to be.

Stay tuned…

Chris Crigler, President