I'm considering purchasing a condo. I live in a major metropolitan area; so I'm almost certainly going to end up in a building maintained by an Home Owners Association (HOA).
As I'm learning the ins and outs of buying a place I'm hitting a bit of a wall here. I'm wondering, how can I tell if a HOA for a condo I'm purchasing into is financially stable?
Are there any federal/state mandated financial statements HOAs typically have to file? Is there a way to figure out a healthy foreclosure ratio for a particular HOA? Should I avoid places where high surprising HOA expenses are likely to occur (e.g. places with indoor/rooftop pools)?