I found a listing for a property that is in a high rise building where the HOA has been disbanded. This is the note from the listing:
HOA is disbanded and HOA has past taxes.
What pitfalls are probable in such a situation?
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Aside from what was mentioned already, the biggest risk is being unable to get a mortgage. Even if you buy it as a cash transaction, you may have issues when you try to sell to someone else also needing a mortgage. Banks will generally need to see lots of information from a HOA (such as an annual budget, master deed/by-laws, etc. depending on the bank) and will deny a loan based on things like that.