LOL! That’s the lie I’ve been railing against for the past half dozen years.
No, HOAs absolutely DO NOT protect property values. And across the country, homeowners are learning about that the hard way. The latest hair-raising story comes from North Carolina.
Police in Wake and Johnson counties confirm they’re investigating possible embezzlement of more than a half million dollars from more than two dozen Homeowners Associations managed by Kornerstone Community Management.
Let’s see, I’ve got a home in The Wellington HOA I’d like to sell. Oh, a special assessment? To cover all embezzlement costs? Now, where did my prospective buyer go? Guess I’ll have to lower the asking price again.
No, your HOA does not protect your property values.
(link to WNCN-CBS news in Raleigh, North Carolina)
