But they do.
HOA’s are, by definition, owned by the homeowners.
Nope. HOA's are incorporated. They are a corporate entity.
And even if a corporation could buy an HOA, why would it? HOA’s are not profit making entities. They typically barely have enough money to fulfill their obligations.
And yet corporations are buying them and making a profit.
There is a lot more money in a HOA then you think.
Yes, HOA’s are corporations. They are non-stock, non-profit corporations controlled by the members, who are the homeowners. Many HOA’s hire management companies to do the day-to-day management of the HOA. They get paid a management fee and serve at the will of the board of the HOA, which is elected by the homeowners. Perhaps professional management companies hired by the HOA’s are what you’re thinking of. An HOA cannot be purchased by a corporation.