Hello Mr. Alhambra:
As much as I agree with all my colleagues, I just want to add that even a termite expert getting rid of that problem, you don't know if your next door neighbors have the same problem and you will have "those critters" back sooner than what you expected.
Some HOA Association are very good in keeping up with any problems they might face, but some others just don't care.
If you should buy or not is only up to you but if it is a good deal, take it, call the expert and get rid of the problem and finally, check it once a year.
Good luck from Alhambra (and welcome!) - Tue Oct 4, 2011