Can I sue if I can't sell?

[kt27]

What is the name of your state (only U.S. law)? Delaware

I have lived in my association for 3+ years. Mortgage is current, special assessment was paid (2 years ago), HOA fees current. I had my home listed and received an offer on the house, over the asking price (yes, in this market!!). The buyer was pre-approved for the loan for over the amount, assessment done, inspection done. The bank then requested financial docs from the HOA. After reviewing the docs and seeing the state of the HOA, the bank pulled the loan. This happened (same situation, except we sent financials BEFORE the inspection and assessment) a second time. I took my house off the market. Since then, I have requested financial information from the HOA and the property management company three times. The first attempt was ignored, the second garnered a vague reply with no specifics, and the third has yet to be answered. I merely want the info to evaluate if I should list my home again. I have outgrown my townhouse and am debating on waiting out the situation (depending on the rate of improvement) or rent the unit out when I move. I have a meeting with an attorney later this week, but wanted some additional feedback.

 

[justalayman]

so, the bank pulled the loan and another refused after seeing some records you have not seen yet. As such, you don't know what is in those records but you are considering suing.

any idea why you believe you have a case without having any facts?

Now if you meant suing to obtain the records, by all means, go for it if you cannot obtain them otherwise but the serious thought of any other suit is premature.

 

[HomeGuru]

What is the name of your state (only U.S. law)? Delaware

I have lived in my association for 3+ years. Mortgage is current, special assessment was paid (2 years ago), HOA fees current. I had my home listed and received an offer on the house, over the asking price (yes, in this market!!). The buyer was pre-approved for the loan for over the amount, assessment done, inspection done. The bank then requested financial docs from the HOA. After reviewing the docs and seeing the state of the HOA, the bank pulled the loan. This happened (same situation, except we sent financials BEFORE the inspection and assessment) a second time. I took my house off the market. Since then, I have requested financial information from the HOA and the property management company three times. The first attempt was ignored, the second garnered a vague reply with no specifics, and the third has yet to be answered. I merely want the info to evaluate if I should list my home again. I have outgrown my townhouse and am debating on waiting out the situation (depending on the rate of improvement) or rent the unit out when I move. I have a meeting with an attorney later this week, but wanted some additional feedback.

**A: read your condo docs and be prepared for a fight with the HOA board.

 

[HUD-1]

Some potential issues that have come up with condos recently:
1. Less than 50% owner occupancy
2. Less than 10% reserves.
3. More than 15% delinquent on condo fees.

Also, lawsuits and/or large special assessments could preclude a lender form making a loan. These are all possibilities, get a look at the latest budget and minutes of the last condo meeting.