Lawsuit as condominium is non warrantable

[Dave McIntyre]

Hi all,

Wondered if I could get a comment as to whether I can sue HOA as I've had to take a much lower cash offer for my home as it's hard to get a mortgage on property.

I have a condo in NJ I tried to sell. Got a great offer $45k or ~10% higher than final sales price ($465k vs $420k).

Reason buyer couldn't get mortgage as follows per mortgage rep:

"The repairs required by FNMA to have the project recertified for CPM approval are not done. Nor are they started. They are estimated to be done in 2026. That leaves us with an ineligible transaction, as the condominium is non warrantable."

Wondering if I have a case to sue HOA? Btw, another seller says he'll join me in a class action law suit if nec.

Any idea as to whether I can sue?

Tx

Dave

[Stuart Udis]

 Plenty of Condo's are not warrantable. This isn't the type of claim that would involve insurance proceeds. I don't practice law in NJ but took a quick online and the damages you allege would place you in the NJ superior Court Law Division (Claims above $20K). Don't see any contingent fee attorneys touching this so there's some legal fees you are going to burn through to get this complaint filed.  Seems like a weak case based on the facts that were shared.