Can I sue my HOA

I listed my condo this past December and immediatley I have had multiple offers at and above asking price. However it's now five months later and I am still unable to sell it. The problem is the HOA. We have accepted four offers all to find out right before our closing date that the bank will not finance the buyers. They are concerned that the HOA has absolutely no funds and that the complex does not have flood insurance. The HOA president will not budge on adding flood insurance to the building despite knowing it's in a flood zone and I am unable to sell my condo because I this. Banks have told me my condo will never be approved for finance because of the HOA. The president of the HOA is also an investor and I feel as though this is a conflict of interest. I feel as though the HOA has been neglectful and now I am stuck paying two mortgages since I moved out of my condo right after that first accepted offer.