Please Help!!!

[ben_dav]

I purchased a property in Pennsylvania a little while ago for what I believed to be an investment opportunity. Since then I have tried to put it on the market to sell in order to turn a profit (or even just recoup my money) only to find out that I was charged about 50% more for the property than what it was originally worth. I have been in contact with the company who sold it and they have agreed with this statemtent but claimed the only reason for this was that the company who acted on my behalf in the purchase of the property approached them with this outrageous bid!



I paid $27,000 about 2 years ago and after speaking to a realtor in the local area the property now and was actually only worth about $10 - 15,000.



Is there anyway that I can claim for the difference through either the investment company for not making me aware of this or saying that it was a silly offer or the company acting on my behalf for providing me false information regarding both the condition of the property and the true market price? Any suggestions would be appreciated!



Thank you in advance



Ben

 

[carlito]

Hi Ben,
Is it possible to tell us what Realtor you dealt with at the time ?

I have experienced something similar, last week in Florida, when a broker wanted to make me pay a $500 consultant fees to make an offer on a condo on which the seller has already accepted an offer a week ago.

I purchased a property in Pennsylvania a little while ago for what I believed to be an investment opportunity. Since then I have tried to put it on the market to sell in order to turn a profit (or even just recoup my money) only to find out that I was charged about 50% more for the property than what it was originally worth. I have been in contact with the company who sold it and they have agreed with this statemtent but claimed the only reason for this was that the company who acted on my behalf in the purchase of the property approached them with this outrageous bid!



I paid $27,000 about 2 years ago and after speaking to a realtor in the local area the property now and was actually only worth about $10 - 15,000.



Is there anyway that I can claim for the difference through either the investment company for not making me aware of this or saying that it was a silly offer or the company acting on my behalf for providing me false information regarding both the condition of the property and the true market price? Any suggestions would be appreciated!



Thank you in advance



Ben

 

[TOPPEOPLE]

ben, sorry for picking this thread up late but I dont think you can do very much. You should have had a buyers agent who should have advised you to have the property independently appraised. Even if you do pursue it through an attorney it will end up costing you at least $5k in fees if not more and if you dont win you cant get that back. I dont know what you would go after either. Most people who bought property 2 years ago have lost a similar %age in their property values regardless of whether you bought it overpriced. The argument being that everything back then was overpriced. The most you can hope for is some damages from your buyers agent Errors & Ommissions insurance that covers them against legal suits from buyers who have some form of perceived loss from the agents actions. Before you do anything you will want to check the state statutes of limitation. Most of the time it is 2 years and if you are outside of this you're sunk anyway i believe.

 

[vincent888]

Hi Ben

The transaction was 2 years ago? A lot has happened in two years. We are currently buying in the US for Australian investors and we have seen a lot of double dealing, with companies contracting a property for one price and marketing as a great investment for a much higher price. One company we know in Australia is buying Las Vegas condos for $40,000 and selling them to Australian investors for $95,000.

I know it does not help your present situation, but as a warning for other investors, do your due diligence thoroughly. Get market comparisons, rental comparisons, independent pest and building inspections, check with the county office, get a fixed price for your renovations. There are plenty of operators willing to cash in on your gullibility.

Vincent Selleck

 

[jitendrasnv]

Hi,

According to me the first thing you should do is to talk with your realtor and the concerning person to whom you have the deal and let him know the compleate sitution , if he agrees for any king of settelment then just go for it nieghter go to realtor attorney of your area and the carry on with the further proceddings

Thanks

 

[miles2152]

Hi Ben

The transaction was 2 years ago? A lot has happened in two years. We are currently buying in the US for Australian investors and we have seen a lot of double dealing, with companies contracting a property for one price and marketing as a great investment for a much higher price. One company we know in Australia is buying Las Vegas condos for $40,000 and selling them to Australian investors for $95,000.

I know it does not help your present situation, but as a warning for other investors, do your due diligence thoroughly. Get market comparisons, rental comparisons, independent pest and building inspections, check with the county office, get a fixed price for your renovations. There are plenty of operators willing to cash in on your gullibility.

Vincent Selleck
888 Wealth Creation

I agree. The time issue is the kicker here. Had it been just a couple of months you may have a claim. I would still discuss it with a real estate attorney. Most offer a no cost consult. You may have to either hold on to it, or cut your losses and get out.