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Steve, Both Buyer and Seller in Sacramento, CA

I have a real estate mess that I need to get myself out of somehow, and I could use some advice.

Asked by Steve, Sacramento, CA Thu Feb 12, 2009

Here is a summary version. I also have a detailed version, it is too long to be posted. If you would like it, I can email it to you.

I am in California, and I bought a fixer upper in Tampa, FL from a Tampa real estate company sight unseen. I was told it was a three bedroom at the time of purchase, and they would also renovate and rent the property for me. An estimated three weeks renovation started at the beginning of November and it is still not done today. I found out in the past month that it is only a two bedroom, and it is verified as a two bedroom by an appraiser. I was also informed by another local property manager:
1. The property will not pass a general code city inspection, and it is not curable
2. Even if it passes the general code inspection, it will only rent about $500/month as a two bedroom vs. the $900 I was told when I bought the property.
I just want my money back at this point, and the company is refusing to do anything. What should I do?

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Answers

2
You definitely need to speak with a real estate attorney. Unfortunately It sounds like you were mislead and taken advantage of by some unscrupulous people. I can also recommend some attorneys that my company has used before.

Good luck,
Trey Miller
Prudential Tropical Realty
Web Reference: http://www.TampaTrey.com
0 votes Thank Flag Link Thu Feb 12, 2009
Steve,

One option is to contact a Real Estate attorney. I can give you the name of a couple good ones here in Tampa. You can also file an ethics complaint with the Real Estate Board the real estate company is a member of. Both of these take time and will not clean up your problems in the short run. The other option, if you just want to get rid of the investment, is to sell it as-is and take your losses and walk away, like a lot of other investors have, and just chalk it up to a bad investment. Please let us know if we can do anything more for you.

Bill Szydlowski
Future Home Realty\
813-323-4443
Web Reference: http://www.tampamyhome.com
0 votes Thank Flag Link Thu Feb 12, 2009
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