What is the name of your state? PA
A few years ago I became involved with a real estate investment company. Among the services provided by the company, they located houses and provided estimates of rehabbing the house through their network of independent contractors. I purchased a house from them with a hard money loan, knowing that I would need to have either sold the house or refi within a year.
About a year later, I refinanced the loan. It was discovered that the company had flipped the house on me. That is they purchased the house and sold it to me within 24 hours. It is my understanding that this is illegal in PA. This problem caused a 3 month delay in the refi, which cost me approx. $3000 dollars in payments and late fees to the hard money lender. The company has since declared bankruptcy and dissolved.
I have since learned that the company lied to many of its other investors, and many of them declared bankruptcy due to involvment with this disreputable company. This has been a terrible investment and I have lost $15K - $20K or more, mostly from the drastically inaccurate rehab estimate provided by the company. One of the partners of the company apparently has started a new business and is still offering his "services" to other people.
My question is, do I have any legal recourse? If so, what could I hope to gain from legal action?
Thanks,
Bret
A few years ago I became involved with a real estate investment company. Among the services provided by the company, they located houses and provided estimates of rehabbing the house through their network of independent contractors. I purchased a house from them with a hard money loan, knowing that I would need to have either sold the house or refi within a year.
About a year later, I refinanced the loan. It was discovered that the company had flipped the house on me. That is they purchased the house and sold it to me within 24 hours. It is my understanding that this is illegal in PA. This problem caused a 3 month delay in the refi, which cost me approx. $3000 dollars in payments and late fees to the hard money lender. The company has since declared bankruptcy and dissolved.
I have since learned that the company lied to many of its other investors, and many of them declared bankruptcy due to involvment with this disreputable company. This has been a terrible investment and I have lost $15K - $20K or more, mostly from the drastically inaccurate rehab estimate provided by the company. One of the partners of the company apparently has started a new business and is still offering his "services" to other people.
My question is, do I have any legal recourse? If so, what could I hope to gain from legal action?
Thanks,
Bret
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