Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago,

User Stats

353
Posts
279
Votes
Ericka G.
  • Investor
  • Atlanta, GA
279
Votes |
353
Posts

Legal Recourse if Broker/Management Lie During Deal?

Ericka G.
  • Investor
  • Atlanta, GA
Posted

I have a contract awaiting my signature on a solid offer on one of my properties BUT I can't shake a suspicion that I'm missing something on the deal.  I purchased 11 years ago in an up and coming area of Manhattan and am now being offered 4x what I paid...

Here's the catch,  though it is a very good offer, it is still way less than the avg sales price for a 2 bedroom in Manhattan due to income restrictions attached to our bldg.  Once the income caps expire - the value of the units in the bldg will double instantly.  There is a lot of confusion on when the income restrictions expire and I can't get my bldg's management company to give me a straight answer, despite asking repeatedly since April.

My agent, who lives in the bldg, just happens to work for the company that manages our bldg.  He approached me about selling my unit and "found" the buyer.  The buyer also just happens to be a broker who works for the company that manages my bldg.   I'm worried that I'm getting hustled - perhaps they know something I don't about when these restrictions expire?  

IF that is true and I can document that they withheld information, lied, or worked together to mislead me - would I have legal recourse after the sale to sue them?  

I've asked my attorney to weigh in and she said the bldg's attorney is the best person to give a definitive answer and I've been waiting on his response since April.  What can I do to protect myself if I move forward with this deal?

Loading replies...