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Answers (5)
Sunnyview is on target. I would add that, if you choose to seek legal representation, you are best off finding a firm with attorneys that specialize in both litigation and real estate law.
As others have mentioned, the case will likely turn on the rent roll and the seller's actions concerning it (whether it was cooked or merely negligently kept) and your reasonableness in relying upon it (whether you performed reasonably adequate due diligence) in making your purchase decision.
As others have mentioned, the case will likely turn on the rent roll and the seller's actions concerning it (whether it was cooked or merely negligently kept) and your reasonableness in relying upon it (whether you performed reasonably adequate due diligence) in making your purchase decision.
- NTETS, "Mr Caveat"
- Contributions:6436
you really should have looked at the books to see what it was generating, and if he had been playing with the books, then you would have a much stronger case...
Might be able to get this one on a contingency basis. Find a good plaintiff's attorney and have a consultation. The attorney will research to see if the defendant is judgement proof and won't take it on contingency if he is. If the guy is judgement proof, no sense you spending more money going after him. This is the way it is in Nevada, might be different in your neck of the woods.
I know that is hard to take... if I was in your shoes I'd be so d*mn'd mad I'd be tempted to go after him anyway.
I know that is hard to take... if I was in your shoes I'd be so d*mn'd mad I'd be tempted to go after him anyway.
- Robert Larsen, "Robert Larsen"
- Contributions:21
I would believe so, especially if you received something in writing. But, like always, you will need to consult an attorney.
- sunnyview
- Contributions:25127
You might have a case based on misrepresentation or straight up fraud. I am not an attorney, but a good real estate attorney would be able to tell you for sure. As a buyer, you had an obligation to do your own due diligence, but since the owner was the one collecting rents only he would have that rent roll info to provide as part of the representations that he made about the property like the required disclosure form. You need an attorney that is honest and would puff the case. Ask how much it will cost to take it to court and how long it will take. Also ask if there is any way that you can tie up the seller funds to prevent the money form being "lost" or hidden pending the outcome of the the suit. This may not be possible, but it is worth asking about. Make sure what you stand to gain after legal costs is worth the fight and I suggest running both a credit report and a property search for the seller to find out if they will be able to pay you if your win. Can't get blood out a turnip and you would still have to pay your attorney in the end. Check it out and se if it's worth it.
Can a seller of a business be sued for false information about a business in order to sell it.
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