Legal Question in Real Estate Law in California
i had invested in 3 seperate real estate deals with the same investment company and all three ended in a bankrupt proceedings where all three properties (one which was 95% complete) were returned to the mortage company. one property was re-sold to the original seller for half of the purchase price we paid resulting in a 7 million dollar profit for him. the last property had 62 of 84 units pre-sold and went bankrupt. that property was bought by another investment firm and is now leasing the units out.
my question is; where can i find a lawyer or someone to investigate these dealings to get me a suitable answer as to why none of the investors hold any equity in or are able to file a lien against the property to recover some of the investment? the last property went bankrupt about 2008 and was sold to the new investment firm about 2010. why are there no other investors curious about any of this?
this property is in arizona.
3 Answers from Attorneys
I focus on recovering for investment losses in TIC and other real estate investments as a majority of my practice. Please give me a call to discuss.
Best,
Daniel Bakondi, Esq.
415-450-0424
The Law Office of Daniel Bakondi, APLC
870 Market Street, Suite 1161
San Francisco CA 94102
http://www.danielbakondi.com
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I would be happy to meet with you in my San Jose office to go over these losses with you and see if there are any options for pursuing recovery. Even without going into the details, however, I can tell you most likely why you don't hold equity and cannot file a lien. As an investor in the property, you were an owner, either of a fractional share of the property itself, or more likely as an owner of shares in an LLC, limited partnership or corporation. As the owner, you lost your interest in the property when it went bankrupt. It is no different really than if you owned a rental property yourself and you went bankrupt. The property would go to the bank and you would no longer own any equity in it, and certainly couldn't file a lien on it. Now this does not mean that you have no rights or remedies. A lot of shady deals were done in the last decade, and it is quite possible that you have some right to recovery from someone. To evaluate that, however, will require going into more detail than can be done in an internet Q&A. I should also warn you that if the last of the properties was lost in 2008 you are running up on and my have passed statute of limitations deadlines. So if you are going to do anything, you cannot delay.
I'd start by reposting your question in the category for Arizona lawyers to answer.
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