Legal Question in Real Estate Law in New Jersey

Here is my situation. An agent approached me about a property (condo) that was in bankruptcy and said that I could purchase it with him and then we can fix & flip it for a profit. He made out the contract, I singed, the agent also signed as 2 buyers. Agent was also representing us both in the transaction. I made out a check for $25,000 from my IRA to the attorney. This was in December of 2016. A few weeks after the transaction I called the agent to check what is going on with the deal, he kept delaying me saying it's still in bankruptcy and needs few more months. Few months passed by, the agent kept delaying me more saying property is still in bankruptcy and processing. A YEAR has gone by and the agent kept delaying. So I called the attorney for the transaction. On first call the attorney said the property is still in bankruptcy, meanwhile I checked the property on zillow.com and it was already foreclosed on 9 months ago to the bank and then someone already purchased it from the bank 3 months later. So the property was long gone. On my second call to the attorney I requested the attorney to send me a copy of the contract signed by seller, he said he will get on it, he needs a few days. On my third call to the attorney he said the deal is dead and he will check with the agent. I already knew the deal was long dead. On my fourth call to the attorney he said he spoke to the agent and that the agent has my $25,000. The attorney never sent me a copy of the executed contract. So all this smell like fraud to me and I think the agent and attorney were in on it. Why did the attorney give my $25,000 to the agent, the check was made out to the attorney escrow. Need real estate legal advice.


Asked on 2/01/17, 6:04 pm

1 Answer from Attorneys

Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

I think you need more than just legal advice. You need action. Call me at 1-855-9-JEFLAW to discuss

Read more
Answered on 2/02/17, 3:55 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey