Legal Question in Real Estate Law in Arizona
money for real estate investment never returned
In May, 2004 I wired $10,000 to an old friend who invests in new construction in Flagstaff area. He said he could turn over the investment in a year. In August, 2005 I asked for my money back. He said fine but he needed 30 days. I still don't have it. He won't answer my phone calls or letters.
I have nothing in writing. He kept telling me he would send the paperwork, but it never came.
Any suggestions?
Thanks.
2 Answers from Attorneys
Re: money for real estate investment never returned
You will probably need to sue him in Arizona to recover your money. I would look for an attorney in Arizona.
Good luck.
Re: money for real estate investment never returned
Because he is not returning your phone calls or responding to your letters, you can easily conclude that he has no intention of paying the debt he owes to you (which may or may not reflect the fact that he does or does not have enought money to pay you what is owed). A collection letter from a lawyer may cause him to respond and/or pay. In all probability, you will need to bring a law suit to collect, which you could do in Justice Court which has jurisdiction up to $9,999, and you waive sums due over that amount, or you sue in Superior Court, which is more expensive, you must have an attorney and it is more complicated and time consuming. Justice court does not required you to have an attorney, you get a trial date quickly and it is then a problem of proving that you loaned him the money, what the terms of the loan were, what were you to receive in addition to repayment of the loan amount, etc. etc..
I don't know what you circumstances are, but I would suggest that you take action immediately and don't give him any additional opportunity to avoid what is owed to you.
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