Legal Question in Real Estate Law in Georgia
Investment property
We purchased three townhouses. They were purchased from the appraisal. Had a gentleman working for us which we paid a finders fee. Had three appraisal done Properties were good condition, no repairs noted. As it has turned out the properties are in terrible shape. The grounds are in terrible shape Most of the townhomes are not leased and are for sale. We have repaired one but cannot get it leased because of the conditions of all others. We were told no problem renting , should be able to get 900 to 1000. Where do I start to try to take legal action. This is causing us financial burder to the point of possible bankruptcy. We do not want to have to do this. In short by the appraisals and the man solicating the property to us we were grossly mislead. Is there anything we can do to get out from under this legally?
2 Answers from Attorneys
Re: Investment property
Certain statements, like "no problem renting" or "should be able to get 900" are generally not actionable by themselves; they are mere puffing or sales pitches. It is up to the buyer to inspect the property and unless it is a latent defect that cannot be reasonably discovered, it is the buyer's responsibility. However, you may have a claim against the appraiser and/or inspector. Speak with a local attorney to determine your options.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Re: Investment property
You may have several causes of action, or none, depending on the precise facts.
You should take this matter to an attorney for an analysis and, if warranted, legal action.
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