Legal Question in Real Estate Law in New York

Fishy Real Estate Transaction

My siblings & I live out of state, but my mom died and our realtor sold the house for us for $450k (2 family w/rental unit in Canarsie in 2006). Five months later house was resold for $675K, market had already begun to decline yet the got $225K more in only 5 mths. Furthermore, we believe the buyer was a shell/investor/relative of the agent & they did a quick buy & sell w/ full knowledge that property was worth way more than they got for us, and pocketed and/or participated in the $225K profit. If this is case, would this be illegal, as they didn't attempt to get us fair market value, and withheld info for personal profit, etc. I'm trying to find out who the purchaser was when we sold (I'll ask my brother, as he was executor & should show in contracts), but interested in whether this is actionable? thanks-

Mitchell Fine


Asked on 10/09/08, 2:48 am

1 Answer from Attorneys
David Gibbs The Gibbs Law Firm, APC

Re: Fishy Real Estate Transaction

I am sorry, however, you will need to contact an attorney in New York, as this matter appears to involve a property in that state, and an agent licensed in that state.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.

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Answered on 10/09/08, 2:13 pm


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