Legal Question in Real Estate Law in Utah
fraud and misrepresentation
2 years ago, my cousin suggested that i start investing in real estate. she gave me the info for an agent in arizona. i visited and immediately i was pressured to buy right away. my realtor knew i was only 21 years old at the time and made only $15/hr, but had $100,000 sitting in a trust fund. he took me around for a few hours to see a few homes. by the time i returned home, he made offers on 9 homes in my name. he forged my signature. during the real estate boom, only two sellers accepted my offer, so my agent insisted that i buy them, though i had never even seen these homes. they were $240,000 each. he told me that since the offers were in, i had to overnight my earnest deposit of $5,000. the lenders kept denying my loans and i got nervous, but he kept pressuring me and finally helped me get horrible neg-am loans at ridiculously high rates. he promised that i would get it all back plus more! two years later, i have no tenants, increased principle on my loans, and heavy maintenance costs, value depreciation, and ridiculous monthly payments. i only make $15 an hour! I feel completely foolish and taken advantage of! Can i sue my realtor for misrepresentation and fraud?
2 Answers from Attorneys
Re: fraud and misrepresentation
Probably - contact an Arizona attorney
Re: fraud and misrepresentation
The short, flip answer is Yes, you can sue. However, fraud/misrepresentation is difficult to collect on. There are other theories that an Arizona real estate attorney can use as well as those theories.
You also have the option of filing a written complaint with the Arizona Department of Real Estate (http://www.re.state.az.us/INV/INV.html), although if you do that it will not likely act if you sue until the lawsuit is resolved.
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