Past Investment Deal Gone Wrong?
Maybe you guys can help me out on this one. I participated in a previous investment last year involving putting my name on a house and getting cash out at the closing. The agreement was to have the house in my name for 12 months at the max. The person who organized this deal was the seller's girlfriend and my now ex-boss (manager of a broker). I found out she was trying to deed the property in her name. When the seller found out he was furious and violent. I then found out that my ex-boss put all the blame on me. I wanted out of the deal at that time, but it was too late. Nothing was ever put in writing. I never received any rental money from the person who previously "owned" the house. I no longer speak with my ex-boss. Since then, I haven't done any more investments like that.
Now a year and a half later, the previous owner is selling the house to his wife using the same broker. I signed a contract in which I gave him rights to sell the property. No payments have been made to the Lender this month, because the deal is supposed to be closing. The last time I spoke with him, he received the payoff from the lender and said they were closing that week. I have been trying to get in contact with the seller since then and he won't return my calls. Should I be alarmed? Was that a subject-to contract that I signed? How do I approach this situation to avoid getting a late payment on my very good credit and how do I get a piece of that $60,000 equity that he is getting out the house. He never told me that I was entitled to any of that money. Is it too late to do anything, now that I have signed that contract? If something goes wrong, can I do anything legally now that I have signed over my rights to sell.
Advice Please. Help!
If you have copies of the contracts and accompanying paperwork, gather and organize them. If you don't, simply create a chronology of what happened when, to the best of your recollection.
Then go see an attorney. You're in over your head ... if you weren't, you'd already know what was in those contracts like the back of your hand.