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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7408
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I invested into a property with a term friend. I'm based

Customer Question

I invested into a property with a long term friend. I'm based in Los Angeles the property was in San Fran. I put 60,000 up to secure a property and my money went into escrow and secured the house. I am an interior designer California general contractor
and I had been hired on two previous houses to do the design. When this new oppitunity came up I was offered to join the investment group . I did and I put 60 into an escrow account as mentioned. The 60 was meant to be returned within 30 nor later than 60
days with 15 percent commission. The partner his named in Ruben flipped the house by bringing in a buyer. It seems what they do is the property doesn't go in any of the partners names they make a deal with the buyer and the new buyer then gives a kick back
or an amount up and above the original sales price to Ruben. Something went amiss and the new buyer buys the place and my 60 was released to the seller. However the new buyer who had a deal with Ruben never paid him and also I never got my 60 back. Ruben tells
me he and the partners are in a law suit with the new buyer and it's only a matter of time before they settle at which time I then will get my money back. However, I've asked Ruben many times to identify who the seller is and who the new buyer is and to send
me the paper work showing the law suit. I've not received them . Ruben is a middle man and not rich makes his dollar from doing flipper deals . What do you think ?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

In a typical "flip", the new buyer cannot get title to the real estate without paying the full purchase price to the seller, which would include Ruben's part. Either Ruben is lying and he just scammed you for $60k, or he messed up by failing to protect himself in the closing with the Buyer. You have the right to demand that he disclose the entire paper trail regarding your money. Lawsuits over real estate deals like you describe can take years, so even if Rubin is honest, don't look for the return of your investment anytime soon. That is what I think.