Ask Me Help Desk - Land scam

I bought two lots of land about 2 yrs ago from a guy who represented a company in south Florida it turns out that he was not licensed to sell land or any real estate for that matter the company said he was not employed by them what can I do I signed all the legal forms but he was not legally entitled to sign them too help

Quote:

Originally Posted by jpjr45

i bought two lots of land about 2 yrs ago from a guy who represented a company in south florida it turns out that he was not licensed to sell land or any real estate for that matter the company said he was not employed by them what can i do i signed all the legal forms but he was not legally entitled to sign them too help

I don't understand the question - did the sale go through or not? Are you saying he wasn't the owner, didn't represent the owner, had no connection with the property he sold and the "real" owner has now come forward?

I bought 2 lots, put approx $ 24,500 down and am making payments, I live in england now so when I went over in 2007 to look around the area with my wife I called in at several real estate agents to see other lots. Upon that, they told me that the lots I had bought were only worth half the amount I paid for them. I called the "real estate agent" who represented a land development co in south Florida, and he said to me that he was not a licensed real estate agent and it was not his fault that the land was only worth half the price when I bought it. I sued him and he gave me back my deposit- which I never gave to him - which I had signed to the land developer, but I have made nearly $ 30,000 in payments since 2006 and I want that money back I don't believe the transaction was legal

Quote:

Originally Posted by jpjr45

i bought 2 lots, put approx $ 24,500 down and am making payments, i live in england now so when i went over in 2007 to look around the area with my wife i called in at several real estate agents to see other lots. upon that, they told me that the lots i had bought were only worth half the amount i paid for them. i called the "real estate agent" who represented a land development co in south florida, and he said to me that he was not a licensed real estate agent and it was not his fault that the land was only worth half the price when i bought it. i sued him and he gave me back my deposit- which i never gave to him - which i had signed to the land developer, but i have made nearly $ 30,000 in payments since 2006 and i want that money back i dont believe the transaction was legal

I'm sorry but I think it was a legal transaction. As the buyer you have responsibility to make certain whatever you buy is actually worth whatever you pay - it's a combination of free enterprise and buyer beware. Now, if you can prove substantial fraud it's a different thing but I don't see that the seller committed a material breach which affects the value of the property.

It would appear the property was over valued - I don't know who did the appraisal for you - and that has nothing to do with a license or no license.

I agree with Judy. If the property is actually recorded in your name as owners then you legally own the property and whatever relationship the broker had with the owners is moot. The sale went through the property is legally yours. If you got taken because you did not do due diligence in determining the value, that's your problem.

The only way you might have a case here is if a fraud was committed by a phony appraisal or something like that.