Hi,
I am not very experienced in the real estate market, so please forgive me if this is a dumb question. :-)
I owned a property in Texas which I inherited through family. I never lived in Texas, and used a close family friend to manage the property for me. Eventually the friend moved away and I was forced to use a property manager that I had no experience with previously. Eventually I found out the property manager had abandoned the property and took my money. I started receiving legal notices from the city that my property was in violation of several codes and I was being charged hundred of dollars in fees by the city on a regular basis. I was really scared and did not want to keep the liability of that property hanging over my head, so I decided to sell it.

In the poor condition it was in, I had a hard time finding a buyer, until a group of "investors" approached me and offered me the following:
1) They would pay me $95,000 for the property
2) I would finance, they would pay me approx $900/month
3) After 3 years they planned on selling the property and would pay me the balance in full. They would get to keep any and all profits from their sale above the $95,000 they owed me.

OK so here is where it gets really weird:
1) Over the first 6 months everything was fine...they were making payments
2) They also put a huge amount of money into the property...I visited and verified external and internal repairs and improvements they made all around the property...it looks like to me they sunk at least $20,000 into it.

But suddenly 2 months ago they stopped paying and I am no longer able to contact them...their business line is disconnected, their cell phones are disconnected

Any idea what is going on here? I don't think true fraud artists would have put so much money into this property.

Let's say they were legitimate but ran out of money....what are my options? I legally sold them the property, and they hold a sub-note on the property. What if I can never find them...and want to sell the property myself again? Do I owe them anything??

Thanks!

@jayzee54,Welcome to 419legal, this is not really our area of expertise,
however I can offer some guidance, NOT advice !
You may like to consult with a lawyer or a real estate professional .
You need to have a good look at your contract and see if there is anything in there that covers non payment!

From the information in your post, it may be that the other party has gone bankrupt!
I am sure you could do a search with the appropriate authorities to check this out for a nominal amount! As this could have a bearing on your options!

Probably it would not be wise to ignore this and let too much time elapse, as you MAY be up for more charges from the council etc if they also cannot recover fee's from the other party!
I would seek advice from those who know the real estate laws in your area . I hope it works out for you ok .

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I have heard about a program like this before. I never got into it because something about their biz model seemed a little off to me. If you had to sell the property to them then why did you have to finance some of the money in your name? That should have had you seeing red. That doesnt make sense. Nevertheless, now you need to contact a lawyer and find out how can they help you. You may find out that you are on the hook for mway more than you bargained for in the beginning.

Good luck

How many years back can you file a amended return after you find out you have been defrauded?

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You've got to wonder if this group also asked for the financing to be done by a *certain* company.Mighty fishy smell going on around that deal.