Real Estate Scam In Cape Coral (mortgage, credit, attorney)

[ssp]

My partner and I are involved in 2 pre-construction deals in Cape Coral. The build of the homes are nearly complete. The numbers however are nowhere near what the preconstruction company we are involved with promised. There is such negative equity and cash flow projected that we cannot logically complete the closeout of the deals. Is anyone else going through this and how are you planning to handle it? We talked to our attorney and he suggested we find other investors like us and band together with a good RESPA and mortgage fraud attorney to help mitigate the situation. All ideas welcome. Contact me if you want to work together.

[Prichard]

It might be helpful if you provide some names of the companies/developers and real estate agents involved.

[2peaches2oranges]

Many buyers are walking away from these deals. If you close, you will be looking at a long sell 1-2 years maybe and holding costs. Take your loss and walk or face liens, high closing costs, insurance, taxes, appraisal woes and a slowing market.

Sad state here lately for investors.

[jaw2222]

Originally Posted by ssp

My partner and I are involved in 2 pre-construction deals in Cape Coral. The build of the homes are nearly complete. The numbers however are nowhere near what the preconstruction company we are involved with promised. There is such negative equity and cash flow projected that we cannot logically complete the closeout of the deals. Is anyone else going through this and how are you planning to handle it? We talked to our attorney and he suggested we find other investors like us and band together with a good RESPA and mortgage fraud attorney to help mitigate the situation. All ideas welcome. Contact me if you want to work together.

We are involved in this as well. Not with the same contacts, but the story is the same? Please help! Any ideas?

[firemed]

I won't say a word on this. Cape Coral is not the same.

[TriMT7]

Well, you can always rent out the condos as a long term investment. It would it at least take some of the sting out of carrying costs.

[capewarrior]

There are alot of people walking away from deals and leaving builders hanging. They figure it is better to lose the deposit than to try and carry these homes for two years. This is happening all over the place. A lot of builders have gone under, I would suggest to start checking for liens if you are the title holder of the land. If you need assistance of a reputable contractor for other deals,

[ileney]

We have also been involved in 2 preconstruction homes thru and nothing happened as promised. We thought if we backed out of the homes, our credit would be ruined so we closed and have very high negative cash flow. If you think we have a legal chance of doing something, I am all ears.

[sunrico90]

Originally Posted by Prichard

It might be helpful if you provide some names of the companies/developers and real estate agents involved.

This is not the right place for consumer complaints. Such posts present defamation issues and they don't give the other side the opportunity to present their side of the argument.