Q: Is 5 years too long for a house-flip?
My husband has invested with a certain single-owner residential property investment company several times over the last decade. All the homes were completed and on the market within 18 mos. The last property he invested in (130K) initiated in 2012 and still isn't on the market. The owner of the company wont tell him why there continue to be delays, and only responds to his queries (after multiple emails and phone calls) by saying, "The house is coming along--another 45 days max." He is receiving a per diem interest payment quarterly (only after sending her a reminder). Other than that, she has told him nothing regarding what the problem is.
My questions: Does my husband have any recourse to at least require the owner to account for the delays? And is 5 years a ridiculously long time for a single-family home to get back on the market, as we certainly think it is?
A: What are the contractual agreements re: the turnaround time? More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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