HomeVestors of America claims to be the country’s largest cash homebuyer and says it helps homeowners out of jams. But a closer look reveals that the company trains its franchisees to cash in on homeowners’ desperation.
Royanne McNair believed she had canceled her contract with a “We Buy Ugly Houses” franchise, so she pursued another offer on her house — this one for $100,000 more. Then an anonymous envelope froze the deal.
HomeVestors Said It Had Kicked Out a Top Franchisee Who Broke the Law. New Evidence Suggests It Didn’t.
The company said it had cut ties with Cory Evans, the former co-owner of Patriot Holdings LLC, “a number of years” ago, but texts, emails and interviews indicate he was still engaged in the business as recently as March.
David Hicks, CEO of HomeVestors of America, said in a letter announcing his retirement that recent press coverage of the company’s homebuying practices has taken a “personal toll on me.”
The Consumer Financial Protection Bureau’s head said the Department of Justice and state attorneys general should be made aware of predatory house-flipping practices, following ProPublica reporting on HomeVestors of America.
Cash home buyers like the “We Buy Ugly Houses” company may offer a quick and convenient sale to homeowners. Here’s what experts say you should know about interacting with these companies.
ProPublica found that HomeVestors franchises often target the homes of people in vulnerable or desperate situations. These are the stories of five people who found themselves in unwanted deals with a cash home buyer.
The “We Buy Ugly Houses” company held a virtual meeting for its franchises to outline a plan to “minimize visibility” of our investigation.
HomeVestors of America, the self-proclaimed “largest homebuyer in the U.S.,” trains its nearly 1,150 franchisees to zero in on homeowners’ desperation.
If you’ve had experience with a company or buyer promising fast cash for homes, our reporting team wants to hear about it.