A recent ProPublica investigation shed light on a deceptive closing strategy that may be plaguing Homeowners across the country. HomeVestors of America, a company that touts itself as being one of the largest home buyers and house flipping agents in the Unites States, is being called out for many of its franchisees targeting elderly and infirm Homeowners. The slogan “We Buy Ugly Houses” may itself be a tactic to low ball potential sellers.
HomeVestors Deceptive Tactics
HomeVestors claims that their company’s training material and mission statement makes it clear to Franchisees that they should not take advantage of any homeowner who cannot negotiate or don’t understand the true value of their home. However, lawsuits against the company and some of the company’s Franchisees, along with franchisee testimonies, have illuminated the deceptive targeting practices that may be making the company a lot of money!
HomeVestors shouts in public places that they will not take advantage of helpless consumers, but their training manuals instruct Franchisees to find and target what pains the customer.
Being Affected by House Flipping
Sadly, the House Flipping market is largely unregulated. This lack of oversight grants some house flippers with the confidence to attack desperate or unsuspecting homeowners with rock bottom offers for their own profit. Some states like Pennsylvania, however, are making adjustments to prevent or minimize homeownership scams. Many hope that this not only decreases deceptive home buying schemes, but makes purchasing and selling homes far more equitable and profitable for everyday individuals.
If you sold a home or have initiated negotiations with a HomeVestors Franchise and have taken issue with potentially deceptive targeting tactics, or have had an appraisal by a house flipper and feel as though the price for your home was lower than expected, fill out the attached form to contact the Shub & Johns Team today!