• Report: #271637
Complaint Review:

HomeVestors - Cash 4 Houses - We Buy Ugly Houses

  • Submitted: Fri, August 31, 2007
  • Updated: Sat, November 29, 2008

  • Reported By:Mobile Alabama
HomeVestors - Cash 4 Houses - We Buy Ugly Houses
7 N. Bayou Street Mobile, Alabama U.S.A.

HomeVestors - Cash 4 Houses - We Buy Ugly Houses - Steve Brown - Mecca Brown This franchise and all of it's employees and officers are knowingly engaging in illegal Real Estate practices Mobile Alabama

*Consumer Comment: Your allegations are incorrect

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A brief outline of the illegal stuff-
Assigning Contracts without a real estate license.
Running a property management LLC and managing property that they do not own without a real estate license.
Marketing property they do not own without a real estate license.
Discriminatory advertising- violating the Federal Fair Housing Act.
Lying to home owners about who really is buying their house and what the actual process is.

I agree completely with the other report. These people are as crooked as they come. Avoid like the plague.

Mobile, Alabama

This report was posted on Ripoff Report on 08/31/2007 12:41 PM and is a permanent record located here: http://www.ripoffreport.com/reports/homevestors-cash-4-houses-we-buy-ugly-houses/mobile-alabama-36602/homevestors-cash-4-houses-we-buy-ugly-houses-steve-brown-mecca-brown-this-franchis-271637. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Your allegations are incorrect

AUTHOR: Reinvestor - (U.S.A.)

I would certainly understand if your complaint was legitimate, but that fact is your accusations are incorrect.

1). You do NOT need a real estate license to assign a contract. Anyone, including you, can assign a contract to anyone for any reason. This is not specific to real estate either.

2). You do NOT have to own real estate in order to manage it. Most states require that property manager work under a real estate broker, but this is not always the case and there are many loop holes in this practice.

3). You do NOT need to own or have a real estate license to market property. Most real estate investors have a clause in their contract with a seller that allows the investor to market the property to other buyers and/or investors. This is how they assign contracts to avoid the expense of closing on the property itself. Investors are in the business of buying and selling property. It is only smart business practice to do so with the least amount of expense as possible.

4). You are correct. It is a violation to discriminate under the FHA. But, since you did not state a specific example, I cannot attest to the details of your claim.

5). Any judge will tell you, it is not what a individual says or doesn't say they are going to do, it's what you have agreed to in the terms of the contract. You have to read the contract. If the contract states that the buyer has the right to assign the property, market the property, option the property, show the property, perform inspections on the property, find another buyer for the property, take over your payments, rent the property back to you, work on the property before they actually buy it....., or whatever. Anyone can do almost anything within reason as long as it is in the contract that you signed.

A seller would have to be extremely naive not to know that real estate investors make their living selling their properties to other people. I personally have met sellers who would not sell to me because I told them that I was going to profit from the sale of their property. I am not sure why anyone, even a buyer who intends on living in a house would buy it if they didn't plan to make a profit at some point. Again, very naive. I can understand if you are upset and disappointed at the outcome of a property sale, but it is very damaging to make allegations about the practice of ones business that are unsubstantiated. Please get your fact right before making such inaccurate claims. You may not agree with the practice but that doesn't mean its illegal. You may be best served to consult with a real estate attorney about your concerns.
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