Are You Thinking of Selling Your Home to HomeVestors? Think Again
If you're a senior homeowner in New Jersey, you may have been approached by HomeVestors, the company behind the "We Buy Ugly Houses" brand. HomeVestors offers to buy homes quickly and for cash, which can be appealing to homeowners who are facing financial hardship or who simply want to sell their homes without having to go through the hassle of a traditional real estate sale.
However, there is a growing controversy surrounding HomeVestors. Some homeowners have accused the company of preying on elderly and vulnerable homeowners by making them lowball offers on their homes. Others have said that HomeVestors has used aggressive legal tactics to pressure homeowners into selling their homes, even when they no longer wanted to.
In a recent investigation by ProPublica, the company was accused of making lowball offers to homeowners who were facing financial hardship or who were elderly or had diminished mental capacity. The investigation also found that HomeVestors had used aggressive legal tactics to pressure homeowners into selling their homes, including filing lawsuits and recording documents on their property's title.
In response to the ProPublica investigation, HomeVestors has taken some steps to address the concerns that have been raised. The company has prohibited its franchisees from clouding titles and has cautioned that filing lawsuits to enforce a sales contract should only be done in rare circumstances. However, the company has not admitted any wrongdoing and has said that it is committed to providing fair and transparent services to homeowners.
Check out this recent interview with the reporters for ProPublica involved in the research piece.
In the past three years, HomeVestors has had 205 complaints filed against it with the Better Business Bureau (BBB). Of those complaints, 149 were closed with some kind of resolution, 56 were closed without any resolution, and 0 complaints were dismissed.
Better Business Bureau (BBB) rating for Home Vestors
If you're a senior homeowner in New Jersey who is considering selling your home to HomeVestors, you should be aware of the recent controversy surrounding the company. You should also interview different real estate agents and get a Current Market Analysis (CMA) before making a decision.
Here are some additional tips for selling your home as a senior:
Do your research. Before you start talking to real estate agents, take some time to research the current market conditions and what your home is worth. You can use online tools like Zillow or Trulia to get an estimate of your home's value.
Get multiple offers. Don't just accept the first offer you get. Get multiple offers from different real estate agents so you can compare them and get the best possible price for your home.
Be prepared to negotiate. The real estate agent who represents you will be able to help you negotiate the best possible price for your home.
Don't be afraid to walk away. If you're not happy with the offers you're getting, don't be afraid to walk away from the sale. There are plenty of other buyers out there who would be interested in your home.
Selling your home can be a daunting task, but it doesn't have to be. By following these tips, you can make the process as smooth and stress-free as possible.
