142
Those always raised my scam hackles, so I'm not surprised.
Adam Hays, who owned Red Rock before selling the franchise in 2021, said his sales representative did not observe that Casteel’s mother had any cognitive issues. He said HomeVestors demanded its franchises maintain a “strict standard of integrity and honesty.”
Utter bullshit. I'd bet they totally did and don't care in the slightest. A sale is a sale. Greed is greedy.
Can someone prvoide a TL;DR on what a "We buy ugly houses" is for non-US fedizens? The article isn't too detailed about this rather than that they're scamming people with bad deals.
I'm not an expert, but I have family that operates within this industry, unaffiliated with the ugly homes organization.
Tl;dr The idea is that these companies buy homes that have fallen into a state of disrepair, fix them up so that they comply with modern building safety regulations, slap on a new coat of paint, then sell the property for a profit.
Since they don't fully investigate the issues that the home has before making an offer, they make offers that are wildly lower than most valuations would indicate, which leads to the reputation of being scammy. Sometimes there are structural issues that are extremely expensive to resolve and the project is barely profitable, but in other instances there is little repair work required, and they make a big profit. Lowballing every offer ensures that they can't lose, but also means that this is rarely a good option unless you are in serious financial straits.
No, I think that's about it. They pressure people into selling for less than what it's worth.
A lot of advertisements around town on bad signs or handmade ones taped up saying things like:
"We buy houses with CASH, Any Home, Any Condition"
Or
"Cheap House? Need Out? We Buy Bad Homes"
From what I can tell they're usually interested in buying up properties that are neglected or in bad neighborhoods, do the absolute minimum required to re-list or turn into a rental property (bare fucking minimum, and sometimes less). Apparently they're also really predatory according to the article and don't have a lot of scruples.
They offer shit deals to purchase ugly houses
Just one big pyramid scheme.
Yes, but in the shape of a pentagon
I called these guys to sell my first house. I bought a fixer upper in a bad neighborhood and made it worse learning to fix things. When I decided I had learned enough I called We Buy Ugly Houses. The guy on the phone gave me a cash offer like 20ish% lower than what I got on the market. They called me back once and were kind of pushy. Seemed to me like people who would rip off someone then throw up their hands and say "Buyer beware." I went the traditional route. Took three months longer but got more money.
Im coming out of this with no clue of what even happened. How are they being pressured? It's a house, what on earth could possibly get someone to sell a house they dont want to sell.
They pressured people who want to sell a house into shitty deals through nefarious practices.
Such as?
Read the article.
I did. And now Im here asking the same question a third time, no closer to an answer of what they did to pressure this lady into agreeing to sell her house
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this post was submitted on 02 Aug 2023
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