Dear HomeVestors® Community,
HomeVestors and a few of our current and former franchisees were the subject of a recent ProPublica article following a yearlong investigation. In our nearly 30-year history, HomeVestors franchisees have purchased almost 150,000 homes. We are proud of our 96% satisfaction rating based on thousands of reviews from our sellers. This extremely high satisfaction rating from sellers has been corroborated by a recent survey conducted by a third-party research firm. The examples presented in the article are not representative of our company standards. We recognize that 96% is not 100%, and we are using the information we have learned to identify how we can improve as a company.
HomeVestors’ trademarked slogan “We Buy Ugly Houses®” refers to our willingness to purchase properties in nearly any condition. HomeVestors franchisees provide the option of a quick, reliable sale to homeowners seeking to sell properties that may not be eligible for a traditional sale. HomeVestors does not target any particular seller demographic, including specific age groups. Our sellers save the time and fees associated with a traditional real estate sale process. Many of the houses our franchisees buy would not typically qualify for conventional or FHA/VA financing due to their poor condition. The work of our franchisees to facilitate such repairs or renovations can help properties qualify for financing, which increases available housing inventory.
Our values, practices, and culture are centered around doing the right thing for our sellers and our communities. We continually strive to improve our policies, procedures, and practices, which is what has made HomeVestors America’s #1 home buyer.
HomeVestors provides approximately 1,150 small business owners across the country with training, support, and advertising services. Because our business involves the single largest asset most people will ever own, we establish and enforce high standards of conduct for our franchises. When negative situations arise, we take firm action to address the infractions to maintain our standards. Misrepresentations are not tolerated by HomeVestors, as our Systems and Standards state. For example, HomeVestors had already required that Cory Evans be removed from Patriot Holdings, and we have taken disciplinary action, including termination, against the majority of franchises in the situations described by ProPublica.
During the time period covered by the ProPublica article, HomeVestors franchisees purchased over 70,000 houses. In many of the cases cited by ProPublica, our investigations have found that there are other sides to these stories, including situations in which the homeowners’ adult children were involved by the franchise to provide support to an elderly individual. In one case, we even received a letter of praise from an adult child.
While we regret any transaction in which we fall short of our high standards, we must view these instances within the larger context of the nearly 150,000 seller experiences we have provided during our nearly 30-year history. We have thousands of encouraging stories of franchises going beyond expectations to help sellers and their communities.
HomeVestors is perhaps most recognized for our billboards, which are not targeted to any specific demographic. In our mail campaigns, we do not solicit homeowners based upon personal demographics; rather, we target houses with specific characteristics such as year built and home size. We also comply with all applicable laws and regulations. We also remove names and addresses from our mailing lists on request.
We are proud of the positive impact HomeVestors has in communities throughout the United States. By purchasing distressed properties and renovating them, HomeVestors can help address the housing affordability crisis. We increase inventory in an inventory-starved market, which creates jobs, improves the value of homes around the properties, and revitalizes communities.
Our values, practices, and culture are centered around doing the right thing for our sellers and our communities. We continually strive to improve our policies, procedures, and practices, which is what has made HomeVestors America’s #1 home buyer.
We send all sellers a survey after the sale process to receive feedback. We ask anyone who would like to share feedback with HomeVestors to please reach out to us so we can continue to improve our processes. Please contact us at feedback@homevestors.com.
Sincerely,
David Hicks
CEO, HomeVestors
