HomeVestors said they pay top dollar for homes and real estate. That is a complete lie. Read my complaint and you will see they are nothing more than a scam!
I received a letter in the mail from my local HomeVestors here in Florida. It stated that they pay cash and top dollar for both ugly and nice houses and properties. I am a real estate investor and I’m always looking to sell my properties at a price that makes me a serious profit. So I figured what the heck and gave them a call to see if they would be interested in some of my best and properties.
So I called the HomeVestors here in Miami Florida and gave them the information on one of my rental properties which is currently rented out to good paying renters. I know the market in Florida right now is a little bit soft, but I bought these properties at such a low price and have held them for so long that it really doesn’t matter.
In this market I can sell this property through a realtor fast for $250,000. Yes, prior to this recession it would’ve gone for around $375,000, but right now you can’t do that. I have turned down offers of around $240,000 to $275,000. My methodology is simple in that I buy small homes in nice areas with 3 to 4 bedrooms and a two car garage.
I can always rent them out or sell them for a profit every time and regardless of the economy. So, if this HomeVestors wants to come in and offer me top dollar as their mailing states that they do for my property and it’s above the offers that I’ve turned down, preferably over $300,000 then I’ll sell to them and go on reinvested into houses of the same that are in foreclosure. That way I can make a profit and then double my money again and make a profit on top of it.
That’s what I’ve always done with real estate. I’ve been able to make enough profits off it that I was able to quit my job with IBM (I actually hated my job with IBM as you work with a bunch of idiots that think they know everything and actually know nothing – it’s a kin to a chicken running around with its head cut off – It still amazes me that companies still hire IBM for consulting services) and rely solely on my real estate investing to pay the bills.
Well, anyway, this guy came from HomeVestors and was very quick and pushy. He wouldn’t make sure I did not have a rules agent because he said they cannot do business through them – that kind of tipped me as a little weird as I would be the seller and if I were to agree to a price to sell them my house at than I would be the one agreeing to the realtor’s costs so why would he care if I had a realtor or not?
Anyway I showed him the property and the fact that its current tax value was $350,000 and the property was in very good shape and needed no repairs. I also had copies of all the repairs we done to the house. He then gave me an offer that was so ridiculous it was unbelievable. He offered me $76,000 for the house. Was he crazy? He then became pushy as ever and kept trying to say, “I’ll take it off your hands and you won’t have to pay taxes on any more…”
I could care less I could sell the house today right now for $250,000 through a realtor. Why on earth would I sell it to this scumbag for $76,000? Yes, I bought the property for $90,000 some years back, but that’s irrelevant. Basically what it is here is that the schmucks from HomeVestors offer you basically nothing and try to steal your property out from under you. For anyone out there reading this is in your best interest not to ever call HomeVestors as they will waste your time and offer you an insultingly low amount for your property.
I had to literally shove this jackass out my door and slam the door in his face because he would not leave I told him to. He was determined to try and do everything he could to steal my house for me for $76,000. I told him several times that I could sell it and it turned down offers at $250,000. He then kept calling my phone number to bug me and pester me so I finally blocked his phone number. What a scumbag – stay far away from HomeVestors! It’s a scam!
I don’t know about HomeVestors, but I got a yellow postcard in the mail from something similar – Carolina Home Investors. Same exact deal. They promised the very best price or top dollar for your property and then when they show up they immediately try to find out if you are in financial distress and they offer you crap for your house. Don’t bother calling them. They won’t offer you anything and will only just waste your time and make you irate.
If you have any equity in your property they want all of that as their profit and then some. They are real jerks.
Hot debate. What do you think?
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Homevestors was great for me. You actually sound a little bitter because you made a bad buy and now you are stuck with your house and a real investor is just telling you the truth. Its a ligit business that bought my house for a fair price and I didnt even need to do anything to it. i dealt with several other investors and I chose Homevestors.
Hot debate. What do you think?
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I am an investor and have done many deals with HomeVestors offices. I have never been told that they pay top dollar. They are a discount buyer just like any other investor. If HomeVestors was offering 76k for the house then it probably wasn’t worth any more than 115k listed with a realtor before he paid the commissions, closing costs, mortgage payments, tax, insurance & maintainance while the house sits on the market for a year. I think the reviewer needs a reality check on what his property is actually worth in the current market. He mentioned it is a rental property and most do not stay in excellent condition and will need updating and repairs before listing. From the sound of how the reviewer bad mouthed the HomeVestors representative and his former employer and sounding like he is a know it all, then he probably wouldn’t listen to anyone. He did not provide comparable sales in the area, market times, current rents, cap rate or any actual factors that would determine the true current market value of the property. The reviewer does not sound like he knows what he is talking about with real estate investments and does not understand the basic fundamentals of investing. It is simple, if you want top dollar then repair the property comparatively to what is selling in the area, hire a realtor, wait the market out and pay all of the holding costs and reduce the price until the house sells. Two things sell a house in a give area – Price and Condition
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Homevestors didn’t even do a good job covering up the problems in the house we recently bought from them. In fact, they turned quite small, and rather easy fixes into much larger issues. A decent, structurally sound building is buried under shoddy craftsmanship that only compounds the expense for us in our efforts to repair these easy fixes. Shame on you HomeVestors!
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I too received a letter in the mail from “Homevestors” and thought of contacting them but now I am afraid to. Thanks for the review, with all the scams out there these days I sure dont want to be a victim!!
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I also researched “Homevestors” and found that they are NOT BBB-Approved….. so that is another reason I will NOT do business with them.
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