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Investors to Congress: Let us have those ugly houses

By Glenn Roberts Jr., Wednesday, April 30, 2008.
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HomeVestors of America, the company behind the infamous "We Buy Ugly Houses" campaign, announced that hundreds of real estate professionals converged on Washington, D.C., today to protest what they deem a "federal bailout of the housing industry."

"There is no doubt that the housing industry is in a crisis situation, but the problem will not be solved by throwing taxpayer money at the situation and putting more restrictions and regulations on those of us who are helping people out of their ugly situations," said John Hayes, president and CEO for HomeVestors, in a statement.

The HomeVestors franchise network has purchased about 35,000 homes nationwide.

Some investors have complained that lenders have severely restricted their ability to get financing to buy investment properties. Meanwhile, some cash-rich investors may thrive in troubled real estate markets even during this credit crunch by gobbling up cheap foreclosure properties in all-cash transactions and assembling a stock of homes to sell off as the market rebounds and prices recover.

HomeVestors says in its announcement that investors can assist in a down market through their efforts to "rehabilitate older neighborhoods, to provide affordable housing, to assist first-time homebuyers," among other aims.

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Submitted by on April 30, 2008 - 8:58pm.

I'm usually a big fan of private enterprise providing solutions.

In this case I'm not so sure. As I understand it, privatization created this mess.

Joe Boylan
http://www.SpringsHomes.com

 
Submitted by on May 1, 2008 - 1:07pm.

I'm not too sure that I understand the complaint that HomeVestors of America has.

Do they want lending guidelines modified to make it easier to get financing for forclosed property?

Actually, it looks like they are positioned better than just about anybody to take advantage of the current market conditions..good for them!

Terry Shortt, CRS, GRI
Broker, Instructor
TW Shortt and Associates
Fl. Real Estate School
And Training Company
Key West,Florida, USA

 
Submitted by reyjan stewart on May 1, 2008 - 4:50pm.

hello everyone...I would like tell you something about the Investors that always buy more houses/
they buy thousands of houses but of course for the purpose of improvement also."There is no doubt that the housing industry is in a crisis situation, but the problem will not be solved by throwing taxpayer money at the situation and putting more restrictions and regulations on those of us who are helping people out of their ugly situations," said John Hayes, president and CEO for HomeVestors, in a statement
______________________
rjayred

ew York Immigration Lawyer Marina Shepelsky, located in Brooklyn, assists clients from the New York metro area and across the United States in all immigration and naturalization matters http://www.e-us-visa.com

 
Submitted by Walter James on May 1, 2008 - 8:15pm.

How is everyone doing? Anyone making money on shortsales?

Walter James
www.diligentearnings.com

 
Submitted by Larry Hotz on October 21, 2008 - 6:51am.

A former HomeVestors franchisee in Tucson, Arizona has agreed to pay $350,000 in a out-of-court settlement for deceptive practices. They allegedly had consumers sign blank contracts and altered the terms contained in some of those contracts without the principal's permission. HomeVestors has denied this occurred while they were still a franchisee and severed all relations with them on July 30, 2008.

Meanwhile in Virginia there still a pending lawsuit against a former franchisee and home festers itself alleging mortgage fraud. Again, home festers is claiming they have severed all relations with the franchisee.

Still, these appear to be the only blemishes against the company. And with so many transactions all around the country for distressed properties, that seems to be a pretty good record. So far no blame has been placed on hold dusters itself in any court decisions I am aware of.

Denver Real Estate

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