Host: Rich Szerman

Topic: HomeVestors of America 

The Real Estate Fix With Rich Szerman – Exposing “We Buy Ugly Houses”– May 19, 2023

On today’s episode of The Real Estate Fix with Rich Szerman, Rich opens up the show with some market updates for the Santa Clarita Valley. According to the SCV Economic Development Corporation, the commercial vacancy in Santa Clarita has risen a percentage point from quarter 4 of 2022 to quarter 1 of 2023. The number of home sales rose a bit from February to March of this year, however, Rich attributes this more to buyers reacting to the rising interest rates rather than stability in the real estate market. Rich also discusses some data from NAR (National Association of Realtors), stating how they believe that the National Debt is projected to rise more than the size of the economy, causing interest rates to rise in the real estate market and tanking consumer confidence.

After the first break, Real Estate Fix gets into the weeds of the business model  of HomeVestors of America, colloquially known as “We Buy Ugly Houses”. Rich opens up with an anecdote from one of his own clientele affected by them. A man came in with an elderly father in Canyon Country who recently entered into a contract to sell the house for a measly 200k, essentially being conned by the local “We Buy Ugly Houses” business. After speaking with them personally, Rich was told that the decision would not be reversed and that house is now “their money”. Later on in the hour, Rich pulls some quotes and data from a recent ProPublica article entitled, The Ugly Truth Behind “We Buy Ugly Houses”, exposing many of the corrupt business practices they implore since they run their business without any real estate licenses. Some of these practices include securing contracts with elderly, often dementia set clientele as well as “finding the pain”. By looking into the company’s training material, ProPublica found that HomeVestors intentionally seek out sellers that are affected by economic turmoil, such as being recently divorced, facing property damage, etc. Rich spotlights their immoral business practices and urges listeners to be on the defensive against manipulative tactics used by these companies.

Rich Szerman has been helping clients buy, sell, and protect real estate for over 30 years.

In today’s volatile economic landscape real estate is the single biggest and best investment most people can have. Whether you own your own home or want to own one someday, real estate effects everyone. So, knowing how the housing market works is critical to making real estate work for you.

Whether you need help with foreclosure, disclosure, mortgage, title, refinance, buying or selling, or any other issues he is here to help. His team of experts have been fixing people’s real estate problems and answering their questions for over 3 decades. Whatever your issue is, they’ve probably seen it and solved it before and they’re here to help.

Email: richszerman@gmail.com
Phone: 661-253-3000