CHARLOTTE — MV Realty temporarily stopped using contracts that gave the company exclusive rights for 40 years to sell people’s homes.
MV Realty offered homeowners fast cash in exchange for those exclusive rights.
If customers used another agent, MV Realty would charge them 3% of the value of their home.
The realty company would also take them to court.
Resident Karen Sherrill told Stoogenke she was going through a difficult time last year when MV Realty called her out of the blue.
A representative with MV Realty talked her into signing a Homeowner Benefit Agreement.
Sherrill said she would not have taken the fast cash knowing what she knows now.
She got $800 and MV Realty got the exclusive rights to sell her home.
If Sherrill was to find another real estate agent to sell her home, MV Realty would’ve charged her $9,000.
“I’m about to cry, but I’m not going to cry,” Sherrill said.
Action 9′s Jason Stoogenke teamed up with consumer reporters across the country to investigate the business.
Four states sued Florida-based MV Realty soon after the report.
In addition, the FCC cracked down on the company’s phone calling practices.
The company now says it has temporarily stopped using Homeowner Benefit Agreements to address the government’s concerns.
Billy Watkins used to work for MV Realty and defends the company.
He feels it would be in the best interest of MV Realty and homeowners if it changed its contracts.
“And I just think it’s a great option, but if it’s done right,” Watkins said. “A few tweaks. I think it will be something that a lot of people will see some value in.”
What if you already signed a Homeowner Benefit Agreement with MV Realty?
Stoogenke said to assume the contract is still valid until you are told otherwise.
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