The Ugly Truth
Inside the “We Buy Ugly Houses” Company
HomeVestors of America claims to be the country’s largest cash homebuyer and says it helps homeowners out of jams. But a closer look reveals that the company trains its franchisees to cash in on homeowners’ desperation.
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Highlights From This Series
April 18, 2023
We sent HomeVestors of America questions about the findings of our reporting. Soon after, the CEO praised the reporting in a meeting with franchise owners but added that the company would “bury” the story once it was published.
May 11, 2023
Despite HomeVestors’ promise to hold its franchises to the highest ethical standards, we found some used deception and targeted the elderly, infirm and financially vulnerable while offering to buy their homes for far below market prices.
May 15, 2023
Five families discussed their experiences doing business with HomeVestors franchises, including a man who later died while waiting to be kicked out of his home. Some franchises had sued homeowners after they tried to unwind their deals.
June 13, 2023
The head of the Consumer Financial Protection Bureau cited ProPublica’s reporting before a U.S. Senate committee and called for more oversight of HomeVestors’ practices.
July 1, 2023
Despite HomeVestors’ efforts to “bury” ProPublica’s reporting, millions read the investigation and more than 40 media outlets featured our work, including The Washington Post, The Dallas Morning News and Apple News Today.
Aug. 1, 2023
Shortly after ProPublica asked for comment on reporting that showed a top HomeVestors franchise owner had stayed involved in operating the business despite a felony conviction, HomeVestors CEO David Hicks stepped down.
Jan. 24, 2024
HomeVestors continued to reform business practices in response to ProPublica’s reporting, including requiring franchises to provide homeowners considering selling to them with a disclosure that allows deals to be terminated within three days.
“We Buy Ugly Houses” Company Overhauls Policies in the Wake of ProPublica Investigation
HomeVestors franchises will be required to provide prospective home sellers with a disclosure that includes a three-day window to terminate a sales contract.
“We Buy Ugly Houses” CEO Steps Down Following ProPublica Investigation
David Hicks, CEO of HomeVestors of America, said in a letter announcing his retirement that recent press coverage of the company’s homebuying practices has taken a “personal toll on me.”
Senators, Regulator Call for More Scrutiny of “We Buy Ugly Houses” Company
The Consumer Financial Protection Bureau’s head said the Department of Justice and state attorneys general should be made aware of predatory house-flipping practices, following ProPublica reporting on HomeVestors of America.
