MIAMI VALLEY — Nearly two weeks after being sued by Ohio Attorney General Dave Yost, MV Realty has halted entering into new agreements.
In a statement the I-Team, a company spokesperson said MV Realty has “voluntarily temporarily suspended entering into new customers contracts.”
“MV Realty has voluntarily temporarily suspended entering into new customers contracts as we work to address the concerns raised by regulators and legislators. The Company remains confident that the Homeowner Benefit Program fully complies with the law and benefits consumers who receive a cash incentive to select MV Realty as their listing agent,” the spokesperson said.
>> I-TEAM: Ohio AG announces lawsuit against MV Realty, founder, broker for ‘misleading’ customers
As the I-Team has reported since November, MV Realty is doing business in 33 states, including Ohio where the I-Team found at least 600 homeowners statewide under contract with the company— and at least 146 in the Miami Valley.
Earlier this month, Ohio became the fourth state to sue the realty company.
MV Realty is accused of locking Miami Valley homeowners into 40-year real estate contracts the homeowners have said are confusing.
>> I-TEAM: Real estate racket? Company offers homeowners quick cash for 40-year lien
The lawsuit alleges that MV Realty founder Amanda Zachman and broker Diana Remar confused and mislead homeowners with the company’s “Homeowner Benefits Agreements,” contracts that leave out crucial information and language required by state law.
In return for quick cash, MV Realty agreements bind homeowners to a 40-year contract, requiring them to sell their home with one of their agents or pay a cancellation fee of three percent of your home’s value. The deals are secured with liens attached to properties and even transfers to customer’s heirs if they die.
>> I-TEAM: Lawyer explains ‘very serious allegations’ against MV Realty
“Deliberately tricking people to make money off their homeownership is a shameful business model,” Yost said. “If it’s truly a good deal, all the details will be clearly explained in writing. Ohio doesn’t need to tolerate the defendants’ deceitful practices.”
Yost is asking the court to put their unlicensed practice out of business.
The I-Team reached out to MV Realty earlier this month for reaction to the Ohio Attorney General’s Office lawsuit against the company. In an email, an MV Realty spokesperson said, “We have just received the complaint, and our attorneys are reviewing.”
The Florida-based real estate company has refused the I-Team’s repeated requests for an on-camera interview for months.
In a previous email sent to the I-Team, an MV Realty spokesperson said, “MV Realty is in active litigation and can not [sic] make specific comments as I am sure you understand. MV Realty remains dedicated to working closely with regulators and attorneys generals [sic] to address any concerns.”
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