Over the past year, the median home price in Florida has risen by 14.2% to $392,000, according to data from Redfin. "For a company to prey on unsuspecting homeowners in a way that locks them into a 40-year obligation designed to siphon away equity from the property is disgraceful." "For many Floridians, their home is their most important asset and the cornerstone of their financial stability," AG Moody said in a press release.
However, if homeowners attempt to back out of the deal down the line, MV Realty can place a lien on their property and collect up to 3% of the home's value.Ĭonsidering how hot the Florida housing market has been in the last few years, and how much Florida is expected to grow in coming decades, MV Realty is effectively staking a claim to some of an owner's future equity for pennies on the dollar. The lawsuit seeks to impose civil penalties against the company and stop them from using their agreement altogether. The program works like this: Interested homeowners can receive between $300 and $5,000 in upfront cash incentives if they agree to give the brokerage exclusive rights for up to 40 years to sell their home. On November 29, Attorney General Ashley Moody filed a complaint against Del Ray Beach's MV Realty, alleging that the firm's " Homeowner Benefit Program," which offers sellers a cash payment in exchange for rights to list their property for sale, is deceptive and unlawful. It often indicates a user profile.įlorida's attorney general is suing a real estate brokerage at a time when the state's housing market is facing significant issues from rising property taxes to increasingly severe weather. Account icon An icon in the shape of a person's head and shoulders.
0 kommentar(er)
