N.C. attorney general sues real estate brokerage for tricking homeowners into signing oppressive agreements
North Carolina’s attorney general has filed a lawsuit against real estate brokerage firm MV Realty for tricking homeowners into signing oppressive, 40-year real estate agreements.
AG Josh Stein said MV Realty started operating in North Carolina in August 2020, and has since signed up more than 2,100 North Carolinians to its “Homeowner Benefit Program.” Nationally, MV Realty has signed up more than 32,000 homeowners.
Through the program, MV Realty targets homeowners who are facing financial hardships and are in need of cash through online ads, robocalls, and texts -- claiming it will pay a homeowner a small upfront cash payment with “no strings attached,” as long as the homeowner agrees to use MV Realty as their listing agent if they sell their home.
But MV Realty doesn’t tell homeowners that if they accept this deal, they are locked into exclusive 40-year agreements that even survive their deaths.
MV Realty also places a lien on the homeowner’s property to ensure it can enforce its agreement, even though it claims in its advertising that it doesn’t place liens.
Stein said homeowners that believe they have been been treated unlawfully by MV Realty should file a consumer complaint with his office.