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Real estate company accused of tricking homeowners into signing deceptive contracts files for bankruptcy

PRE News & Ideas | By Annette Weston
Published September 26, 2023 at 6:25 AM EDT
MV Realty is accused of paying homeowners as little as $300 for the exclusive right to sell their home for 40 years.
MV Realty logo
MV Realty is accused of paying homeowners as little as $300 for the exclusive right to sell their home for 40 years.

A company accused of tricking homeowners into signing deceptive contracts has filed for bankruptcy.

ABC-11 TV in Raleigh is reporting that the voluntary bankruptcy petition comes while MV Realty is facing suit by several attorney generals, including here in North Carolina.

MV Realty is accused of paying homeowners as little as $300 for the exclusive right to sell their home for 40 years.

North Carolina Attorney Josh Stein filed a lawsuit against MV Realty and a judge ordered the company to temporarily halt its services here in the state.

The Unfair Real Estate Agreement Act, which recently became law in North Carolina, prohibits agreements such as MV Realty's.

While the company has said it's paused its Homeowner Benefit Program, members of Congress are stepping in to ask what happens to those customers who still have deals with MV Realty.
Annette Weston
Annette is originally a Midwest gal, born and raised in Michigan, but with career stops in many surrounding states, the Pacific Northwest, and various parts of the southeast. An award-winning journalist and mother of four, Annette moved to eastern North Carolina in 2019 to be closer to family – in particular, her two young grandchildren. It’s possible that a -27 day with a -68 windchill in Minnesota may have also played a role in that decision. In her spare time, Annette does a lot of kiddo cuddling, reading, and producing the coolest Halloween costumes anyone has ever seen. She has also worked as a diversity and inclusion facilitator serving school districts and large corporations. It’s the people that make this beautiful area special, and she wants to share those stories that touch the hearts of others. If you have a story idea to share, please reach out by email to westona@cravencc.edu.
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