Real Estate Franchise Frequently Asked Questions
HomeVestors of America, also known commonly as We Buy Ugly Houses®, is thrilled you took a moment to stop by our real estate franchise FAQ page. Here you will find the answers to our most frequently asked questions about becoming a HomeVestors® franchisee.
While we have made every effort to answer questions here on our real estate franchise FAQ page, we are always available to answer your specific questions anytime as well. Just call 1-800-704-6992 or contact us via email through our website contact form. We will happily answer your questions and give you more information on becoming a HomeVestors of America franchisee.
1. What/Who is HomeVestors® of America?
HomeVestors (We Buy Ugly Houses) is the number one leading buyer of houses in the United States through its franchise network. We are also the largest franchise in the business of buying homes that are in need of repair.
A Dallas based franchise company, HomeVestors has approximately 300 independently owned franchises operating in 37 states. Among the most notable honors HomeVestors has achieved is being named on Entrepreneur Magazine’s “Franchise 500″ list for an incredible five consecutive years.
After reading our real estate franchise FAQ page, click to visit our real estate franchise opportunity page to learn even more about our real estate business opportunities for investors and franchise owners.
2. What relationship does HomeVestors have with its franchisees?
Every HomeVestors® franchise is independently owned. Our franchisees operate their own business, but as a HomeVestors franchisee, they benefit in many ways, including:
- Our initial comprehensive training course
- Supplemental training added regularly
- Proprietary system for evaluating property
- Custom business and real estate valuation software
- Financing source accessibility for qualifying properties
- Beneficial relationships with national vendors
- Rights to use on of the most widely renowned trademarks in the real estate industry, giving our franchise owners instant brand recognition within their communities.
3. What is your company history and how long have you been franchising?
HomeVestors of America incorporated and began franchising in 1996. Since its formation as an available real estate franchise, HomeVestors franchisees have purchased over 60,000 houses across America.
4. What exactly is an ugly house?
HomeVestors has several definitions of what constitutes an ugly house to us. They include ugly appearance, ugly structural issues, and ugly situations the homeowners are in experiencing.
- A house in an ugly cosmetic condition
- A house in poor shape and in need of repairs
- A house with bad memories for a homeowners that makes them want to move
- A house in need of extensive repairs a homeowner doesn’t want to make
- A house where the homeowner no longer wants the responsibility of home ownership
- A house owned by someone who can’t afford it
- A house that is outdated and difficult to sell
- A house with serious structural problems like a cracked foundation
- A house prone to weather damage, such as houses in floodplains
- A house in a high crime neighborhood or undesirable area
- A house that was inherited where the new owner can’t afford to keep it
- A house purchased and held as rental property and now the owners wants out of the rental business
- A house where homeowners are in situations like the death of a loved one, divorce, job loss, debt or bankruptcy, relocation, need to liquidate assets, facing foreclosure, retiring or downsizing, being behind on mortgage payments, or undesirable mortgage financing
- A house that creates any type of ugly situation for a homeowner
5. What kinds of houses do HomeVestors franchisees buy?
HomeVestors® franchisees mostly purchase single family homes. However, some of our franchisees also buy condos, townhouses, duplexes, multitenant buildings, and we even have a few franchisees that occasionally purchase some commercial property. The one thing these properties all have in common is they generally are in need of repair.
6. Do HomeVestors franchisees buy houses at risk of foreclosure?
Some of our HomeVestors® franchisees buy houses in the foreclosure process. While this is possible, keep in mind the purchase of these homes usually requires the cooperation of the mortgage company.
7. How have the national foreclosure crisis and the current state of the real estate market affected HomeVestors franchisees?
The majority of the homes HomeVestors franchisees purchase are valued below the median sales price common in their respective markets. On a national scale, this segment of housing has been the least affected by the national foreclosure crisis. There is always a need for houses in this price range, especially for first time home buyers and real estate investors.
However, some franchisees have experienced an impact mainly because of the tightening of available financing for home buying and purchasing investment properties. The current real estate crisis is a reminder that success in professional home buying is dependent upon solid business fundamentals more than on speculation. This is what makes HomeVestors such an excellent franchise opportunity.
The business model is simple. Generally, franchises buy homes for cash at a discount, renovate them, and sell them at a just below market price to either first time home buyers or real estate investors looking to purchase rental property.
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We are also happy to answer any other questions you may have personally. Call us at (800) 704-6992 or contact us through our website anytime.