The Ugly Truth

We sent HomeVestors of America questions about the findings of our reporting. Soon after, the CEO praised the reporting in a meeting with franchise owners but added that the company would “bury” the story once it was published.

Despite HomeVestors’ promise to hold its franchises to the highest ethical standards, we found some used deception and targeted the elderly, infirm and financially vulnerable while offering to buy their homes for far below market prices.

Five families discussed their experiences doing business with HomeVestors franchises, including a man who later died while waiting to be kicked out of his home. Some franchises had sued homeowners after they tried to unwind their deals.

The head of the Consumer Financial Protection Bureau cited ProPublica’s reporting before a U.S. Senate committee and called for more oversight of HomeVestors’ practices.

Despite HomeVestors’ efforts to “bury” ProPublica’s reporting, millions read the investigation and more than 40 media outlets featured our work, including The Washington Post, The Dallas Morning News and Apple News Today.

Shortly after ProPublica asked for comment on reporting that showed a top HomeVestors franchise owner had stayed involved in operating the business despite a felony conviction, HomeVestors CEO David Hicks stepped down.

HomeVestors continued to reform business practices in response to ProPublica’s reporting, including requiring franchises to provide homeowners considering selling to them with a disclosure that allows deals to be terminated within three days.