"The consent judgment voids MV Realty's long-term Homeowner Benefit Agreement contracts, clears recorded property filings, and bars the company from performing real estate brokerage services in Colorado."
"The state estimates that the cancellations will prevent approximately $8.4 million in fees that homeowners would have otherwise incurred under the agreements."
"MV Realty's Homeowner Benefit Agreement required homeowners to pay 6% of the appraised value of their home if they decided to terminate the contract early."
"At its peak, MV Realty claimed to have enrolled more than 35,000 homeowners across 33 states and paid out nearly $40 million since the program's launch in 2020."
Colorado Attorney General Phil Weiser reached a consent judgment with MV Realty, voiding their Homeowner Benefit Agreement contracts and clearing related property filings. The agreement blocks MV Realty from providing brokerage services in Colorado. This resolution addresses a lawsuit alleging MV Realty locked homeowners into long-term contracts requiring exorbitant fees for selling or refinancing. Homeowners had to pay 6% of their home's appraised value if they broke the agreement. MV Realty had enrolled over 35,000 homeowners since 2020, but paused the program in February 2023.
Read at www.housingwire.com
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