Business ProfileforMV Realty PBC, LLC

In July 2022, BBB conducted an investigation into MV Realty PBC, LLC.  The investigation determined:

BBB files contain a pattern of complaints from consumers that allege issues with contracts. Specifically, consumers allege the Homeowner's Advantage Program contract is unfair and, in some cases not fully explained. In addition, some consumers have alleged liens (or memorandums) have been placed against their properties.

On July 14, 2022, BBB sent correspondence to MV Realty PBC, LCC requesting their voluntary cooperation in providing steps it will implement to eliminate the pattern of customer complaints. 

On August 10, 2022, MV Realty responded to BBB with the following:

At the time that a consumer signs MV Realty’s Homeowner Benefit Agreement (HBA), its notaries will provide the client with a blank copy of the HBA as well as a document setting forth the following information:

1. The timelines and expectations for when the client will receive their money;
2. A reminder that the client has the right to rescind the HBA and an easy process to follow if they choose to do so;
3. A confirmation that the client has agreed to allow MV Realty to file a memorandum lien of the HBA on their property;   
4. A reminder that the client has agreed  to a 40 year time period to use MV as their exclusive real estate broker for the property and the penalty for violating the HBA; and
5. The availability of direct contact with a live person at MV’s Client Success team who can address any questions they have.

Once a MV Realty representative signs the HBA, MV will send the client a fully executed copy of the HBA in the manner they have requested. Clients can request another copy of the HBA at any time. Clients also have direct access to the real estate agent via their cell phone who facilitated the contract signing in addition to the Client Success Team. MV has also recently added resources so that it answers more of its calls live.

MV Realty has combined some of the ways it has recently improved its customer experience as well as some new ideas to ensure that it is making every effort to reduce BBB complaints. MV Realty looks forward to partnering with the BBB to better serve consumers.

As of November 29, 2022:

The Florida Attorney General's Office filed a complaint for injunctive and monetary relief against Florida-based MV Realty and its principals for deceptive, unfair and unconscionable business practices that result in homeowners signing away home equity for a paltry upfront payment. The defendants offer homeowners $300 to $5,000 as a cash loan alternative in exchange for an agreement to use the company as an exclusive listing broker. However, after accepting the payment, homeowners discover that MV Realty files a 40-year lien on the property that requires paying 3% of the value of the home to MV Realty, regardless of whether the company ever provides any real estate listing services.

According to the complaint, MV Realty offers a small payment to consumers with the promise that there is no obligation to return the cash, and the homeowner will owe MV Realty nothing unless and until the home is sold. However, what is not clearly disclosed is that the company records a lien on the home so that if at any time within 40 years the home is foreclosed upon or transferred to heirs upon the homeowner’s death, or if homeowners simply wish to cancel the deal, MV Realty attempts to take 3% of the home’s value.

Moreover, the liens often make it difficult or sometimes impossible for the homeowner to refinance or otherwise tap into home equity. Additionally, the company uses abusive and deceptive telemarketing practices, including calling millions of people on the National Do-Not-Call Registry and leaving millions of unwanted, pre-recorded voicemails.

The Attorney General's action seeks to enjoin enforcement of MV Realty’s contracts with consumers, enjoin future deceptive and unfair practices, return the money the defendants wrongfully took from homeowners and impose civil penalties for defendants’ willful violations of the law.

LINK: http://www.myfloridalegal.com/newsrel.nsf/newsreleases/E9E4A2F7281415CE85258909007259EC?Open&