Laurie Thompson admits she needed to sell her townhouse in Smithville, Ont., fast.
The pandemic had done a number on her finances — the bar where she worked had shut down, twice — and rising interest rates meant her monthly mortgage payments of $2,000 were going to almost double last January. Thompson was facing foreclosure.
“I was desperate,” she told Go Public.
Thompson had seen street signs and posters in her neighbourhood — companies offering to pay quick cash for houses. She’d even received what appeared to be a hand-written flyer in the mail, advertising a hassle-free cash sale — no renovating, open houses, or Realtor commissions.
She hit the internet and found a company with positive reviews and attractive promises called Honest Home Buyers Incorporated (HHBI), based in nearby Hamilton.
No,
I was just agreeing that she understood the risks associated with selling the house faster through one of these programs, rather than the normal processes.
The grievance about the contract being unilaterally renegotiated from 575 to 550 is valid. The greivance of “lost profit” is not.
Also, the $60k figure of “lost profit” doesn’t consider realtor and closing costs. On $610 those costs would be $35k, so she has a true “lost profit” of $25k. Again a cost she knowingly and willing assumed without coercion.