Home Partners of America
Broadcasting/Broker · Chicago, IL · Member since 2015 · 5 posts · 1 vote
Home Partners of America
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Real Estate Agent · Dallas, TX · Member since 2016 · 1 post · 3 votes
10yHome Parnters is the most unethical and incompetent company I have ever worked with. They are in no way transparent about their processes and the hidden costs the add to your contract with no explanation or verifiable paper trail. We signed with Home Partners because my fiancé and I both own businesses for just under two years and were unable to be approved for a home loan until we filed that second year tax returns.
First, they make you sign a lease, with "estimated figures," before they purchase the house. So your purchase terms are based on estimated numbers and not the actual amount they purchase the home for after negotiations. They tell you these numbers will be adjusted, but they will not. When you explain to them that you were told they were estimates and would be adjusted with the real figures after purchase, you are told, "Well, you signed the contract."
Because I was the realtor in my own transaction, I have had access to the inspection, HUD, etc which most tenant/buyers never see as Home Partners specifically says "DO NOT SHOW THIS TO THE TENANT" on the emails they send to the realtor...SHADY. When I requested a breakdown of my purchase price (Which is their purchase price, closing costs, make ready costs, +5%) they were charging me $3,000 in additional closing costs that are not on the closing statement. They explained these are "internal closing costs" and refused to provide me a breakdown of such. I would assume since most tenants do not see a closing statement, they do not notice the hidden costs tacked on and assume that an honest company would consider title company costs to be closing costs.
They also had $11,000 in "make ready" costs on a home that is exactly the same as when I viewed it prior to purchase. Per my lease, I am entitled to a breakdown of these costs, which I have been asking for for over 4 months. They refuse to provide one. I cannot even get a returned call from the department that assists you in executing your right to purchase, which they clearly do not want me to do.
And now on top of this, we are having severe plumbing and foundation issues, which their maintenance department refuses to address, even though per the lease these are their responsibilities. We have had leaking, running water under our house for over a week now and they just take a message when I call and never call me back.
I think it is safe to assume that if there is any issue whatsoever, Home Partners will just refuse to answer your calls and questions, let you pay your PREMIUM rent, and happily take the home back from you at the end of your lease and sell it to a 3rd party unaware of the underlying issues the home has experienced, but they refused to address.
I hope the FRAUDULENT and UNETHICAL business practices of this company are brought to light so another unassuming family does not fall victim to this scam.
9 Replies
- rockwall, TX · Member since 2016 · 18 posts · 4 votes10yHOME PARTNERS OF AMERICA WILLINGLY PUT US IN A BLACK MOLD INFESTED HOME
They refuse to give us inspection report that we were told was done and passed. We were concerned of the black on walls we noticed prior to move in (they painted over) then shortly after move in reappeared. They came out (Sam) with path light that is there management team he took photos and report said they will handle asap and nothing. We put our savings in this home then shortly after move in I started getting very ILL!!! Rash and face then spreads to body blisters itching burning vision impaired so foggy cant drive. I longer can work due to memory loss constant vertigo, speech impaired fever constantly nauseated migraines' tired and want to sleep 24/7 No dr could figure it out thin had home tested and I have the worst molds, I hired a inspector and this home should never of passed we went forever without ac in deed of summer no dishwasher plumbing issues no oven so on and so on. We have to leave home and have no family or money. put all in home and I have not worked my husband has lost alot of clients due to having to take care of me. They DONT CARE. I want them exposed for who they are. They have taken our money and my life. I DONT want this for anyone else - Real Estate Agent · Dallas, TX · Member since 2016 · 1 post · 3 votes10y
Home Parnters is the most unethical and incompetent company I have ever worked with. They are in no way transparent about their processes and the hidden costs the add to your contract with no explanation or verifiable paper trail. We signed with Home Partners because my fiancé and I both own businesses for just under two years and were unable to be approved for a home loan until we filed that second year tax returns.
First, they make you sign a lease, with "estimated figures," before they purchase the house. So your purchase terms are based on estimated numbers and not the actual amount they purchase the home for after negotiations. They tell you these numbers will be adjusted, but they will not. When you explain to them that you were told they were estimates and would be adjusted with the real figures after purchase, you are told, "Well, you signed the contract."
Because I was the realtor in my own transaction, I have had access to the inspection, HUD, etc which most tenant/buyers never see as Home Partners specifically says "DO NOT SHOW THIS TO THE TENANT" on the emails they send to the realtor...SHADY. When I requested a breakdown of my purchase price (Which is their purchase price, closing costs, make ready costs, +5%) they were charging me $3,000 in additional closing costs that are not on the closing statement. They explained these are "internal closing costs" and refused to provide me a breakdown of such. I would assume since most tenants do not see a closing statement, they do not notice the hidden costs tacked on and assume that an honest company would consider title company costs to be closing costs.
They also had $11,000 in "make ready" costs on a home that is exactly the same as when I viewed it prior to purchase. Per my lease, I am entitled to a breakdown of these costs, which I have been asking for for over 4 months. They refuse to provide one. I cannot even get a returned call from the department that assists you in executing your right to purchase, which they clearly do not want me to do.
And now on top of this, we are having severe plumbing and foundation issues, which their maintenance department refuses to address, even though per the lease these are their responsibilities. We have had leaking, running water under our house for over a week now and they just take a message when I call and never call me back.
I think it is safe to assume that if there is any issue whatsoever, Home Partners will just refuse to answer your calls and questions, let you pay your PREMIUM rent, and happily take the home back from you at the end of your lease and sell it to a 3rd party unaware of the underlying issues the home has experienced, but they refused to address.
I hope the FRAUDULENT and UNETHICAL business practices of this company are brought to light so another unassuming family does not fall victim to this scam. - Specialist · Carrollton, TX · Member since 2016 · 145 posts · 100 votes10y
This is an old thread, but quite an eye opener.. I am planning on starting a company that utilizes good points of this concept: find your own home but an investor buys it for you and leases back with a right to purchase etc. Of course,we want to be transparent and typical investor here is a individual who is trying to invest in real estate like many of us on BP. My company just connects these two parties.. Any feedback on the idea appreciated.
- Realtor / Real estate agent · Denver, CO · Member since 2015 · 3 posts · 1 vote9y
As a Denver Realtor since 1999, I think the Home Partners lease program rocks!! I've closed several lease-to-purchase for Home Partners of America, and can HIGHLY recommend them. Your renters will pick out a nice home listed "For Sale" off the MLS, which they can rent/lease until they can get their mortgage 'issues' corrected. They are able to BUY the home at anytime at a pre-agreed upon price.
HPA has specific parameters for every state that you must follow, and as long as you look for homes that "meet" those parameters (you can't do homes under/near power-lines, no stucco, no aluminum wiring, no excessive remodeling/repairs, etc.)
I think they are a FANTASTIC way to help renters who need 1-2 years to get their mortgage financing completed - and in Colorado, they are VERY THOROUGH on home inspections so that they "protect" your renters.
I continue to HIGHLY recommend them!
Jeff Boyce
- Colorado Springs, CO · Member since 2017 · 6 posts · 0 votes7y
Home partners is the most unethical, unreliable, unprofessional company I have ever done business with in my entire life. I’m sure that Jeff Boyce loves them because he is a realtor. Try being the victim and see how long you support them. They added 11k to the purchase price for “make ready” repairs and did nothing with that money. We don’t even get to see the inspection paperwork or the actual purchase agreement until 6 months after the lease begins. Upon move in:
Furnace blown motor
No water pressure (regulator installed wrong)
Faulty wiring and electrical not to code
Water leaks which caused 3 rooms to be damaged this is why they installed regulator backwards to disguise the leaks
3 broken windows from ground work they did
Refrigerator didn’t work
Dishwasher didn’t work
Water intrusion in basement
I’m sure I’m forgetting something. We have had 40 visits from contractors in 2 months and the work is still not completed. We have 6 open work orders. The realtor told me that these items we’re all listed in the inspection and that they were to be fixed before we moved in. This is why they keep the inspection from you so you can live there while they take their sweet time to fix the issues. Meanwhile they pocket your 11k. I have called every person in the company I can. I have been lied to, taken advantage of, and ignored. I filed a complaint with BBB and was contacted by a brand manager and still I am in a house that is unlivable. They don’t care about their customers, there is no local affiliate to speak with, and they act like your a hassle when you have a problem. Their work order system is a joke and they use whatever contractor that will respond to their email requests. I have had contractors do work that didn’t even need to be done just to make money off of their broken system. Run far far away from this company and save yourself from a living nightmare.
The business model is genius. However, when you don’t have the right moving parts that genius model is destroyed very quickly.
- New to Real Estate · Long Beach, CA · Member since 2016 · 9 posts · 9 votes6y
- New to Real Estate · Long Beach, CA · Member since 2016 · 9 posts · 9 votes6y
do not collect 200 when you pass GO! These people are scammers there is a facebook group for victims who have been taken advantage of. Its really sad to see so many people American dream snatched away because of greed https://www.facebook.com/groups/HomePartnersofAmericaScandalExpose/
- Member since 2020 · 2 posts · 1 vote6y
Home Partners!! Not so much!
I went with my BHHS realtor and finally found a home we liked! The MLS said it was an 1800sqft 3 bedroom 1 bath home, I had some concerns but my realtor assured me Home Partners would not purchase a defective home and they would correct any material defects with the home!They purchased it for $410k making my first year price $460k! They would not let me see the home inspection report or have my own home inspector come in.
After move in I discovered exposed electrical wiring, 1940’s nob and tube wiring and come to find out all of the work on the home was unpermitted!
As we proceeded I brought the City Inspectors in whom wrote violations and pointed out issues with the electrical, plumbing etc!
Then I had an appraiser come out and come to find out the home is considered only a 2 bedroom 1 bath at 1,020 square foot! The basement finished area (not really just a dry walled wall and paint but not livable space) bringing the appraised value of the home to $330,000.00. I called and spoke to a loan broker whom informed me she had experienced the same Home Partners nightmare and said that only 10% of Home Partners homes actually get sold to the original finder of the home!
As you scroll through the BBB and Yelp you’ll see hundreds of complaints! about Home Partners previously called Hyperion Homes!
I am currently looking at avenues to peruse them under Deceptive Practices, Contract violations etc, the lease also has waivers not allowed under my states laws!
My advice is to avoid them!
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