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ON YOUR SIDE: Homeowner claims house was stolen, now suing realtor

"Stay away. They are gimmicks."

JACKSONVILLE, Fla. — In neighborhoods where the properties are distressed, you will find "We Buy Houses" signs posted on telephone poles and street signs everywhere. 

Investors are looking for real estate they can pick up on the cheap and flip in a hurry.

Eugene Sloan is now pushing back against one of those We Buy Houses companies.

"That was our hard money which he took away from me and I want it back," he said.

Sloan, 61, is a retired Longshoreman. He owned a house on Jacksonville's Franklin Street, not too far from the ILA union hall.

"It was vacant but it was mine," he said

It was vacant and, due to Municipal Code violations, accumulating fines.

Sloan said in 2017 he was approached by a company called We Buy Houses Any Condition about his property.

The same year he signed it over to the company so they can flip it. 

"He offered me a deal. He said he can sell it for $10k; he'll get $3500 and I get $6500," he said. "I got nothing."

He is now suing We Buy Houses Any Condition, LLC.

The company's attorney in a statement said:

"While Mr. Sloan claims he was never paid in his Complaint, he fails to mention that through two different purchase and sale agreements over a 6 month period, he was unable to provide marketable title to our client. The property was riddled with judgments and liens. Our client eventually agreed to take the property subject to those issues, thereby relieving Mr. Sloan of much of that liability. We believe Mr. Sloan’s intentions are less than pure.”

We buy Houses deals have their pros and cons

The Pros: 

-They're easy

- You only have one decision to make

- The shape of your home does not matter

The cons:

-You lose your equity

-You give up control

- The company does not have your best interest at heart

To protect yourself:

-Check out the Buyer

-Get all terms in writing

-Be willing to walk away.

Sloan hopes he can get the courts to reverse a deal that went bad.

This case is scheduled for mediation May 23. His advice to others is very simple:

"Stay away, they are gimmicks."

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