HomeVestors(R) Announces Purchase of 50,000th House in Oklahoma City
DALLAS, Dec. 13, 2011 // PRNewswire // -- HomeVestors of America, the professional homebuying franchise network that is the number one buyer of houses in the United States, has announced the purchase of their 50,000th house. The sale was finalized in Oklahoma City on November 21 by Mull Properties, an independently owned and operated HomeVestors® franchisee.
HomeVestors was founded in 1996 and celebrates 15 years in business in 2011. Company co-president David Hicks points out that the milestone is particularly notable because so much of HomeVestor's growth has been achieved in the last few years. "In our first 10 years in business, we purchased our first 25,000 homes; it only took five more years to match that pace," he said.
Ken Channell, company co-president, adds, "Despite the continued home mortgage and foreclosure crisis, our business experienced the second-best year in our history for adding new franchisees. We're forecasting this pace to continue in 2012, and we believe residential real estate can be one of the best investments available today if approached properly."
The 50,000th home purchase illustrates the basic HomeVestors model. "We purchased this home from a couple who wanted to liquidate several properties to purchase a farm. It was a quick sale – contract to closing was less than 10 days, which is just what the sellers needed," said Billie Presnell, Residential Properties Specialist at Mull Properties. The home will be renovated and re-sold.
Mull Properties was founded in 2002, and is an independently owned and operated franchise for HomeVestors. Company associates have purchased over 450 residential properties in just the last six years.
Known as the "We Buy Ugly Houses®" company, the HomeVestors® business model is based on the premise of buying homes in need of repairs or updating, improving the property and either reselling it or managing it as rental property. Based in Dallas, HomeVestors operates through a nationwide network of about 200 franchisees in 33 different states. In 2010, for the fifth consecutive year, HomeVestors was among the prestigious Franchise Business Review's "Top 50 Franchises," a distinction awarded to franchisors with the highest level of franchisee satisfaction. For more information, visit http://www.HomeVestors.com.
Susie Lomelino/Karla Neely