Dallas--HomeVestors of America Inc., the company known for its "We Buy Ugly Houses" billboards, is introducing the HomeVestors Real Estate-Owned (REO) Program on July 1 to buy "ugly notes" from banks and financial institutions nationwide. With advertisements debuting in the Wall Street Journal, USA Today and financial trade publications, HomeVestors plans to buy performing notes, non-performing notes, and REOs on single-family homes that will expand the company's inventory to HomeVestors' franchisees.
HomeVestors will initially establish relationships with small- to medium-sized lenders to buy these notes in bulk and turn the properties over to the franchise network. The company also will launch a Web site at www.uglynotes.com to support the program and offer more information. -BizCom Associates