Invitation Homes Agrees to Pay $48 Million

1 Credits

If your clients rented from Invitation Homes, they may be in line for a refund.

Invitation Homes, the nation’s largest home rental company, has agreed to pay $48 million following an investigation by the Federal Trade Commission, which accused Invitation Homes of unfair rental and eviction practices.

While Invitation Homes is not admitting wrongdoing, the FTC found that Invitation Homes withheld security deposits for normal wear and tear, failed to fix urgent maintenance issues, and discouraged renters from invoking the CDC’s eviction moratorium during the pandemic.

Brandy Johnson, a current renter, shared her experience, saying, “There are issues like a cracking ceiling and ongoing problems with the A/C.” Douglas Farrar from the FTC added that some renters faced eviction even after moving out or submitting the necessary declarations to Invitation Homes.

In a statement, Invitation Homes claimed its practices are industry-leading and emphasized its commitment to providing quality housing. However, renters like Johnson are skeptical. She reported unexpected fees and inadequate repairs, saying, “We’ve been hit with a couple of hundred dollars in fees each month from Invitation Homes.”

The FTC plans to contact eligible renters in the coming months about their refunds. If your clients are facing issues with Invitation Homes or any landlord, they can file a complaint at ReportFraud.FTC.gov.

Source: Link

Attorneys and REALTOR Indicted in New Jersey Short-Sale Fraud

In North New Jersey, three attorneys and a REALTOR have been indicted for their alleged involvement in a complex short-sale fraud scheme that defrauded financial institutions.

U.S. Attorney Philip R. Sellinger announced that Bruce Egert, 69, of Tenafly; Nelson Kong, 44, of Bethpage, New York; Seung Han Shin, 42, of Old Tappan; and Francisco Sanchez, 48, of Ridgefield Park, each face serious charges, including conspiracy to commit bank fraud and multiple counts of bank fraud. Notably, Egert and Kong are also charged with making false statements to financial institutions.

The indictment reveals that between 2013 and 2016, the group allegedly orchestrated fraudulent short sale transactions, misleading lenders about their plans to quickly resell properties—often on the same day the sales were completed. By using stolen identities and fraudulent documents, they purchased homes at steep discounts and then flipped them for substantial profits, violating deed restrictions on resale timing and price.

Kassai, a previously convicted fraudster who acted as the alleged ringleader, pleaded guilty in 2018 to bank fraud, wire fraud, and money laundering, receiving a 16-month prison sentence and being ordered to pay nearly $8 million in restitution. Two REALTOR associated with Kassai, Steve Kang and Joshua Son, also pleaded guilty to fraud charges in 2019, receiving sentences of time served along with restitution of $2.38 million each.

Shin and Kong were arraigned on September 19, while Egert and Sanchez appeared in court on September 23. All four defendants have been released on unsecured bonds of $100,000. If convicted, they face a maximum potential sentence of 30 years in prison and fines of up to $1 million per count.

Source: Link

Hoda Kotb Leaves Today’ for Family Life in Suburbs

And finally, in a surprising announcement, “Today” co-host Hoda Kotb is stepping away from the morning show to focus on her daughters and embrace a new suburban lifestyle.

The 60-year-old television personality revealed her decision on Thursday, sharing that she has purchased a stunning home in Bronxville, New York, for nearly $2.9 million. This four-bedroom, five-bathroom Colonial marks a significant change from her previous life in Manhattan.

Kotb expressed her mixed emotions about leaving the show, saying, “I know I’m making the right decision, but it’s a painful one. My daughters, Haley and Hope, need more of my time.” She emphasized that her recent sixtieth birthday celebration prompted her to reevaluate her priorities.

The new home, spanning 4,000 square feet, features a chef’s kitchen, a sun-filled family room, and an expansive backyard—perfect for her family. Kotb has already begun enjoying her new life.

With her new home just a 30-minute drive from midtown Manhattan, Kotb is excited about this fresh chapter, stating, “I have a whole new town and a whole new school.”

Though she’s leaving the show, Kotb plans to remain within the NBC family.

Source: Link

About “3 Things You Need to Know” on OnTrack Agent.

3 Things You Need to Know” delivers concise, no-nonsense real estate news, ensuring that agents stay informed and ahead of the curve.

Stripping away editorial commentary, the show focuses on the key developments shaping the real estate industry and the broader U.S. economy.

Whether it’s market trends, legislative changes, or economic shifts, each episode distills the most important information into easily digestible segments.

Designed specifically for real estate professionals, “3 Things You Need to Know” equips agents with the insights they need to make informed decisions and thrive in a competitive landscape.

Stay connected to the pulse of the industry with timely updates that matter each weekday, Monday through Friday.

 

3 Things You Need to Know – Copyright 2024 – OnTrack Agent

Buy Now

---