Both the company and the attorney general’s office would send each of the homeowners letters outlining the cancellation option, which is available until April 29 on an exclusively opt-in basis.
The state of Ohio sued MV Realty of Ohio in 2023 because the company was allegedly tricking people using misleading benefit agreements.
The agreements offered a “loan alternative” where the company offered cash in exchange for the homeowner using MV Realty as its exclusive real-estate listing broker for up to 40 years. If a homeowner or their heirs sold or transferred the property without using MV Realty, the company could demand a payment of at least 3% of the home’s value, as determined by the realty company.
The agreements left out several state-mandated details, according to the lawsuit, including the name of the real estate agent, required fair housing language, required anti-blockbusting language, a clear statement of the end of the agreement and a clear statement of representation.
In addition, the state said that MV Realty founder Amanda Zachman, who lives in Florida, was not licensed to sell real estate in Ohio, but was doing so through the company and its real estate broker Diana Remar.
According to Franklin County Common Pleas Court records, the civil case against MV Realty is inactive after the company filed for bankruptcy in 2023.
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