North Carolina commission bans MV Realty from offering brokerage services

CHARLOTTE — Action 9′s investigation into a real estate company’s practices has led to another agency cracking down on the business.

Channel 9′s Jason Stoogenke has been following the development surrounding MV Realty after numerous clients reached out with complaints about a contract that they said was predatrory. MV Realty would offer a one-time cash payment in exchange for the exclusive first rights to sell a home if the homeowner wanted to put it on the market. Those contracts would last for up to 40 years.

Sixteen states have passed new laws targeting long-term agreements like the ones MV Realty used. The company told Stoogenke it has since stopped offering the agreements.

Now, the North Carolina Real Estate Commission has banned MV Realty from offering brokerage services in the state.

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The commission told Stoogenke this week it’s giving MV Realty 120 days to wrap up any brokerage agreements it already has in place. It can’t sign any new ones.

The company can appeal the decision. Stoogenke asked MV Realty for a response to the ruling and is waiting for a response.

(WATCH: Senators concerned about homeowners stuck with MV Realty contracts)