You just can’t miss those “We Buy Ugly Houses” signs. In some cities, it seems like the bold black-on-yellow pitches plastered on telephone poles and open spaces have become a fixture in neighborhoods — promising fast cash for distressed homes, no questions asked.
Selling a house for cash is appealing for some homeowners because of how fast the transactions can go through.
In some cases, the deal can be done in a week. Often no appraisals or inspections are required, since the terms are usually “as is.”
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The prospective buyer doesn’t have to go through a lengthy mortgage-approval process, so ultimately a cash offer can reduce the risk of the deal falling through.
On the other hand, agreeing to a cash offer means the homeowner might also be taking less than the house could ultimately sell for on the open market.
The negotiations might also be a bit more difficult because of the “take it or leave it” nature of these kinds of deals.
People looking for these deals because they need quick cash are also vulnerable to scams.
It turns out that those looking to invest in cash-buying businesses are also at risk of being defrauded.
Cash-for-houses deals are often attractive for sellers who want to move fast.
Image source: Getty Images
‘We Buy Houses’ franchisee in Dallas pleading guilty to fraud
Behind some of those ubiquitous “we pay cash” signs was a con. Charles Carrier, a Dallas-based franchisee who rose to the top of the HomeVestors system, is now pleading guilty to federal wire fraud in a scheme that duped nearly 80 investors out of $40 million.
His company, C&C Residential Properties, looked like a real estate success story — flipping houses, offering investors 8%–10% returns on short-term loans supposedly secured by distressed residential properties. C&C was flying the flag of a nationally trusted brand.
Prosecutors say the success was mostly smoke and mirrors.
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Carrier allegedly forged documents, pledged the same properties to multiple lenders, and used new money to pay off old debts. Now, he’s taking a plea deal that covers just one $200,000 wire transfer.
Another $39.8 million in alleged fraud is outside the scope of the plea.
While his guilty plea covers just the single wire transfer, court documents and a ProPublica investigation allege far broader misconduct dating back to 2018.
C&C Residential Properties was a top-producing HomeVestors franchise.
But prosecutors allege Carrier forged loan documents, falsified lien records, and layered multiple loans on single homes — ultimately diverting funds to repay earlier investors and support his lifestyle. Though he faces up to 20 years in prison, many victims are outraged that the plea doesn’t reflect the full extent of the damage.
With sentencing still to come, Carrier has agreed to liquidate assets in an attempt to repay investors. However, the financial recovery is expected to be slow and partial at best. It also raises questions about franchise oversight and investor protection in private real estate lending.
Some ‘We Buy Ugly Houses’ investors lost millions
The fallout from Charles Carrier’s scheme has been devastating for dozens of everyday investors — many of whom trusted him based on his ties to the “We Buy Ugly Houses” brand.
Retirees, widows, and small business owners thought they were funding safe, collateral-backed real estate flips.
One investor lost $1.1 million; another retired early and may now be forced to return to work. A father and son lost $500,000 combined. Some investors received fake notary stamps and forged deeds, while others discovered their liens weren’t registered with county officials, all according to the ProPublica account.
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Despite HomeVestors’ national presence, its internal audits reportedly focused on fee compliance rather than the financial health of franchisees, according to the report.
The company revoked Carrier’s franchise in late 2024, but only after investor complaints and ethics hotline tips mounted.
HomeVestors has sued Carrier for trademark violations but maintains the company is not liable for his actions. Meanwhile, victims are racing to recover losses through civil suits and asset seizures, often competing against each other.
Though the one federal wire fraud charge could land Carrier in prison for up to two decades, some investors argue the plea deal falls far short of justice.
Carrier’s attorney claims the former executive never intended to defraud anyone, blaming market conditions and insisting Carrier planned to repay all investors.