HomeVestors adds new Chicago franchisee in Q3

The homebuying network had a big quarter

Chicago might be seeing a handful more “We Buy Ugly Houses” signs seeking sellers who want to unload property for cash.

The Dallas-based homebuying network HomeVestors of America added 48 new franchisees in the third quarter of 2015, one in the Windy City.

“HomeVestors now has a total of 648 franchisees nationwide, which is an incredible accomplishment this quarter to reach,”said HomeVestors’ co-president David Hicks in a statement. “As HomeVestors continues to grow and expand, we look forward to supporting our franchisees in the years to come.”

Chicago’s new ugly-house buyer? Open Door Properties, LLC.

The company’s franchisees typically purchase properties for cash — usually “ugly” properties in need of some renovations — and perform the handiwork, then sell or lease the home.

“Our unique model includes proprietary software that our franchisees used to assess homes for purchase and renovation,” says a website for franchisees, who must complete an “intensive training program,” according to the site. “It incorporates our systems for buying homes as well as good business standards. Our franchisees learn how to deal with homeowners who may be in an ugly situation, how to explain our home buying process, and how to carry out as-is all cash buyout deals that can create a profit for franchisees while helping a homeowner get out of an ugly house.”