Canada

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The pandemic had done a number on her finances — the bar where she worked had shut down, twice — and rising interest rates meant her monthly mortgage payments of $2,000 were going to almost double last January.

She hit the internet and found a company with positive reviews and attractive promises called Honest Home Buyers Incorporated (HHBI), based in nearby Hamilton.

The website promised other advantages, too  — "more cash" in a seller's pocket, a quick closing date, no Realtor fees and it claimed homeowners sometimes get a cheque "the very same day!"

When HHBI owner Mike Chow arrived at Thompson's townhouse for a walkthrough last January, she told him her employment had been sporadic, the mortgage lender wanted her debt paid off immediately and that she was struggling emotionally — a few months earlier, her partner had unexpectedly died from a heart attack.

"It's clearly preying on people who are desperate and vulnerable," said housing-market analyst Ben Rabidoux, who dislikes how the contracts lock sellers into terms that cut them out of potential profits.

Rabidoux, lawyers and real estate experts Go Public spoke with all expressed concern that homeowners often don't understand what a "cash for house" deal actually means — all saying the contracts are often misleading and unethical.

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