The Real Estate industry often welcomes newer, innovative business ideas. Such business ideas are in abundance now, thanks to the creativity of the human mind. However, not every idea you come across would be a good choice to act upon.
Talking of companies that bring upon new ideas, there is one that is rather infamous and has received a scrutinised look: 72 Sold, the company involved in the 72 Sold Lawsuit. But why did this term spark a controversy of this intensity? This article talks just about that.
Table of Contents
What Is 72 Sold?
Let’s decimate the term for you. The number ‘72’ refers to a time period of 72 hours or 3 days, whereas the term ‘sold’ refers to closing a deal. Confused? Well, simply put, 72 Sold refers to closing a deal within a mere 72 hours. The deals include selling properties as well as buying it.
Established in 2018, this company shared a promising attitude towards its clients. This short time of operation and a handful of customer reviews made this company rise up in popularity in the real estate industry. Let’s have a tabular depiction of the company, including the necessary facts. These facts would come in handy as you keep going through this case study.
Facts Chart
| Name Of Firm | 72 Sold |
| Domain Of Operation | Real Estate |
| C.E.O | Greg Haque |
| Founder | |
| Established In | 2018 |
| H.Q | 7333 E. DoubleTree Ranch Rd #100, Scottsdale, AZ 85258 |
Contact Details | (844) 990-7272 |
| support@72SOLD.com | |
| Website | www.72sold.com |
But, if things were so smooth, then why did the 72 Sold Lawsuit occur? Let’s have a look.
The Brewing Controversy
The controversy set off with a string of allegations on the company. These allegations were from various legal grounds, which we shall discuss shortly. However, what’s worth noticing is that these allegations eventually paved the way to the 72 Sold Lawsuit.
Misleading Ads
The ads and promotions done by 72 Sold were often intriguing and catchy. However, it seemed somewhat superficial, and this was one of the important grounds for the oncoming allegations. Consumers claimed that this company doesn’t act as per their promised terms.
Consumers’ Complaints
Many consumers have reported about the unscrupulous attitude of the firm. The complaints include unnecessary contact from the agents’ side, a rather unresponsive customer service forum, and an unprofessional attitude.
Allegedly Fake Reviews
Some sources also state that many of the reviews that 72 Sold has on its ‘Google Reviews’ section are also tweaked in their favour to some extent. Publishing fake reviews to boost credibility online is quite unprofessional and often misleading to a great extent.
Deferred Promises
As mentioned before, 72 Sold focused on closing deals in as less as 72 hours (3 days). As difficult as it is to do so, a company shouldn’t make such a claim either. The company ended up closing deals in 8-11 days, thus deferring from their promises. This sparked criticism.
A Tabular Brief Of The Issues
| Issues | Details |
No Weight Of Words | Couldn’t adhere to their promises of closing deals in 3 days, ended up taking 8 to 11 days. |
Misleading Ads | Highly superficial claims to attract more customers. |
| Lack Of Legal Transparency | Legal factors while deals were unshared. |
The Lawsuit That Set Off The Timer
The problems for 72 Sold further intensified when the firm got into litigation with Houzeo Corporation on 4th January 2024. As of now, this lawsuit is running in the US District Court for the District of Arizona.
This case can be tracked on Justia dockets. You can find more information about the ongoing lawsuit there.
Who Initiated The Lawsuit?
It might surprise you, but the plaintiff in this lawsuit was 72 Sold Inc. The lawsuit was filed in accordance with the alleged trademark infringement by Houzeo Corporation. Infringement of trademark is illegal, as per the Lanham Act of 1947.
How TINA.org Decimated 72 Sold
However, filing a lawsuit brought upon more attention towards 72 Sold. Things would’ve remained buried like they were, if not for the intervention by TINA.org. This organisation exposed 72 Sold in a rather step by step process. Let’s have a closer look.
1. Decimating The Advertisements
TINA.org started off with decimating the highly superficial claims made by 72 Sold, such as guaranteed sale as well as sales within 3 days (72 hours).
2. Bringing Up Fake Reviews
TINA.org pinpointed the existing reviews on 72 Sold’s official site, categorizing them under the tag of fake. The allegation later came out to be true, and it was found out that most of the reviews were from the agents of the company.
3. Publicising Legal Banters
TINA.org also talked about receiving legal threats from 72 Sold’s side and published it on their site. This drew the attention of the public rapidly, further tarnishing the image of the latter within the public.
The 72 Sold Lawsuit: An End Of Escapades
Following the exposing materials provided by TINA.org, the dissatisfied clients decided to take a step further and retaliate through a legal proceeding. Often known as the 72 Sold Lawsuit, this lawsuit is one of the most prominent ones in the real estate industry.
Over a thousand homeowners participated in this litigation, with similar complaints. The complaints, as mentioned above, were just perceived as mere allegations till the onset of the lawsuit.
The Current Status Of The Lawsuit
As of now, the lawsuit stands open, and is active. 72 Sold has been charged with allegations of violating state consumer protection laws. The only way to arrive at a settlement, as per the court, is to update their contract and make it more transparent.
The Impact Of The Lawsuit
Let’s now eye upon the impact that 72 Sold had to face upon the lawsuit.
Large Scale Defamation
A lawsuit of such an extent tarnished the image of 72 Sold, highly damaging its reputation. More and more people got to know about the deeds of this company, which led to a further deterioration in their client acquisition.
Withdrawal Of Partners
The 72 Sold Lawsuit also led to a withdrawal of partners from this company, as it was obvious. No firm would want to put their reputation at stake by partnering with a company that has been charged with such accusations.
Significant Loss
The company also underwent significant losses due to the litigation. With a lack of partner support and the diminishing number of clients, 72 Sold witnessed tremendous losses in financial aspects as well as in their reputation.
Conclusion
While the 72 Sold Lawsuit continues to this date, it was indeed an infamous incident, highlighting the unprofessional attitude of some business professionals. This lawsuit is a testament to the real estate industry that the clients are the backbone of a business, and the firms should always adhere to a strict moral policy.
We also get to learn that we should always be vigilant and alert while indulging in deals. Even if in a state of urgency, you should always keep in mind your safety and act accordingly. With that being said, we have come to an end of the case study.
Frequently Asked Questions
Who Is The C.E.O Of 72 Sold?
Greg Hague is the C.E.O of 72 Sold. He is also the founder of this company.
When Was 72 Sold Established?
72 Sold was established in 2018.
Is 72 Sold Closed?
While it is unclear if 72 Sold has terminated its services, its website is still on the web.
What Caused The 72 Sold Lawsuit?
The 72 Sold Lawsuit was primarily a result of falsified promises to the clients of this firm.
Where Are The Headquarters Of 72 Sold?
The H.Q of 72 Sold is in Scottsdale, Arizona.
