I heard from a realtor that TV was not selling new constructions to investors. There is such a great demand for homes for folks who wish to occupy the home and TV wants the homes to go to them.
I think its an awful practice. If someone buys, then say they need to leave for a period of time to help family, go out of state for medical treatment (my cousin goes to Baltimore for months at a time) then these folks could get in trouble I suppose.
I think the bottom line is they don't want investors buying multiple properties. There may be a work around for one property.
Quote:
Originally Posted by Laker14
On another thread a poster mentioned that when he/she bought a new property from the developer in one of the newer sections, they had to sign a contract that explained that the property could not be rented out.
I didn't want to hijack that thread with questions, so here goes.
1. Is that accurate?
2. When did they start that practice?
3. What would the developer's likely motivations be for such a covenant? Wouldn't it make the market for their homes more desirable if folks wanting to buy as an investment were also able to buy the new homes?
I'm not understanding this at all.
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