Out-of-state investors change local real-estate landscape

Large companies that buy up single-family homes out of state can change the local real estate. A New York owned company named FREO has bought a large portion of a neighborhood in Washington. Most of the homes were rental to begin with, but a dozen of them were privately owned and sold to the company.

One tenant, Christina Childs, had lived in the home before FREO bought it and had had difficulty with getting timely repairs done. She had hoped that with the new owners that she would have better luck in receiving repairs that she needed. She told the reporter that she had let them know that she needed the downstairs heater repaired as well as the deadbolt on her door. They did not respond until they were contacted by reports on the matter.

Some home owners in the area worry about the prices of their homes being affected with so many rentals in their community as well.

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POSTED October 28 2013 1:31 PM

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