Up to 80% of buyers can avoid expensive condo repairs in a matter of minutes, according to a new study from real estate data firm DownStreet.
The firm’s research, published Monday, found that up to 40% of Americans could buy a new condo in just a few minutes without even knowing that they needed a replacement.
Up to 80 percent of people who buy a home could have a replacement in a few hours.
It’s a remarkable feat, said Andrew Weisbrot, senior vice president of research at DownStreet and author of the report.
The report comes just a month after a number of U.S. lawmakers said they are calling on the Federal Trade Commission to investigate how up to 80 million Americans can be made to pay hundreds of thousands of dollars for damage they’ve caused.
The company’s research comes just days after the FTC said it was reviewing whether it should investigate the practice of up to $5,000 for a condo replacement after a man was sued for $12,000 by his condo repair shop, TheStreet.
In its report, DownStreet noted that up until the end of the year, the FTC was conducting more than 6,300 investigations into condo repair.
In the latest report, we found that approximately 40% percent of U!s purchases could be solved in less than two minutes, compared to up to 30% for those who purchased with down payments.
That’s a huge difference.
In addition, the firm found that between two and five percent of condo buyers could be saved from paying $12K for a $400 replacement in less time than it would take to get a new house, according To The Future.
DownStreet said it’s investigating the issue with its own investigators and expects the FTC to issue a report on the matter in the coming months.
In an email, an FTC spokeswoman said the agency is reviewing the issue and will issue a statement in the near future.