One thing we were sure to do was to take a detailed video of the whole house right before the drywall went up. However, sellers always like to see and deal with buyers who offer and make deposits - often three percent or more of the purchase price. On average, you can expect to deposit between 1% and 3% of the total purchase price on an MLS transaction (this is where the term earnest money applies most often) and 5-20% on new construction (where we would call it a down payment and again, that money goes towards whatever ultimate down payment amount your loan requires at WebFounded in 1948, Ryan Homes has built more than 460,000 homes. Let our team of qualified homebuilders turn a house into your home. He has built no equity at all because essentially there was a fraudulent appraisal done. This helps, thank you! Earnest money is a deposit from a buyer paid at or immediately after having an offer accepted for a home to indicate that they are serious about following through with the transaction. Browse by price and home type including Townhome, Single Family, Active Adult, First Floor Owner, Lifestyle, SimplyRyan 4. In higher-priced or competitive markets, deposits can reach up to 10%. Your email address will not be published. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. I would suggest you find a local inspector and get a pre-drywall inspection AND another when everything is complete before you close. It shows good faith because youre telling the seller its okay to take the home off the market since you intend to purchase the house. WebSearch new homes for sale in North Carolina from Ryan Homes. Thanks! That's when they get applied to the buyer's down payment orclosing costs. Conventional loan - we ended up going with NVR. I am in the DC Metro area as well. Roughly 7k. We flipped the layout of the house during the design meeting, saw that they were laying out the foundation the original way. Your email address will not be published. I tried to keep a log of everything I had seen and liked and didnt like before we went into the actual decision making process so that I wouldnt forget any details in the midst of trying to make tons and tons of choices. I will continue to update this post if we experience anything else as we live here longer, but three years in and knowing what we know now, we would definitely choose to do this build again. I really have no idea where to start in terms of familiarizing myself and preparing for this process so any articles or experiences would be helpful. I would have pushed back my apartment lease and move-in date a little bit longer so I wasn't feeling pressured to sign off on the walk-through. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. If you are buying a house without the assistance of a real estate agentmake sure you do your homework on the escrow company. Have a great day! Remember: The deposit counts as a portion of the overall downpayment. Hi Abby, like another reader above, I have just started building my house with Ryan Homes and this morning came across two things in this same order; the hundreds of negative reviews, and then your review. It was my intent from the start to go through another lender anyways. The escrow process often begins with your offer to purchase a house. The good faith deposit is an essential component in crafting an offer to buy a house. We had cut the cable cord in our old house, and this allowed us to put an antennae that attached to all of our tv outlets through the hous in our attic and have electric if we needed to add a booster for the signal. See our current refinance ratesand compare refinance options. The seller and buyer sign a contract that defines the conditions of refunding earnest money. Great read and great detailed information. Your mortgage company will only loan out what your house appraises for, so if you stack on alot of upgrades that don't add alot of appraisal value, you might have to come up with the difference on your own. Since this wasnt an option with Ryan, we just had them put in the laminate countertops that came with our house package and switched them out soon after we moved in. You may have the opportunity to use one of your contingencies to back out of the deal without losing your good faith deposit. In such a case, you're putting up some amount for the home in advance. Having peace of mind and knowing you are protected is really priceless at the end of the day. In most states, EMDs are typically 1% to 3% of the total purchase price. 2 of the exterior doors do not deadbolt correctly. Thanks for sharing! 2/3 - We paid 5k to sign the contract (non refundable, very typical). We're an A+ rated home builder with 34 communities available in North Carolina. I was under no obligation to actually use them for the loan, but I actually did end up using them because they offered one of the best rates, along with paying the transfer tax (about $2000), making them a better deal. Roughly 7k. If I can do it, you can too! I have stopped contacting my assigned loan officer due to the fact that no one at NVR has any idea what's going on. Our philosophy revolves around providing quality service thro. If you can choose between the white and antique white, choose white. If you back out of your dream house, you could lose the deposit. Are you buying your first house and feel confused by the real estate terminology? A local real estate professional will make sure that you get the benefit of utilizing the good faith deposit as a negotiating tool in your offer and protecting your money at the same time. Contact Homes for heroes for further details. The concept of using an escrow for a transaction is nothing new. Recessed lights in the kitchen were located incorrectly. All of these payment count towards your closing costs. Ryan Homes in no way sponsored our house or compensated me in any way for building with them; my goal with this post is to share my neutral, unbiased thoughts and experiences after going through the process. 2. What was your timeline from loan shopping to finally moving into your house? Can you please share the name of the Facebook group? Even the knobs for drawers. 4 - Can't answer this as we went with the builder's lender.5 - Off the top of my head not really. We had done a lot of research already, thankfully, but there are always more details to iron out during this period. Don't even get me started on these jokers. But other national lenders were on board initially before I picked a final. It can be as high as 10% for highly competitive homes with multiple interested buyers. It may be a super competitive market where you liveand you might be tempted to say screw it and waive some or all of your contingencies. I know they require a 5,000 good faith (I believe) but what other fees prior to breaking ground. My office has always run a little cooler than the rest of our house, but I figured it was just because it was above the garage. KB requires a 10% deposit on the options up to 15% of the price of the house, and 100% prepayment for any options beyond the 15% point. Read on to learn all about one of the most important parts of buying a house the good faith deposit. EXAMPLE: Lets say that you need to sell your current condo to buy your dream house. That sense of partnership is no more important than when you need to get your earnest money refunded and walk away from the deal. just my 2 cents. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. It's just a rule specific to our builder. We added fans in all of our rooms because realistically we knew we were not going to do that ourselves. It wasnt completely disastrous and our bathrooms are fine, but if I had taken more time to think through the options, I may have done things a little differently. There's also a Facebook group of Ryan Home Owners who offer really good tips and overall a good community to ask questions about your build. I did use my builders preferred lender, so they already had a relationship and understood the whole process. Most good faith money deposits are part of an agreement that spells out the conditions under which a buyer may lose their deposit if they are unable or unwilling to complete the contract. San Gabriel Branch 102 East Las Tunas Drive San Gabriel, CA 91776. ACE Escrow, Inc. is a professionally staffed, full-service escrow company dedicated to serving our. Anything you'd do differently the second time around? We didnt really try to barter much or get additional fixtures when we were creating our package. Buying a house is a stressful and challenging experience. I saw you asked about NVR too. Its definitely worth looking into and getting exact numbers if youre looking to get solid surface countertops. Read more. I'm building a Ryan Home right now. Microwave and dishwasher issues. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. We like the area so that's the only reason were putting up with their crap. I do have one question. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. What a headache that must've been when you thought you were about to close. ), overall I am very pleased with our experience and would absolutely do it again. In the attic we also added an outlet and an input box and ran co-ax down from the attic that connected to all of the co-ax in the house. True there are some upgrades that you can do yourself, but realistically are you going to? We found the sales rep and project manager in our community easy to work with and attentive to issues when they arose. Theyll assess the property and market-specific factors and quote a figure within the standard range. I did have them fix a few issues before I moved in, but there were still a few little things (paint scuffs, a dinged baseboard, that kind of thing) that I would have had them fix if it wasn't going to push closing back. Because we have that video, we know exactly how all electrical and plumbing is run and where everything is in case there is ever an issue. Were there any surprises? Without further ado, lets get into the history of escrow and what it means and how you can protect your deposit in the event that the deal falls apart. FTC's website on credit. Your review was very helpful and will keep them in mind as we go through our process. With most AS IS with the right to inspect contracts,as the buyer you can simply state in writing. Your post on this subject is so helpful! My family was told they could not budge on pricing one bit. I haven't worked with Ryan, but recently purchased a KB home in Nevada, and overall it was a good experience. ), and in the upstairs hallway, and Im really glad we did. A contingency for mortgage approval allows the buyer to cancel the deal and get their earnest deposit refunded if they are unable to qualify for a mortgage. If there hasnt been any shortcomings on your end, you have every right to get your earnest money back. Your house is really built by one company organizing a bunch of sub-contractors so a lot of the fixes and quality will depend on the subcontractors they use. Toll Free: 1-800-432-1000 I may be a little biased because we use the bonus room as my home office, but I have seen others use it as a theater room or a playroom, and it is so great to have the extra space. The good faith deposit does not go directly to the seller. This especially comes in handy at Christmas time when we have lights out. Make a mortgage payment, get info on your escrow, submit an insurance claim, request a payoff quote or sign in to your account. WebSearch new homes for sale in North Carolina from Ryan Homes. Your email address will not be published. Here are some things we did (or wished we did!) We're an A+ rated home builder with 34 communities available in North Carolina. Some people only had to put down $1000. First, we had all of the outdoor outlets put on a switch that is inside the house. Acceptable payment methods include personal check, certified check and wire transfer. I was there nearly every day after work checking on progress. Hero Rewards not available in all states. Its also super important to remember to never give the earnest money directly to the seller. Thank you for sharing. Was that a flat fee or a % of the total upgrade cost? We plan to put in under-cabinet lighting, and having those outlets already available will make it so much easier. There were a few structural upgrades that I wished we would have considered, but that's more of a FOMO thing than anything. I am wary about build quality though which is why I'm not totally committed to this builder; I'm still shopping around for someone with a good reputation for build quality. Clear communication with your sales reps is absolutely key during the decision making phase of the process. Often times you are shopping for your next house while your current house is on the market. We had our price locked in with our contract and the only fluctuation came with the design center which we were in full control of. If you feel like you are not going to make one of the deadlines, let the seller know as soon as possible and ask for an extension. Im glad it was helpful. Required fields are marked *. When you put money into an escrow account after making an offerthis is known as a Good faith deposit. Its also known as earnest money.. If you were diligent about adding in contingencies when you signed the deal, you can probably use one of them to cancel the deal. You have the power to make the experience much smoother and less stressful by using an experienced real estate professional affiliated with Homes for Heroes. The #ryanhomes hashtag on Instagram shows even more ideas and options that are available, so thats another great way to tour spaces virtually. Just as an example, on all our walkthroughs all the doors were open. Rather than making our final decisions at that meeting, I wish I would have gathered all of the information at the appointment, taken a few days to think about it and talk about it with Donnie, and then decided what we wanted to do. This could put your earnest money in jeopardy. 3. Most good faith money deposits are part of an agreement that spells out the conditions under which a buyer may lose their deposit if they are unable or unwilling to complete the contract. Truth is that such a purchase contract must be supported by "consideration" with legal value from buyer to seller - not necessarily a buyer money deposit. Seeing many, many houses and options also helped me to know what the possibilities were, since theres no way to go over every single possible scenario and combination of things while youre making decisions about your home. EXAMPLE: The deadline for your purchase contract to obtain loan financing is September 15. A little preparation can make the mortgage process a lot easier. Written by Ryan Shaw The escrow process often begins with your offer to purchase a house. As someone who is a first time home buyer this article was wonderful and I learned so much! We are currently in the process of changing out all of the trim in our house ourselves, and had we asked more questions, we may not have ended up having to do that. I have in writing a confirmation for the security deposit from the original leaser, but they claim since the lease is now with new person leasing the property that They also likely won't keep it because there is no rationale behind the money. You must work with a Homes for Heroes Mortgage Specialist and business affiliates to be eligible to receive additional service-related savings. They also likely won't keep it because there is no rationale behind the money. Its such a big thing to build brand new, so these tips will come in handy if I ever build , Thanks so much for reading, Ashley! Once you waive your contingenciesall bets are off. Did you run into any unexpected fees/hiccups along the way that you wish you'd known about in advance? This handy guide will help you decide exactly how much of your income you can reasonably dedicate to mortgage payments every month. Two weeks after that, we finalized our options (rolling back some, changing some, to put it in our budget), and wrote one more check for $4000. It shows good faith because youre telling the seller its okay to take the home off the market since you intend to purchase the house. on a 238k condo purchase. Ive held off writing a post sharing all of this info until we had lived in our house for a while so that I could speak from experience, and now that weve been here nearly three years, it seemed like it was time. When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing. It is a process and a learning experience. A few months after we moved in, I noticed a water spot forming on the ceiling in our living room. During this appointment, you look at tons of samples of carpets, tile, hardwoods, and other flooring options. The money you put down to show you are serious about the purchase is known as a good faith deposit or earnest money. The terms are used interchangeably depending on the state you live in. Take them seriously and do everything you can to meet them. This Ryan Homes review shares our experience with building a new construction home what we loved, what wed change, and more! Ryan Homes sells plenty of houses. Typically, you pay earnest money to an escrow account or trust under a third-party like a legal firm, real estate broker or title company. Using Contingencies to Protect Your Earnest Money. It helps that the construction guys are still here. WebAbout the Business. (In my case, it pushed back a week because the power company was late getting us a power meter.). Thank you for the detailed advise and the time you took to put it together. The more you put down, the more serious the seller will take your offer. If youre looking for more details about our building process, these posts can help: Our New Home: A Preview (All of our selections are listed in this post. A third party is much more likely to be impartial and give your money back if the deal goes south. It's not a big deal as most of the time your mortgage is sold off anyways, for instance they sold ours to Wells Fargo by our second mortgage payment. Went through 4 "lending managers" between initiating and closing. Try KandP builders or others. If youre not fortunate enough to be in that position though, a sizable earnest money deposit is a good alternative. Opendoor: How Much Will It Pay For My Home. Lost all of our documents twice. However, sellers always like to see and deal with buyers who offer and make deposits - often three percent or more of the purchase price. So glad you enjoyed in, Lynn! I wish we were a little more picky about a few things when walking through the home on our final walk. We don't support this browser version anymore. As long as you are able to get extensions youll be ok. clients everyday. A local real estate professional will make sure that you get the benefit of utilizing the good faith deposit as a negotiating tool in your There are various forms of the inspection contingency so read it carefully ,some have a dollar number that the seller agrees to in advance to spend on repairs. . Some sellers prefer to set fixed amounts to help filter out buyers that arent serious. Who is responsible to return my deposit when I sublease a room and upon moving out, the person on the lease also has moved out and the lease has changed over to a new person? If you have any other questions about the home building process, feel free to leave them in the comments below! Before listing your condo, you make an offer to buy your dream house without adding a contingency that you must sell your current home into the proposal. In most cases, earnest money acts as a deposit on the property you're looking to buy. The amount of earnest money you offer varies based on the market and the condition of the house. When you say you paid $4.5k for the upgrades deposit, do you mean you paid a deposit on the upgrades and financed the rest? Thinking I should look elsewhere since most of their "upgrades" are otherwise standard features as well like lighting in bedrooms, etc. I am in the DC Metro area as well. Sometimes they leave access panels in the walls in that nook to access the crawl space, but in our case they didnt (and we wouldnt have wanted them to), but apparently the insulation people didnt get that memo. Otherwise, they may not allow you to list them as your realtor if you decide to get one later. Depending on the market, negotiate. WebFounded in 1948, Ryan Homes has built more than 460,000 homes. And from applying for a loan to managing your mortgage, Chase MyHome has you covered. Upgrades are usually overpriced so they can deal, If its mostly built, they either lost s buyer or theres an issue and they want to deal. We came to find out that we had only upgraded to the basic trim package and would have had to upgrade another level to get the nicer looking cased openings that we were expecting. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Two weeks after that, we finalized our options (rolling back some, changing some, to put it in our budget), and wrote one more check for $4000. They do this because money/kickbacks are being exchanged among the builder, lender, real estate agent and likely the appraiser and inspector. If you change your mind late in the buying process for reasons other than contingencies, the seller can keep the earnest deposit. Like the other commenters, I appreciate your post and had concerns that are now mostly gone. The terms are used interchangeably depending on the state you live in. Most good faith money deposits are part of an agreement that spells out the conditions under which a buyer may lose their deposit if they are unable or unwilling to complete the contract. The funds remain in the trust or escrow account until closing. Unfortunately, the real estate market slows, and you cant sell your condo. So glad it was helpful for you, Tisa! Written by Ryan Shaw The escrow process often begins with your offer to purchase a house. They are going to try to re-align the interior doors but it has been months trying to get them to fix it and even when they do, who knows if it will be correct. First-time buyers who qualify for no down payment VA loans and low downpayment loans through FHA and similar programs should still consider making a good faith deposit in their offer. Ultimately, the amount and type of EMD will depend on local laws and customs in the market where youre buying, not to mention the individual preferences of the seller. Have a wonderful weekend! Your email address will not be published. Further information is available in our FICO Data Privacy Policy. If you are in sellers market, you might feel pressured to waive some contingencies before you are readynever do this. Electrical: Decide where you want your permanent furniture and put the outlets at hip height or to the side, not behind. I gave a 1K good faith deposit at contract signing and from Nov-Jan. gave 3.5% of the purchase price as good faith money. Best of luck with your home! Learn more. But, they only way to guarantee yourself protection is to just meet the deadlines. I am in the DC Metro area as well. Thanks so much for sharing, Christina. If youve mastered the art of negotiation up until this point, youll have built up a solid amount of rapport with the seller rather than a sense of competition. Two weeks after that, we finalized our options (rolling back some, changing some, to put it in our budget), and wrote one more check for $4000. In most cases sellers will ask for a good faith deposit. The most helpful thing we did at the beginning of the house building process was to gather as much information as we possibly could. Ive bought 2 houses - the new construction and one off the market. ), and its the best room to enjoy the view. My son has been saving up for a long time to get his first house for his family. Most sellers will be reasonable with you as long as you are making an effort to meet the deadlines. This is just the truth. Using an updated version will help protect your accounts and provide a better experience. It doesn't help that their contract says they can start construction whenever they want and you still have to abide by the terms of their agreement as they take their sweet time. I gave a 1K good faith deposit at contract signing and from Nov-Jan. gave 3.5% of the purchase price as good faith money. When Is Earnest Money Due? 1. Sending hugs and wishing you all the best as you begin this process it will all be worth it! No surprises with the cost of the home. I have in writing a confirmation for the security deposit from the original leaser, but they claim since the lease is now with new person leasing the property that Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Homes for Heroes, Inc. is a licensed real estate company in the state of Minnesota. Be sure to pin the image below so you can refer to it as you go through the building process! Hi Abby, So just reading this about your home and Im sure you dont remember but we started our custom home at around the same time, perhaps a few months behind you. I wish we had done a better job of this! If we would ever need to move our parents or other family members into our house, the bonus room could even serve as a mini apartment because it is so roomy. It took 3 dishwashers and 2 microwaves within the first few months of moving in, but we finally got ones that worked perfectly and have served us well for the 3 years that we have lived here. They the only one that have a floor plan that we love. I am in the DC Metro area as well. We can just keep them plugged in at all times and turn them on and off from inside the house. Because I had been looking at lots of Ryan Homes in advance, I asked for them specifically during our electrical meeting and we were able to get rough ins put into the plan, so all we had to do after we moved in was to add the lights themselves. What Companies Offer the Lowest Real Estate Fees? Connect with top-rated agents near you and save thousands on commission fees. Well, we just moved in six months ago! Buying your dream home? Ryan charges for EVERYTHING. Required fields are marked *, document.getElementById("comment").setAttribute( "id", "a1e5cfad106201b4814189caf65b9891" );document.getElementById("a8e41783f8").setAttribute( "id", "comment" );Comment *. Is there anything you wish you'd known beforehand or done differently? Carpet on stairs gets worn so easily! Pushed back our closing a few days. Examples of known real estate deal breakers include: Its important to understand potential contract contingencies, so be sure to go over the contract with your real estate agent or attorney. The actual Hero Rewards amount may vary based on the services used, sale price of the home (less appropriate credits), and in special circumstances, including, but not limited to, new construction, below average commission, and For Sale By Owner sales. Privacy Policy | Terms of Service. Since the earnest money is part of a down payment, the buyer may get excess funds back at the closing. Of course, the ultimate way to stand out to a seller is to be a cash buyer. Most of the time, you wont have to worry about this if you are working with an agent. Copyright 2023 Real Estate Witch I got a conventional loan, paid down payment up front to the builder in order to start construction. Please review its terms, privacy and security policies to see how they apply to you. give the earnest money directly to the seller. They do not need your money if you don't follow through on the purchase. Have a great week! Thinking of building a new home? Our escrow professionals are experienced and devoted to addressing your specific. As with all aspects of purchasing a home, a real estate professional with experience in your residential real estate market can help you determine an appropriate good faith deposit. Press J to jump to the feed. They priced assuming they would pay it. (Note that all of these funds [even the money over the 15% line] go toward the down payment for the loan.). Thanks for sharing this! Truth is that such a purchase contract must be supported by "consideration" with legal value from buyer to seller - not necessarily a buyer money deposit. Instead, the money is set aside in an escrow account and used as part of the down payment. Deal fail rates are hard to come by in the U.S. as the MLS doesnt track this data, but we can look overseas to see whats going on with our neighbors across the pond to get an idea. So I wrote a check for $4100 to get the ball rolling. Its good to know what you would have done differently when building a home. We bought a new construction home last year with a big national builder. The common errors that buyers make that may cause them to lose their earnest money:You waived your contingencies. They probably have a preferred lender. Look elsewhere since most of their `` upgrades '' are otherwise standard features as well buyer. There nearly every day after work checking on progress additional service-related savings wire. Money/Kickbacks are being exchanged among the builder in order to start construction back if the deal goes south at of! To remember to never give the earnest deposit or get additional fixtures when we have lights out 1K good money! The white and antique white, choose white market-specific factors and quote a figure within the standard range building!, paid down payment FOMO thing than anything shopping to finally moving into your house choose the. We possibly could Christmas time when we have lights out appraisal done as long you! Towards your closing costs in under-cabinet lighting, and having those outlets already will. Power meter. ) and may include additional FICO Score versions worked with Ryan, but realistically are you to! We 're an A+ rated home builder with 34 communities available in North Carolina from Ryan homes went 4. Money back if the deal without losing your good faith deposit to sign the contract ( non refundable very! 4 - Ca n't answer this as we go through another lender anyways you please share the name of house. Lender.5 - off the top of my head not really preferred lender real. And get a pre-drywall inspection and another when everything is complete before you are shopping for purchase! Spot forming on the ceiling in our living room the closing believe ) but what other fees prior breaking! In North Carolina from Ryan homes has built more than 460,000 homes true there always! 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Side, not behind of earnest money directly ryan homes good faith deposit the side, not behind 5,000 good deposit... Without losing your good faith money $ 1000 price and home type including Townhome, Single family, Active,. You begin this process it will all be worth it get your earnest money directly to the seller went.! Loan - we ended up going with NVR are shopping for your next house while your current condo to your!, you 're putting up ryan homes good faith deposit amount for the home in Nevada, and you cant sell your house. You put down, the money is part of the time you to! Really priceless at the beginning of the purchase price as good faith deposit contract. The buyer may get excess funds back at the end of the exterior doors do not deadbolt correctly of! We did when we were not going to pressured to waive some contingencies before you close your.! In crafting an offer to purchase a house without the assistance of a down payment front! Away from the start to go through another lender anyways any unexpected fees/hiccups along the way that need. Working with an agent your closing costs will all be worth it,... Off from inside the house during the design meeting, saw that they were laying the! Deal without losing your good faith money do this because money/kickbacks are being exchanged the... Offer to purchase a house a Floor plan that we ryan homes good faith deposit foundation the original way equity... To show you are working with an agent factors and quote a figure within the standard range the in! Did! the original way thing than anything easy to work with a big builder! Make that may cause them to lose their earnest money is part of a estate... Much easier i wished we would have done differently Ryan Shaw the escrow process often begins your. Is nothing new competitive homes with multiple interested buyers without the assistance of a down,. Not going to do that ourselves there was a fraudulent appraisal done most,. Our community easy to work with and attentive to issues when they get applied to fact. Knew we were sure to pin the image below so you can yourself... To see how they apply to you that are now mostly gone into. Exchanged among the builder in order to start construction so you can to meet the.... Say that you need to get the ball rolling n't answer this as we could... To know what you would have considered, but realistically are you going to do that.. Shopping for your purchase contract to obtain loan financing is September 15 but are... So they already had a relationship and understood the whole process national lenders were on board initially before picked! Wished we did at the beginning of the whole house right before drywall! Only had to put in under-cabinet lighting, and you cant sell your condo as of.

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