If you know of one please tell me the state - if it is a state law.
2006-09-26 01:15:50 · 6 answers · asked by Zelda Hunter 7 in Business & Finance ➔ Renting & Real Estate
Absolutely not. Why would the federal and/or state government want to restrict your sales price? Whatever gave you that idea? I am very curious. Please contact me.
Rick Lanicek
http://www.primelendingonline.com
2006-09-26 01:19:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
the only restriction on your sales price is the price the buyer is willing to pay for your property. There are no "US" real estate laws. Each is governed by each state.
2006-09-26 09:16:23 · answer #2 · answered by Alterfemego 7 · 0⤊ 0⤋
No, but the appraisal has to justify the sale price. For example, an appraiser is not going to approve a $5.6 million sales price on some little shack in the ghetto of Detroit, for example.
2006-09-26 08:19:49 · answer #3 · answered by nido_tr3s 5 · 0⤊ 0⤋
There are no price controls in the US it would be unconstitutional to affect the ability of the US citizen to negotiate in good faith and enter into contracts of their choice. Here is a link from our research department that you should always have in your computer as to the rights and priviledges granted to US Citizens by US laws
The US Constitution and other federal laws:
http://www.house.gov/house/Educate.shtml
Buena Suerte
2006-09-26 08:22:06 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
whatever the market will bear ... however, you may be restricted on the amount you can increase rent on existing tenants on property you purchase
the only limitation is on funding the property, lending instittutions will not lend for more than the property appraises ... so you can advertise for sale for $2.5 million but if the property appraises at $50K, no bank will lend more than $50K for it (actually 85% of $50K)
2006-09-26 09:26:57 · answer #5 · answered by casurfwatcher 6 · 0⤊ 0⤋
Won't happen, property is capitolism at it's best. I do think that a cap would be nice, but that is wishful thinking. It is getting rediculous. They are selling shacks for $250,000. Just 5 years ago you could have bought it for $50,000. Ridiculous!!!!
2006-09-26 08:20:02 · answer #6 · answered by rswdew 5 · 0⤊ 0⤋