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Frustrated homebuyers turn to fixer-uppers

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Patrick, a 25-year old tech worker, had his heart set on buying a home in the Reading, Massachusetts area, where he grew up. He wasn’t looking for a fixer-upper.

That turned out to be nearly impossible as home prices in the small town north of Boston accelerated.

The first house he submitted in an offer for fetched $70,000 more than the asking price, only to be flipped for another $60,000.

“They got their lunch handed to them — it was lose, lose, lose, lose,” said David Snover, the mortgage originator Patrick worked with.

Patrick, a first-time homebuyer, was competing with buyers details ⇒

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