Ghostbusters?! No probably a doctor or an ambulance right! I am amazed at the amount of people that ask their friends for advice about real estate transactions. While some of them could be correct in what they are saying there are just as many that don't know what they are talking about. Some of the misconceptions that I have heard in the last month.
1. That you have to wait seven years for a bankruptcy to fall off your credit report to be able to get financing for a loan.
2. That with the current tightening of banking procedures it requires 25% down to purchase a home.
3. That foreclosures can be bought for 50% of asking price because banks do not like to maintain properties on their books.
4. That a shortsale and a foreclosed property are the same thing.
5. That banks always write off deficiencies in shortsales.
6. That if a first time home buyer walks into any bank they will get the same rate.
These are just some of the things I have heard that are not close to true or not always true. So while I am sure your friends are really nice they may not know all about real estate. I am a real estate professional who takes hours and hours of education a year so I do know real estate. If you want to know about real estate ask a professional. We are here and would love to answer your questions.
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