So You Have Chest Pain? Who You Going To Call?

By
Real Estate Agent with Meritus Group Real Estate SD 14808

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. 

Posted by

 

Rosalie A. Evans                                                                      

HJN Team Real Estate

101 W. 69th St.

Sioux Falls, SD 57108

Cell 605-366-7242

rosaliesellssiouxfalls@gmail.com

 

                                       

 

   

 

                    visit my site and find a home!

              Selling real estate in the greater Sioux Falls, SD area, including the communities of 

 -Harrisburg-Tea-Worthing-Dell Rapids-Flandreau- Colton-Baltic- Brandon-Canton-Lennox-Trent-Hartford-

                                   -Crooks-Colman-Garretson-Valley Springs- 

 

                    

Comments (7)

Michael Ford
Coldwell Banker Heritage Homes - Marion, AR
Matching Families with Homes

Rosalie so very true.  Thanks for spelling it out!

May 04, 2011 02:44 PM
Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

I love that everyone is an expert . . . good post. Thanks for sharing your thoughts . . .

May 04, 2011 02:53 PM
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

Michael- The part that really bothers me is that people take what friends say as gospel and then question when I say it. Its like "hello I do this for a living....full-time!"

 

Mimi-I have noticed you around and I love your name.  Yes everyone is an expert! I try to educate as many people as I can but I am just one woman. 

May 04, 2011 03:14 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Oh come on... everyone knows you can get REOs for pennies on the dollar, you can walk away from Closing with cash in your pocket, a little spackle and paint and then you can flip it or flop it for a huge profit!     ;)

May 04, 2011 03:58 PM
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

Fred- Did you go to that seminar too?Why are we even selling real estate!? I went just to see what they were saying and it was kind of interesting.....but stupid. I stole that from Rowan and Martin by the way.lol. The unfortunate thing is these people are swindling people out of thousands of dollars. If I recall correctly the smallest package was 10,000 that they would cut in half if you bought that day. I have to say I am glad I went because its nice to know what you are up against.

May 04, 2011 04:49 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Rosalie - - Excellent information and tips about asking friend for advice on real estate. Thank you for the detailed quality blog.

May 04, 2011 05:05 PM
Rosalie Evans
Meritus Group Real Estate - Sioux Falls, SD
The Evans Group, Sioux Falls, SD Homes For Sale

John- Your welcome. Anything I can do to get the word out is spectacular. What do you suppose would be the percentage of people who owned homes if 25% down payments where required! Yikes!

May 04, 2011 05:12 PM