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MYTH one: Since I bought it for less than the taxable value my property taxes will be adjust down.

TRUTH: Not likely period! You should plan to pay the taxable value. There is no law that makes the taxes go down because of purchase price.

MYTH two: It must be a good deal, its priced $40,000 dollars less that what the past buyers owner on it.

TRUTH: The multiple refinancing and 120% loan to value lending only pushed the mortgage up to levels never seen before, so frankly what ever it sells for today is really its true market value. Its past value has no bearing on its future value, homes too are just like stocks, they only go up when more people want to buy them then there are sellers who want to sell them business 150 "supply and demand"

MYTH three: I can make money buying a HUD or foreclosed home.

TRUTH: Most times the HUD or foreclosed homes that are money makers never make it to the open market for consumers, insiders have already bought them.

MYTH four: I can fix up a HUD or foreclosed home and make some quick equity.

TRUTH: Most buyers really under estimate the cost, time, effort involved with the process and really do know better and in some cases even do worse than had they just bought a better kept and conditioned home from the start that needs little or no work at all.

MYTH five: Selling my home via a short sale relieves us of any further obligation.

TRUTH: Actually the lender can seek a deficiency judgment, for the balance.

Real Estate Masters....your Real Estate Advocate! Call 987-8600 on any home in the market.