real estate: Really? - 06/21/11 04:56 AM
Really? Home prices have come down 20, 30, 40% or more in the last three years and mortgage rates are lower than they've been in 50 years and you still haven't bought a home.  Really?

Housing affordability is over 180, an all-time high when 100 is considered good and you're still renting.  Really?  Are you waiting for it to get  to 200?  Do you think prices and rates are going to get lower?  Really? 
You know it's costing you more every month to rent than to own.  Tax savings, appreciation and principal reduction lower the monthly cost of housing and yet … (1 comments)

real estate: Top 10 FHA Advantages - 06/20/11 03:48 AM
Fannie Mae and Freddie Mac underwritten conventional, FHA and VA loans account for the vast majority of mortgages chosen by buyers to finance their home purchase. While buyers have the choice on which product to use, there are some considerable advantages to FHA.
More tolerant for credit challenges than conventional loans. Lower down payments than conventional loans. Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. Seller can contribute up to 6% of purchase price - this money … (0 comments)

real estate: The Sneeze - 06/17/11 03:49 AM
So very tired of the FEW ruling the MANY in this country then read The Sneeze.
What the heck is wrong with us anymore?   Love what these kids did and I applaud them with gratitude!!   Gives me some hope for the future of our country!!   Spread this around if you agree    They walked in tandem, each of the ninety-two students filing into the already crowded auditorium. With their rich maroon gowns flowing and the traditional caps, they looked almost as grown up as they felt.
Dads swallowed hard behind broad smiles, and Moms freely brushed away … (1 comments)

real estate: Home Inventory - 06/17/11 03:37 AM
Recently, a homeowner had a burglary and part of the insurance claim was denied because they didn't have proof of purchase or a current inventory of their personal belongings.  This is something that could happen to anyone.  Even if you had an inventory but it was several years old, it could cost you money.
Some homeowners who have placed an insurance claim for losses say that they realized something was missing months after they had filed.  The inventory can actually serve as a guide to make sure you get compensated for all of your loss.
The best proof of purchase is … (0 comments)

real estate: The Difference a Day Makes - 06/16/11 08:30 AM
A man was selling a property which was currently rented but had previously been his home for over two years.  After discovering it had been rented for the last 2.5 years, it was asked if he had planned on taking the principal residences capital gain exclusion.  He said he hoped it would be possible.

When asked if he was aware of the requirement that he must have owned and used the home for two out of the last five years (730 days), he said he knew about it but wasn't sure what it meant.  "In this case, it means the … (0 comments)

real estate: How Banks Make More Money from Foreclosures - 06/15/11 06:11 AM
Here is an example. It is so unbelievable that you may need to read through more than once.
IndyMac was seized by FDIC June 2008.
FDIC sold IndyMac’s assets to OneWest Bank March 2009.
Guess who owns OneWest? 3 guys: GoldmanSachs vice president Steven Munchin, and big time GoldmanSachs billionaire investors Geoge Soros and John Paulson.
OneWest purchased these assets from FDIC at 70% of first mortgage values and HELOCS at 58% of value.
As an "inducement," FDIC promised to cover 80-95% of any losses OneWest may incur from homeowners not making their payments.
In the event of a short sale … (4 comments)

real estate: One More Chance? - 06/15/11 05:20 AM
Fixed Rate mortgages are at their lowest level for 2011 as reported in the current Freddie Mac weekly Primary Mortgage Market Survey. Many qualified buyers missed the opportunity last fall in October and November to refinance at record low rates. This may give homeowners one more chance to refinance and save money on their payments.
An important thing to keep in mind is that points paid in connection for refinancing a home are generally not considered prepaid interest and must be spread over the life of the mortgage. Some advisors suggest that you have the lender quote a "par value" loan … (0 comments)

real estate: Equity is Forced Savings - 06/14/11 04:50 AM
Equity is simply the difference in an owner's unpaid balance and the value of their home.  Amortization and appreciation contribute to the equity over time.  The equity is usually realized when the home is sold but it can also be accessed by a home equity loan or a cash out refinance.
Most people think that it takes years to significantly pay down a mortgage and they're partially correct.  A five percent interest rate on a mortgage takes approximately 20 years to pay down half of the original amount borrowed.
A mortgage is like a forced savings account because each payment is first applied … (2 comments)

real estate: Lower Assessment = Lower Taxes - 06/13/11 05:47 AM
Many homeowners are overlooking an opportunity to lower their property taxes by not challenging their tax assessment.  Property values have decreased in the past two to three years and the assessment may not reflect the current market value.
Deadlines are critical and if the challenge isn't made in a timely fashion, the opportunity to lower the assessment can be lost for the year.  You'll need tdo verify the deadlines for your area.
The process for the challenge is relatively simple and can be done by a homeowner or by professional representation.  In some cases, if there is an obvious mistake, the … (1 comments)

 
Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910, Locally Known, Globally Connected, COLDWELL BANKER (Coldwell Banker Apex, Realtors)

Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910

Locally Known, Globally Connected, COLDWELL BANKER

Dallas, TX

More about me…

Coldwell Banker Apex, Realtors

Address: 18800 Preston Road, Suite 312, Dallas, TX, 75252

Office: (214) 237-4500

Mobile: (214) 718-4910

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