Do you really need a real estate attorney?

Yes. A real estate attorney could be the most important person in a real estate transaction. In fact, I won't represent a client who doesn't have an attorney. Think of it this way - a home is the largest single investment that most people will ever purchase and/or sell - doesn't it make sense to have someone protecting your interests in a transaction of that magnitude? Here are a few of the things that a real estate attorney generally does for you:

-Contract review
-Prepare and review title insurance
-Review the survey
-Review all loan and closing documents
-Helps determine tax and other prorations
-Acts as your representative at the closing

Mortgage Ping-Pong

In my experience, the best way to secure the lowest possible interest rate on a mortgage is to engage 3 mortgage providers in a bidding war. I would also recommend that one of the potential providers be a broker (someone who doesn't work for a specific lender) because they have access to some products/rates that the others don't. In terms of process, I would recommend the following: call each of them - tell them you are shopping for the best rate - don't actually do a formal application, just give them an accurate picture of your finances and your credit. They can quote you a rate based on this - thank them and tell them you are going to do some checking and get back to them, call everyone else and do the same. Then take the lowest rate of the three and call the other two and ask them if they can beat that rate....repeat until they are all saying "this is as low as I can go - I'm not even making money on this". That's when you know you have the lowest rate. By the way, they are still making money or they wouldn't waste their time.

This may take a little extra time but it's well worth it. On a $300,000 mortgage, a .5% difference in the mortgage rate is around $90 per month!

Mortgage Calculator

http://www.mortgage-calc.com/

Element 78 Realty opens in Chicago

Partners Michael Clouse, Doug Ferguson and Justin Gillmar are pleased to announce the opening of Element 78 Realty in Chicago. With many years of real estate, sales and marketing experience and a desire to create better solutions with better results, Michael, Doug and Justin decided to start their own brokerage business. For more information, visit www.e78realty.com

Condo search

If you would like to be added to our e-mail list to receive condo listings, please e-mail me at jgillmar@e78realty.com

Chicago Real Estate Prices

Prices continue to go up despite talk of a bubble. In my opinion, the Chicago market will stay solid for a couple of reasons: 1) because prices never got ridiculously out of whack to begin with, unlike the coasts and 2) because this is a great city with a solid pipeline of jobs and people who want to live here. In addition, we are land-locked on the east because of the lake, so expansion is limited.

Unlike stocks and many other investments, real estate provides a very tangible benefit - you can live in it. Furthermore, as the market changes you don't see the value of your house changing in the Wall Street Journal everyday. There is less opportunity for irrational exuberance - at least on the downward side - if you suspect that your house price be going down, you simply stay in it for a little longer.