News Articles

NORTHBROOK, Ill.  (May 14, 2012) – Buying a home is one of the most exciting times. However, when it comes to the amount of paperwork that goes into searching for a property and securing a loan, it’s no surprise that process can be daunting. But, don’t get discouraged by your documents – from the initial listing documents, all the way to the closing contracts – keep all paperwork filed in an organized fashion to ensure a successful and manageable home purchase.

“Buying a new home creates quite a paper trail, which can be overwhelming for first-time and repeat buyers alike,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “Enlisting the help of a Realtor, mortgage specialist, and other professionals can make it easier to navigate and organize documents that really matter.”

Consider the following pieces of paperwork advice:

Getting started. Much of the paperwork you will need to gather is personal information from the recent past. You’ll need tax returns or W2s from the past two years, a recent pay stub, asset statements, and employment history. Provide ample time to request documents from the source and check them for accuracy.

Streamline and simplify. Even before you start pounding the pavement, you will accumulate listing sheets, snapshots, and contact details, among other information on prospective new homes. Start a house hunting file that separates the material into easier-to-sample sections, such as “Need to Visit,” “Potential,” and “No.”

File it away. The process of filing for a loan brings a great deal of paperwork, from tax information to estimates to mortgage documents. It is essential to make copies of everything while staying organized. Find a safe, yet accessible, place to store all the information over the short and long term.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

Last Wednesday, the New Consumer Financial Protection Bureau said it will float new regulations this summer that would require mortgage bankers and lenders to charge a flat fee for originating a loan—instead of a charge based on the size of the loan—and limit how much borrowers can reduce their interest rate through “discount points.”  The Consumer Financial Protection Bureau reports that it has the right to do this under the new Dodd-Frank Act provisions to “protect homebuyers.”  Many industry experts say the rules could back-fire and hurt borrower’s prospects of getting a mortgage.

Proponents of this change say if approved, it would diminish lenders’ incentive to steer borrowers into less-favorable loans.  You may recall that mortgage brokers came under heavy fire during the housing boom for encouraging borrowers to use adjustable rate mortgages, which came with a 3% commission over a 30 year fixed-rate one that paid just 1%.  Why would the writers of the 37 pages explaining the new regulations think adjustable rate mortgages are less favorable?  The Federal Reserve Bank of Boston this week issued a 62 page study that refutes this popular misconception. (As many know, the ARMs had some of the smallest default rates of any type of mortgage).

Critics of flat fees say they could hurt borrowers with smaller loans, as lenders may be reluctant to process them—especially if they work for a small shop instead of a large bank. “Would the fee be the same in California and New York as it would be in Indiana? Are we going to say I can’t process loans under $200,000 because we can’t afford it?”, asks Don Frommeyer, president of the National Association of Mortgage Brokers, referring the fact that loan fees do vary based on markets and home prices.

Another rule under consideration aims to simplify how lenders handle so-called discount points—money paid upfront to lower payments and interest rates.  The proposal would require lenders to give borrowers a minimum reduction for paying upfront.  It would also require them to offer no-point loans, making it easier for borrowers to compare one lender’s quote to another.  While it’s too early to tell what will happen, proponents of discount points worry the measure could lead to their elimination.  That would hurt buyers, says Greg McBride, a senior financial analyst at Bankrate.com, because points are “a clear advantage for people who expect to be in their homes for the long haul.”

NORTHBROOK, Ill. (May 7, 2012) – Outdoor living space is becoming an increasingly popular trend in home design. Spending time outside during a beautiful day or night can be refreshing, and it is a cost efficient alternative to going out on the town. That is why, as summer approaches, many sellers and agents are looking to the great outdoors to catch the buyer’s eye.

“Buyers are attracted to outdoor living spaces because, provided they are well maintained and suit the homeowner’s preferences, they often become the most utilized part of the home,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage.

The concept of an outdoor living space is not limited to pricey, intricate structures and professionally managed landscaping. It can range from full-scale luxury to a simple set-up consisting of a barbecue with a counter, a table and chairs, and plants as accents.

Outdoor kitchen: Ranging from the more affordable versions limited to a grill and nice patio furniture to a more involved design complete with a stove, sink, and extensive counter space, outdoor kitchens are currently one of the most popular upgrades. Outdoor kitchens allow hosts to entertain their guests while cooking, especially if a bar is included as part of the set-up.

See the light: Continue entertaining into the evening by installing outdoor lighting. The options for outdoor lighting are endless and can be customized to any design. For example, Tikki torches add a tropical vibe, while low voltage lighting provides a mellow and peaceful feeling.

White picket fence: Any type of structure, from a fence to shrubbery to trellises, can be touted as beneficial for privacy and with certain types of structures, security.

Get creative: If you would like to have a nice outdoor living space, create one with one of the ideas discussed above. Also, talk to your Realtor about how your yard stacks up against homes on the market in the area and discuss ways to maximize its potential as a selling tool for your property.

 Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

Bank of America has launched a pilot program that will allow homeowners at risk of foreclosure the ability to hand over the deeds to their houses and sign leases that will let them rent the houses back from the bank at a market rate.  If a significant number of borrowers are willing and able to rent the homes, B of A would ultimately sell the properties to investors that agree to keep them as rentals.

This “deed-in-lieu” of foreclosure is where the borrower essentially signs over ownership of the property to the lender.  The advantage to the bank is that it is less costly than a foreclosure.  The advantage to the borrower is that it does less damage to a borrower’s credit than a foreclosure.

When I heard of this program the first thought I had was, if they can’t pay the mortgage, then how can they pay market rent?  Trulia and others have done studies around the question “Which is cheaper, buying or renting?”.  Buying wins in every study.  Trulia’s recent study reported “Thanks to nationwide price declines and rising rents, buying a home is now cheaper than renting one in 98 of the nation’s 100 major metropolitan areas.  In the two remaining metros, San Francisco and Honolulu, renting often beat buying, but buying could be a better deal for those who plan to stay in their home for at least five years and take advantage of the mortgage interest deduction.

The initial scope of the “Mortgage to lease” program is small—approximately 1,000 homeowners in Arizona, Nevada and New York. This pilot program is limited to loans that the Bank of America holds on its books.  Homeowners can’t apply for the program—only those who are invited into the program from the bank can participate.

Could it be they only select homeowners with large equity in the property?

NORTHBROOK, Ill. (April 30, 2012) – As brides and grooms-to-be make important decisions about the wedding day, they should also be planning their new living arrangement as husband and wife.  Closing the deal on a first home marks the beginning of independent living, in the same way that a wedding is the start of a marriage. 

“Couples starting their new life together often want to begin fresh in a new home,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “Now is a great opportunity for couples to negotiate and secure a home that will last them well into their future.”      

        The future Mr. and Mrs. Homeowner should keep these recommendations in mind:

·         Your changing needs.  It’s important to ask yourself critical questions from the get-go.  Do you plan on having a family? Adopting a dog? Make sure that your home can suit the evolving needs of your marriage now and for years to come.

·         Trained eye. An accredited Realtor can offer the same kind of insight you’d expect from your wedding planner by guiding you through the purchase of your first home. “Realtors are certified to know the ins and outs of the market,” said Broude. “They can manage the little details in the home buying process so you don’t have to.”

·         Know your limits. Meet with your lender to create a plan. They’ll help you understand how much you can afford based on your combined incomes, budgets and credit histories. They’ll also be able to help you understand what special tax credits you may be eligible to receive.

·         Stay organized. Don’t let the wedding budget slip in with your housing budget. When all is said and done, hold on to all the documents relating to the purchase of the home, as well as any permanent improvements made on the house. These records will come in handy when filing your taxes or refinancing your mortgage in the future.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

NORTHBROOK, Ill. (April 23, 2012) – Do you like the Cape Cod style of a home? Perhaps you prefer Victorian? Well, how about a “healthy” home instead? Rapidly gaining popularity with builders and homeowners alike are home designs that are unconventional in concept and geared strongly toward specific, often practical, purposes.

“Architects, builders, and home buyers are starting to look beyond the aesthetics of home design and focus instead on the purposes they would like the home to serve, what they can gain from its design,” said Dick Greenwood, vice president and director of builder marketing at Coldwell Banker Residential Brokerage.

Each of the design styles of tomorrow incorporates elements that address a certain issue that has been given priority during the conception process.

·         Earth-Friendly: Some architects are going back in time in search of “greener” methods for home construction. They are experimenting with ancient building techniques that used simple, biodegradable materials.

·         Healthy: Synthetic materials and the chemical additives used in paints, as well as composition wood products, can have a negative impact on your health. With this in mind, more homes are being constructed without plastics, laminates and fume-producing glues. ·         Flexible Floor Plans: Truly modern are those homes designed with sliding doors, pocket doors, and other types of movable partitions that allow flexibility in living arrangements. Gone are dedicated living and dining rooms; in their place are large multi-purpose family areas. Some homes also include private “bonus” rooms that can be adapted to a variety of specialized needs.

·         Abundant Storage: Homeowners desire storage space now more than ever before. With this in mind, features like cavernous walk-in closets, built-in cabinets, and larger garages are taking precedence over other design elements in some of the layouts architects are creating.

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

NORTHBROOK, Ill. (March, 2012) –Coldwell Banker Residential Brokerage agents and managers continuously work together contributing their time, talents and resources every year to housing-related charities. The Coldwell Banker Charitable Foundation proudly supports the Ronald McDonald House Charities® of Chicagoland and Northwest Indiana (RMHC-CNI) and on March 14, presented the charity with a $48,500 grant donation. The Charitable Foundation presented the check during its 2nd Annual Foundation Breakfast. The event took place at the Rosewood Restaurant in Rosemont, Ill.

This grant will be specifically used towards the toy room in the new 14 story Ronald McDonald House, which will have 86 private rooms, as well as nurturing communal areas to provide a ‘home away from home’ for guests. The House, which will be located in downtown Chicago, will include three common floors including the reception, living, kitchen and dining areas. When completed in Summer 2012, this Ronald McDonald House will be the largest in the world.

“Our partnership with Ronald McDonald House Charities over the past several years has been very fulfilling for us. They do such amazing work and truly make a difference in families’ lives,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “We hope our contribution will assist them in providing a ‘home away from home’ for families whose children are undergoing treatment.”

Coldwell Banker Residential Brokerage creates unique office fundraisers and company-wide initiatives to help give back to RMHC-CNI, such as the Downers Grove sales office hosting a “Party for the House” fundraiser and the company-wide initiative “Help Make This House a Home” program that encouraged all Coldwell Banker agents to fill the newest and largest Ronald McDonald House with much-needed supplies.  

 In October 2007, Coldwell Banker launched the Coldwell Banker Charitable Foundation (www.givehousing.com) to support local housing-related causes that directly benefit the needs of the people and communities. Coldwell Banker agents have committed to contributing substantially to various charitable organizations and has helped raised more than $460,000 since inception.

To learn more about the Coldwell Banker Charitable Foundation, please visit www.GiveHousing.com.

About Coldwell Banker Charitable Foundation Coldwell Banker Charitable Foundation is a chapter of the Realogy Charitable Foundation, Inc. a 501(c)(3) public charity incorporated in Delaware (Tax ID# 20-0755090). The Foundation’s mission is to better the quality of life in communities where Realogy Corporation/NRT LLC has a presence. To learn more about the Coldwell Banker Charitable Foundation and how to get involved with the organization’s non-profit partners, visit www.givehousing.com.  

About Coldwell Banker Residential Brokerage Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 54 offices with more than 3,400 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

MILWAUKEE (March, 2012) – Through creative and fun community fundraisers as well as automatic donations, Coldwell Banker Residential Brokerage agents pulled together to raise much needed funds on behalf of local housing-focused charities. The Coldwell Banker Charitable Foundation presented Milwaukee Habitat for Humanity, Advocates of Ozaukee, The Women’s Center and the Ronald McDonald House Charities® of Eastern Wisconsin each with a $3,000 grant donation during its 2nd Annual Foundation Breakfast. The event took place on March 21 at the Coldwell Banker Mequon sales office.

The grants will benefit Milwaukee Habitat for Humanity’s efforts to provide affordable housing for Milwaukee families, Advocates of Ozaukees’ domestic and sexual violence education, prevention and intervention services, and The Women’s Center’s free comprehensive services designed to provide safety, shelter, and support to women and their families. The grant will also benefit Ronald McDonald House Charities® of Eastern Wisconsin’s efforts of offering a ‘home away from home’ for families whose children are undergoing treatment at area hospitals.

“It gives us great pleasure to support important charities that have given so much back to the community,” said Judy Hearst, regional vice president at Coldwell Banker Residential Brokerage. “It is our hope that our contributions will assist them in their continued efforts to benefit those in need in our community.”

In October 2007, Coldwell Banker launched the Coldwell Banker Charitable Foundation (www.givehousing.com) to support local housing-related causes that directly benefit the needs of the people and communities. Through donating time, talent and resources, Coldwell Banker agents have committed to contributing substantially to various charitable organizations and has helped raised more than $460,000 since inception.

To learn more about the Coldwell Banker Charitable Foundation, please visit www.GiveHousing.com.   

About Coldwell Banker Charitable Foundation Coldwell Banker Charitable Foundation is a chapter of the Realogy Charitable Foundation, Inc. a 501(c)(3) public charity incorporated in Delaware (Tax ID# 20-0755090). The Foundation’s mission is to better the quality of life in communities where Realogy Corporation/NRT LLC has a presence.

To learn more about the Coldwell Banker Charitable Foundation and how to get involved with the organization’s non-profit partners, visit www.givehousing.com.   About Coldwell Banker Residential Brokerage Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

NORTHBROOK, Ill. (March, 2012) –Through creative and fun community fundraisers as well as automatic donations, Coldwell Banker Residential Brokerage agents pulled together to raise much needed funds on behalf of local housing-focused charities. The Coldwell Banker Charitable Foundation presented Children’s Oncology Services (COSI), Illinois True Hero, National Runaway Switchboard (NRS), Teen Living Programs, Heartland Alliance, Thresholds, and Windy City Habitat for Humanity each with a $3,000 grant donation during its 2nd Annual Foundation Breakfast. The event took place on March 14 at the Rosewood Restaurant in Rosemont, Ill.

The grants will benefit Windy City Habitat for Humanity’s efforts of providing affordable housing to those in need who are living in Chicago, Teen Living Programs’ goal to assist homeless youth, as well as Thresholds’ efforts to help people with severe mental illnesses reclaim their lives. Also, the grant will help the Heartland Alliance ensure that everyone has the opportunity to improve their lives especially those who are homeless, living in poverty, or seeking safety. Moreover, NRS – a 24 hour crisis line for at risk and homeless youth and their families – will use the grant to help keep America’s runaway youth safe and off the streets, as well as, Illinois True Hero’s efforts of assisting servicemen and women with their housing needs. 

“It gives us great pleasure to support causes that have given so much back to the community,” said Kathy Kalnes, regional vice president at Coldwell Banker Residential Brokerage. “It is our hope that our contributions will assist these important organizations in their continued efforts to benefit our community.”

In October 2007, Coldwell Banker launched the Coldwell Banker Charitable Foundation (www.givehousing.com) to support local housing-related causes that directly benefit the needs of the people and communities. Through donating time, talent and resources, Coldwell Banker agents have committed to contributing substantially to various charitable organizations and has helped raised more than $460,000 since inception.

To learn more about the Coldwell Banker Charitable Foundation, please visit www.GiveHousing.com.

About Coldwell Banker Charitable Foundation Coldwell Banker Charitable Foundation is a chapter of the Realogy Charitable Foundation, Inc. a 501(c)(3) public charity incorporated in Delaware (Tax ID# 20-0755090). The Foundation’s mission is to better the quality of life in communities where Realogy Corporation/NRT LLC has a presence. To learn more about the Coldwell Banker Charitable Foundation and how to get involved with the organization’s non-profit partners, visit www.givehousing.com.  

About Coldwell Banker Residential Brokerage Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.

NORTHBROOK, Ill. (March XX, 2012) –Through creative and fun community fundraisers and automatic donations, Coldwell Banker Residential Brokerage agents pulled together to raise much needed funds on behalf of local housing-focused charities. The Coldwell Banker Charitable Foundation presented the South Suburban Family Shelter and Housing Opportunities each with a $3,000 grant donation during its 2nd Annual Foundation Breakfast. The event took place on March 14 at the Rosewood Restaurant in Rosemont, Ill.

The grants will benefit the South Suburban Family Shelter’s mission of providing comprehensive, coordinated services to families in which domestic violence exists. Housing Opportunities’ grant will help them  help break the cycle of homelessness by providing preventive and crisis services, from foreclosure prevention to housing for the homeless.

“It gives us great pleasure to support two causes that have given so much back to the community,” said Frank Larson, regional vice president at Coldwell Banker Residential Brokerage. “It is our hope that our contributions will assist these important organizations in their continued efforts to benefit our community.”

In October 2007, Coldwell Banker launched the Coldwell Banker Charitable Foundation (www.givehousing.com) to support local housing-related causes that directly benefit the needs of the people and communities. Through donating time, talent and resources, Coldwell Banker agents have committed to contributing substantially to various charitable organizations and has helped raised more than $460,000 since inception.

To learn more about the Coldwell Banker Charitable Foundation, please visit www.GiveHousing.com.

About Coldwell Banker Charitable Foundation Coldwell Banker Charitable Foundation is a chapter of the Realogy Charitable Foundation, Inc. a 501(c)(3) public charity incorporated in Delaware (Tax ID# 20-0755090). The Foundation’s mission is to better the quality of life in communities where Realogy Corporation/NRT LLC has a presence. To learn more about the Coldwell Banker Charitable Foundation and how to get involved with the organization’s non-profit partners, visit www.givehousing.com.   

About Coldwell Banker Residential Brokerage Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com.