theisoldicollection.com
meet frank isoldi
Frank D. Isoldi, a broker sales associate affiliated with the Westfield office of Coldwell Banker Realty in New Jersey and Rockland County, New York, has consistently been a top agent in the Westfield, NJ office and for Coldwell Banker in New Jersey. Isoldi has earned the NJ REALTORS® Circle of Excellence Sales Award® at the uppermost Platinum Level every year from 20032023. In addition, Frank has been consistently named a “Five Star Real Estate Agent” by New Jersey Monthly Magazine and has been chosen by Coldwell Banker Global Luxury as a member of the prestigious International Luxury Alliance Network as well as a Global Luxury Alliance Ambassador. Frank also received the prestigious President’s Award for Coldwell Banker NJ in 2021.
Frank demonstrates a tireless commitment to making every home buying and selling experience extraordinary. A lifelong resident and second-generation native of Westfield, Isoldi achieved these momentous accomplishments throughout his 30+ years of consistent sales success. Active in his community, Frank volunteers his time as the Vice President of the Connie Dwyer Breast Cancer Foundation and is a board member for the Trinitas Hospital Foundation and a member of the Board of Trustees for The 200 Club of Union County.
awards and designations
• #1 Agent Overall Production Westfield Office
• #1 Listing Agent Westfield Office
• 2003-2023 NJ REALTORS® Circle of Excellence Sales Award® –Platinum Level
• 2021 – President’s Award for Coldwell Banker NJ
• 2023 – Top Individual Agent by Sales Volume in Union County by the Wall Street Journal Real Trends Report
• New Jersey Monthly Magazine’s “Five Star Real Estate Agent” –recognized by home buyers and consumers for outstanding service and customer satisfaction
• Member of Coldwell Banker’s International Society of Excellence – A prestigious award to given to less then the Top 1% of Coldwell Banker Associates Internationally
• Named America’s Best Real Estate Agents – Realtrends.com
• PATCH Readers Choice Award Winner voted #1 Realtor Westfield
• Member of the Elite International Luxury Alliance
• Recipient of the Coldwell Banker Presidents Award
• Coldwell Banker Global Luxury Ambassador
expertise and philosophy
Business Philosophy
Integrity and Service! My goal is to provide unparalleled service to my clients every step of the way throughout their transaction. I hope to make this often-stressful process as enjoyable as possible.
Areas of Expertise
I specialize in Residential Listings and Sales as well as Commercial and Investment properties.
Communities I Serve
I concentrate on Westfield and the surrounding communities including: Scotch Plains, Fanwood, Mountainside, Cranford and Garwood, Summit and Short Hills.
Community Involvement AND Personal Background
A second generation native of Westfield, I attended the public school system and I proudly serve as the Vice President of the Connie Dwyer Breast Cancer Foundation, and am a member of the Board of Directors for The Trinitas Foundation and the 200 Club. I am a Parishioner at Holy Trinity Roman Catholic Church.
client testimonials
exceptional service and expertise
“Frank Isoldi exceeds expectations — from the moment we first engaged with Frank, we were impressed by his knowledge of the market and his commitment to finding us the perfect home. When it came time to sell our previous home, there was no question that we would trust Frank with the task. Once again, he demonstrated his exceptional negotiation skills and marketing prowess, resulting in a quick and seamless sale at a price that exceeded our expectations. If you want a stress-free, successful real estate experience, look no further than Frank. He is simply the best in the business.”
had our best interest in mind
“We recently had the pleasure of working with Frank during our home buying process, we can’t recommend him enough. Frank’s expertise in the market was truly impressive. What stood out the most was Frank’s honesty, professionalism and trustworthiness, it was clear each recommendation had our best interest in mind. Overall, our experience with Frank was an absolute pleasure and we’re so grateful to have had his guidance a long the way during such a crazy time in the real estate market!”
expert guidance
“Frank did an outstanding job from start to finish to sell our home. Frank and his team stayed in close contact with us and expertly guided us through the entire process from preparing to put the house on the market through to closing. We highly recommend Frank for anyone’s real estate needs.”
the best real estate agent in westfield
“Frank was extremely professional and responsive throughout our home buying process and is a real pleasure to work with. As first time home buyers, our experience with Frank was truly exceptional: Frank had answers to every question we ever had and was very patient. He also helped a lot during the offer process resulting in us finding the right home in a relatively short amount of time as well as saving us money. He’s very knowledgeable about the Westfield real estate market having grown up here and being an agent for 32 years. Additionally, Frank continues to help us out even after closing with local recommendations (painter, electrician etc). We’re pretty sure Frank is the best real estate agent in Westfield.”
outstanding agent
“My husband and I had the pleasure of working with Frank to purchase our first home, and I can’t speak highly enough about him and the experience. Frank is an outstanding agent and has deep knowledge of the local real estate market and his guidance throughout the entire process was incredible. He’s trustworthy and professional and was always there to answer my large quantity of questions. He’s also very patient and understanding which I appreciated throughout the process. Buying a home can stressful but working with Frank made it smooth and stress-free. ‘Whenever we tell ANYONE that we recently bought a home in Westfield, the next question is: Did you work with Frank Isoldi? He’s fantastic and the one to work with when buying/selling a home.’ We couldn’t agree more. Frank is truly the best real estate agent in the Westfield area.”
first class all the way
“From start to finish Frank was first class all the way!! We couldn’t be more grateful for his knowledge and extraordinary guidance. He was so clear with all of his communication. And he was kind and thoughtful as well! We couldn’t recommend him more highly.”
exceptional service and expertise
“I cannot speak highly enough of Frank Isoldi and the outstanding service he provided us with not once, but twice. Frank is not just a Realtor; he’s a consummate professional who goes above and beyond for his clients. His dedication, expertise, and genuine care for his clients truly set him apart in the real estate industry. From the moment we first engaged with Frank, we were impressed by his knowledge of the market and his commitment to finding us the perfect home. He took the time to truly understand our needs and preferences, guiding us through every step of the home buying process with patience and expertise. His attention to detail and proactive communication ensured that we never felt overwhelmed or uncertain. When it came time to sell our previous home, there was no question that we would trust Frank with the task. Once again, he demonstrated his exceptional negotiation skills and marketing prowess, resulting in a quick and seamless sale at a price that exceeded our expectations. Throughout both transactions, Frank consistently went above and beyond to advocate for our best interests. He was always available to answer any questions or concerns, and his professionalism and integrity gave us complete confidence in his abilities. Working with Frank Isoldi was truly a pleasure, and we would not hesitate to recommend him to anyone in need of a top-notch Realtor. If you want a stress-free, successful real estate experience, look no further than Frank. He is simply the best in the business.”
agency explained
there are five types of agency allowed in the state of new jersey
Consumer Information Statement
on New Jersey Real Estate Relationships
In New Jersey, real estate licensees are required to disclose how they intend to work with buyers and sellers in a real estate transaction (In rental transactions, the terms “buyers” and “sellers” should be read as “tenants” and “landlords” respectively):
1. As a Seller’s Agent or Subagent, I, as a licensee, represent the seller and all material information supplied to me by the Buyer will be told to the Seller.
2. As a Buyer’s Agent, I, as a licensee represent the Buyer and all material information supplied to me by the Seller will be told to the Buyer.
3. As a Disclosed Dual Agent, I, as a licensee, represent both parties, however, I may not, without express permission, disclose that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater that the offered price.
4. As a Transaction Broker, I, as a licensee, do not represent either the Buyer or the Seller. All information I acquire from one party may be told to the other party.
Before you disclose confidential information to a real estate licensee regarding a real estate transaction, you should understand what type of business relationship you have with that licensee. There are four business relationships: (1) seller’s agent; (2) buyer’s agent; (3) disclosed dual agent; and (4) transaction broker. Each of these relationships imposes certain legal duties and responsibilities on the licensee as well as on the seller or buyer represented. These four relationships are defined in greater detail below. Please read carefully before making your choice.
SELLER’S AGENT
A Seller’s agent WORKS ONLY FOR THE SELLER and has legal obligations, called fiduciary duties, to the seller. These include reasonable care, undivided loyalty, confidentiality and full disclosure. Seller’s agents often work with buyers but do not represent the buyers. However, in working with buyers a seller’s agent must act honestly. In dealing with both parties, a seller’s agent may not make any misrepresentations to either party on matters material to the transaction, such as the buyer’s financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property which a reasonable inspection by the licensee would disclose. Seller’s agents include all persons licensed with the brokerage firm which has been authorized through a listing agreement to work as the seller’s agent. In addition, other brokerage firms may accept an offer to work with the listing broker’s firm as the seller’s agents. In such cases, those firms and all persons licensed with such firms are called “sub-agents.” Sellers who do not desire to have their property marketed through sub-agents should so inform the seller’s agent.
BUYER’S AGENT
A buyer’s agent WORKS ONLY FOR THE BUYER. A buyer’s agent has fiduciary duties to the buyer which include reasonable care, undivided loyalty, confidentiality and full disclosure. However, in dealing with sellers a buyer’s agent must act honestly. In dealing with both parties, a buyer’s agent may not make any misrepresentations on matters material to the transaction, such as the buyer’s financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property which a reasonable inspection by the licensee would disclose. A buyer wishing to be represented by a buyer’s agent is advised to enter into a separate written buyer agency contract with the brokerage firm which is to work as their agent.
DISCLOSED DUAL AGENT
A disclosed dual agent WORKS FOR BOTH THE BUYER AND SELLER. TO work as a dual agent, a firm must first obtain the informed written consent of the buyer and the seller. Therefore, before acting as a disclosed dual agent, brokerage firms must
make written disclosure to both parties. Disclosed dual agency is most likely to occur when a licensee with a real estate firm working as a buyer’s agent shows the buyer properties owned by sellers for whom that firm is also working as a seller’s agent or sub-agent. A real estate licensee working as a disclosed dual agent must carefully explain to each party that, in addition to working as their agent, their firm will also work as the agent for the other party. They must also explain what effect their working as a disclosed dual agent will have on their fiduciary duties their firm owes to the buyer and to the seller. When working as a disclosed dual agent, a brokerage firm must have the express permission of a party prior to disclosing confidential information to the other party. Such information includes the highest price a buyer can afford to pay and the lowest price a seller will accept and the parties’ motivation to buy or sell. Remember, a brokerage firm acting as a disclosed dual agent will not be able to put one party’s interests ahead of those of the other party and cannot advise or counsel either party on how to gain an advantage at the expense of the other party on the basis of confidential information obtained from or about the other party. If you decide to enter into an agency relationship with a firm which is to work as a disclosed dual agent, you are advised to sign a written agreement with that firm.
TRANSACTION BROKER
The New Jersey Real Estate Licensing Law does not require licensees to work in the capacity of an “agent” when providing brokerage services. A transaction broker works with a buyer or a seller or both in the sales transaction without representing anyone. A TRANSACTION BROKER DOES NOT PROMOTE THE INTERESTS OF ONE PARTY OVER THOSE OF THE OTHER PARTY TO THE TRANSACTION. Licensees with such a firm would be required to treat all parties honestly and to act in a competent manner, but they would not be required to keep confidential any information. A transaction broker can locate qualified buyers for a seller or suitable properties for a buyer. They can then work with both parties in an effort to arrive at an agreement on the sale or rental of real estate and perform tasks to facilitate the closing of a transaction. A transaction broker primarily serves as a manager of the transaction, communicating information between the parties to assist them in arriving at a mutually acceptable agreement and in closing the transaction, but cannot advise or counsel either party on how to gain an advantage at the expense of the other party. Owners considering working with transaction brokers are advised to sign a written agreement with that firm which clearly states what services that firm will perform and how it will be paid. In addition, any transaction brokerage agreement with a seller or landlord should specifically state whether a notice on the property to be rented or sold will or will not be circulated in any or all Multiple Listing System(s) of which that firm is a member.
FAIR HOUSING FOR ALL
We believe that everyone has the right to be treated fairly and equally without discrimination. That’s why the Coldwell Banker® brand fully supports the Fair Housing Act, which protects everyone from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance or engaging in other housing-related activities. This includes discrimination based on race, skin color, sex, nationality, religion, disability or any other characteristics from a protected class.
We are proud and honored to guide everyone home.
INVALUABLE SUPPORT
As a Coldwell Banker® affiliated buyer’s agent, I offer five essentials throughout the home buying transaction:
EXPERT GUIDANCE
Expertise and insight throughout the complex real estate process, helping you make informed decisions every step of the way.
LOCAL MARKET KNOWLEDGE
I have the tools and training to serve as your local market guide, with information about trends, pricing and availability to give you a competitive edge in finding the perfect home.
NEGOTIATION SKILLS
You will have a fearless advocate who is armed with data and negotiation strategies that can lead to winning deals and seamless resolutions.
TIME-SAVING CONVENIENCE
Offers, showings and more will be coordinated on your behalf, along with connections to necessary vendors like mortgage professionals.
PEACE OF MIND
Feel confident knowing that a professional is there to help you navigate any unexpected challenges or delays.
REAL ESTATE MADE EASY
96% OF HOME BUYERS SAY ONE-STOP SHOPPING WOULD make THE HOME BUYING PROCESS EASIER*.
The Hard Way
In a typical transaction, you would be responsible for finding mortgage, title, insurance and home warranty providers — a process that is time-consuming and involves staying on top of multiple deadlines. When done right, a real estate transaction is not broken into separate components — it’s one seamless process.
The Coldwell Banker ® Way
Real estate is much easier than you think — so, relax! We’ve got you covered with our onestop-shop approach that makes home-buying easy to navigate.
To put it simply, you have two decisions to make when buying a house:
1. Choose the right agent (me!)
2. Select a home
Then I’ll get to work assisting you every step of the process - from guidance with financing and title services to finding a home insurance policy tailored to your needs and advising about our highly recommended home warranty. We partner with the best providers all under one roof to make real estate easy for you and ensure a smooth, streamlined experience.
BUYER’S AGENT COMPENSATION
Please note that my commission is not set by law and is fully negotiable. Below are examples of how a buyer’s agent can be paid.
HOW A BUYER’S AGENT IS PAID IF SELLER OFFERS COMPENSATION
1
The seller of the property you are interested in has offered to pay the commission due from you to me. In this case, your commission obligation to me will be paid by the seller out of funds you pay to purchase the home.
The seller has offered compensation consisting of only a portion of the commission you have agreed to pay to me. This would require you to pay any portion of my commission not paid by the seller. Alternatively, you could condition your purchase offer on the seller paying all of your commission obligation to me.
HOW A BUYER’S AGENT IS PAID IF SELLER does not OFFER COMPENSATION
1 2
2
The seller has not offered to pay any portion of the commission you would owe to me. In this case, you can include a requirement that the seller pay your commission obligation as part of the offer you make on the property.
The seller will not agree to pay a buyer’s agent commission, in which case you would be responsible for my commission.
YOUR SEARCH BEGINS
Buying a home is one of life’s biggest investments and most exciting adventures. I am your trusted advisor in the process, guiding you along the way to make your experience smooth and successful.
This Home Buyer Guide includes helpful information to get you started:
• Purchasing Process
• The Power of Pre-Approval
• Your Home Search
• Full-Service Support
choosing a trusted advisor
When you choose me to represent you, you’ll have someone by your side every step of the way, giving you the insights and information you need to have confidence in your decision.
After our initial consultation, I will:
• Help you establish your budget and connect you with a reputable lender to get pre-approved for a mortgage
• Discuss your needs and goals, and plan your property search criteria
• Provide coaching on the best time to buy
• Agree upon the parameters of our working relationship
Once the criteria and budget are established, I will:
• Coordinate showings for properties that meet your needs and explain/negotiate features
• Keep you informed of new properties that come on the market that would interest you
• Help you understand the market data for any properties of interest
• Work with you until you find the right home
When we’ve found your dream home, I will:
• Assist in determining your offer, including developing a multiple-offer strategy
• Review and discuss details of the seller’s disclosure
• Apply my expertise in negotiating the offer and contract terms in your best interests
• Facilitate the home inspection and resolution process
• Offer information on reliable contractors and service providers
• Prepare you for closing and the associated costs
• Provide clear and constant communication to keep you updated on the progress of your transaction
step by step
home buying checklist
You’re ready to find your dream home. Choosing to work with me as your dedicated buyer’s agent is an excellent start! I’ll be by your side to help guide you through the following steps in your home-buying journey.
F Receive guidance throughout the buying process
F Get a competitive edge from local market knowledge
F Learn about available properties
F Gain access to off-market homes
F Benefit from time-saving convenience
F Get support through closing and beyond
create your wish list
F Visit coldwellbankerhomes.com and my website to check available properties
F Differentiate between wants and must-haves
F Determine preferred home style
F Consider amenities, schools, transportation, and recreation
F Schedule home tours through me
F Choose the home you want to purchase
organize financing
F Create a timeline and budget
F Get mortgage pre-approval
F Check your credit report
F Determine type of mortgage
F Shop for best rates and programs
F Understand what you can afford
offer & due diligence
F Review contract terms and conditions
F Negotiate the purchase price
F Select title provider
F Have earnest money ready
F Decide on a closing date
F Sign the offer
F Deliver the escrow check
F Finalize the home loan
F Select insurance and warranty providers
F Send proof of home insurance to lender
F Review any discovered zoning changes, liens, easements or other restrictions with me
F Schedule home inspection and resolve any issues
F Determine required repairs and/or upgrades
F Use the inspection report to renegotiate, if necessary
F Receive information from me about local, reliable contractors and service providers
F Receive property disclosure from seller
F Lender to order appraisal report
F Title search can ensure there are no claims against the property’s title
F Pinpoint move-in date
F Certify funds for closing
F Schedule and book a moving company
F Notify post office, bank, etc. of new address
F Transfer and/or activate utilities
F Schedule and attend final walk-through
F Have all funds ready for closing
F Confirm wire instructions with title company
F Bring identification to closing
F Show proof of paid home insurance policy
F Review list of adjustments
F Sign the mortgage and all required paperwork
F Receive signed deed from seller
F Confirm all funds were transferred for closing costs and down payment
F Enjoy your new home!
partner with a coldwell banker realty affiliated agent
under contract
prepare for closing
ho w s trong is y our mo rtg a ge pre-appro va l?
Goo d
Pre-Qualified: Buyer supplies an unverified overview of their finances, income, and debts. Lender provides a loan estimate.
be t ter
Pre-Approved: Buyer submits a formal application, including permission to pull their credit history. After a full assessment of credit-worthiness, lender “approves” the buyer.
why pre-approval matters
The first step in any home search is finding out exactly how much home you can afford and securing the financing to make the purchase. While you can get a rough estimate through pre-qualification, taking the extra step to obtain pre-approval will give you some added advantages.
Pre-approval helps you:
• Understand your financial condition
• Know exactly how much home you can afford before you begin your home search
• Strengthen your purchasing power when making an offer
When you find a home you love and are ready to make an offer, your mortgage pre-approval lets the seller know that you’re serious and fully prepared to buy their home, putting you in a stronger position than other potential buyers.
Conditional Loan Approval: Pre-Approved and reviewed by underwriting. All you need now is the property and appraisal!
the pre-approval process
Here are some of the documents that you may need to provide your lender to get the pre-approval process started:
Income
• Current pay stubs, usually for last two months
• W-2s or 1099s, usually for last two years
• Tax returns, usually for last two years
Assets
• Bank statements
• Investments/brokerage firm statements
• Net worth of businesses owned (if applicable)
Debts (if applicable)
• Credit card statements
• Loan statements
• Alimony/child support payments
home preferences
The more I know about the type of home you want, the better. Take a minute to think about the features your new home must have, as well as what you would ideally like it to have, so we can talk it over. View
Architectural Style
Swimming Pool
Bedrooms
Bathrooms
Living Room
Family Room
Bonus/Game Room
Dining Room
Kitchen
General Interior Comments
Convenience to Employment
Convenience to Transportation
Convenience to Shopping
Convenience to Schools
Convenience to Daycare
Nearby Recreational Facilities
Near Police and Fire Protection
your home search portal
The next stop on your home search? My website: TheIsoldiCollection.com.
• It’s an easy way to check out available properties in your preferred area
• It provides another way for me to get to know the types of properties that you like
• After you register on the site, I will receive updates about your activity
• You can save searches for future access, and save and share specific homes that you like
• If you sign up to receive email alerts, you’ll be notified when new homes that match your criteria come on the market
• Thanks to the site’s responsive design, you can do all of this from your mobile device, tablet or desktop
making an offer
There are many factors that influence the market value of a home. The following can help give you insights and empower you to make a competitive offer you’re comfortable with. I will work with you on a strategy to obtain the most advantageous terms and acceptable pricing for you and your budget.
Issues to consider:
• How long has the home been on the market?
• Has the property had any price changes?
• Has the property been under agreement previously?
• Are there multiple offers on the property?
• What is being included in the sale or what may be negotiated as part of the sale?
• What are the market conditions in the area or neighborhood, like “list to sale price ratio?”
• Is the seller offering an assumable loan or seller financing that may be more favorable for you?
I will help you set purchase price parameters by providing you with a comparable market analysis (CMA) comparing the home, its price and its features to other similar homes in the area that are on the market or have recently sold.
Then I will present the offer to the seller through the listing agent and help you navigate the seller’s response, whether it be to accept, reject or counter your offer, which starts the negotiations process.
Before properties hit the market, you’ll find many of them previewed on ColdwellBankerHomes.com, our high-traffic site that had 136.83 million site views last year*. In a tight market with high demand and not many homes for sale, exclusive, early access to properties will give you a distinct advantage over other buyers.
Only a Coldwell Banker Realty agent can offer you these distinct advantages.
closing on your home — and beyond
Once your offer has been accepted, the closing process begins. Here are some of the typical steps involved.
HOME INSPECTION
If material defects are identified or repairs recommended in the home inspection report, I’ll assist you with any contractually agreed-upon remedies and further negotiations with the sellers, if needed.
TITLE SEARCH PROCESS
I will help direct you to the appropriate title insurance officer should you have any concerns related to the information identified in the owner’s title report. This report confirms who the owner of the property is and if there are any encumbrances attached to the property.
RESIDENTIAL APPRAISAL REPORT
Your lender will order an appraisal report to assess the value of the home as part of the standard lending mortgage process.
FINAL WALK-THROUGH
I will schedule and coordinate your final walk-through inspection of the property before closing so you may confirm that the home is in the same condition as when you signed the purchase agreement and to confirm any agreed-upon repairs were completed.
CLOSING COSTS
In addition to your down payment and deposit, there are a variety of costs involved in your home closing. I will help you determine an appropriate deposit, explain the various costs you may be responsible for and review your itemized settlement statement prior to closing.
AND BEYOND
Beyond closing, wherever your homeownership journey takes you, I want you to know that I am here to help you and keep you up to date on how changing market conditions are affecting your home’s value.
transaction manager
Your transaction forms for the purchase of your new home will be entered into Transaction Manager, a convenient, secure website where you can track the progress of your sale and access your documents throughout the process, and long after the closing.
• Important information and documents are uploaded and stored online in your personal account
• Forms and services related to your purchase can be viewed anytime during your transaction
• Automated email alerts and messaging keep you informed documents as needed, such as for financial planning or tax season
• Upon closing, your transaction is archived so you can retrieve documents as needed, such as for financial planning or tax season
protect your investment
Did you know that one in four buyers use their American Home Shield®home warranty within the first 60 days after closing? It’s a statistic that underscores the importance of being prepared for any surprises that may crop up.
With American Home Shield home warranty plans, you’re covered for a year post-closing, with the option to renew. These plans not only help manage the costs of covered repairs or replacements for major home systems and appliances, but also offer assistance for any covered repairs that might have been overlooked during the initial inspection.
Why American Home Shield?
American Home Shield offers home warranty plans designed for home buyers and sellers to protect important parts of the systems and appliances that keep their homes happy.
With more than two million members and a nationwide network of trusted Pros to help when things go wrong, AHS is the perfect way to boost your confidence during every step of the real estate transaction.
Ask me how an American Home Shield home warranty can benefit you
full-service support
Coldwell Banker Realty helps you through all aspects of the home-buying process. Our affiliations with our preferred partners ensure that you receive complete assistance from beginning to end, giving you one-stop-shop convenience.
MORTGAGE SERVICES
Guaranteed Rate Affinity* provides mortgages across the country and features extremely competitive rates, fantastic customer service and a fast, simple process.
TITLE SERVICES
Our local title partner can research and resolve any issues before the closing to help ensure the transaction closes smoothly and on time.
WARRANTY SERVICES
American Home Shield® provides that extra measure of security that makes you feel more comfortable and confident in the purchase of your home.
INSURANCE SERVICES
Anywhere Insurance Agency offers competitive rates on homeowners, condominium, renters, automobile, second home, vacant home and umbrella coverage.
COMMERCIAL SERVICES
Highly skilled Coldwell Banker Commercial® affiliated agents offer a full spectrum of office, industrial, retail, multi-family and hospitality services.
DEVELOPMENT SERVICES
From concept to closing, Coldwell Banker Development Services delivers optimal results in the marketing and sales of new residential developments.
cb supports st. jude
I’m proud to announce my partnership with St. Jude Children’s Research Hospital.® As part of the CB Supports St. Jude program, I’m making a donation to this one-of-a-kind hospital every time I help a client buy or sell a home.
The Coldwell Banker® brand has been guiding people home since 1906. Home is the place we long for at the end of the day, the place that holds all we love and everything we cherish. At St. Jude, they give kids the second chance they need to realize dreams and reach milestones. When they need it most, these patients and families find a home-away-from-home at St. Jude, where everyone shares the same mission: Finding cures. Saving children.®
With your support, we can help one of the world’s leading children’s cancer hospitals develop even more powerful treatments and help the world’s bravest kids get back home even faster.
For more information visit coldwellbanker.com/stjude.
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes over time in line with movements in a financial index. ARMs can also be referred to as AMLs (adjustable mortgage loans) or VRMs (variable rate mortgages).
Adjustment Period: The length of time between interest rate changes on an ARM. For example, a loan with an adjustment period of one year is called a one-year ARM, meaning that the interest rate can change once a year.
Amortization: Repayment of a loan in installments of principal and interest, rather than interest only payments.
Appraisal: An estimate of the property’s value.
Assessed Value: The value placed on a property for purposes of taxation.
Assumption of Mortgage: A buyer’s agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (typically the seller) from liability.
Balloon Payment: A lump sum principal payment due at the end of some mortgages or other long term loans.
Buy-Down: A permanent buy-down is prepaid interest that brings the note rate on the loan down to a lower permanent rate. A temporary buy-down is prepaid interest that lowers the note rate temporarily on the loan, allowing the buyer to more readily qualify and increase payments as income grows.
Cap: The limit on how much an interest rate or monthly payment can change, either at each adjustment or over the life of a mortgage.
Cash Reserves: The amount of the buyer’s liquid cash remaining after making the down payment and paying all closing costs.
CC&Rs or Covenants, Conditions and Restrictions: A recorded document that controls the use, requirements and restrictions of a property.
Commitment Period: The period of time during which a loan approval is valid.
Condominium: A form of real estate ownership in which the owner receives exclusive title to a particular unit and shares ownership in certain common areas with other unit owners. The unit itself is generally a separately owned space whose interior surface (walls, floors and ceiling) serve as its boundaries.
Contingency: A condition that must be satisfied before a contract is binding. For example, a sales agreement or offer may be contingent upon the buyer obtaining financing.
Conversion Clause: A provision in some ARMs that enables home buyers to change an ARM to a fixed rate mortgage, usually after the first adjustment period. The new fixed rate is generally set at the prevailing interest rate for fixed rate mortgages. This conversion feature may involve an extra charge.
Cooperative: A form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements.
CRB or Certified Residential Broker: To be certified, a broker must be a member of the National Association of REALTORS®, have five years of experience as a licensed broker and have completed required Residential Division courses.
Debt Ratios: The comparison of a buyer’s housing costs to his or her gross or net effective income and the comparison of a buyer’s total long-term debt to his or her gross or net effective income. The first ratio is the housing ratio and the second is the total debt ratio.
glossary
Deed: A document which, when properly executed and delivered, conveys title of real property.
Disclosure: To make known or public. By law, a seller of real property must disclose facts which affect the value or desirability of the property.
Discount Points: A negotiable fee paid to the lender to secure financing to the buyer. Discount points are interest charges paid up-front to reduce the interest rate on the loan over the life or a portion of the term.
Due-on-Sale Clause: A clause that requires a full payment of a mortgage or deed of trust when the secured property changes ownership.
Earnest Money: The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.
Easement: A right to use all or part of the land owned by another for a specific purpose. For example, an easement may entitle the holder to install and maintain sewer or utility lines.
Encumbrance: Anything that affects or limits the ownership of real property, such as mortgages, liens, easements or restrictions of any kind.
Equity: The difference between what is owed and the amount for which the property could be sold.
Escrow: A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties’ instructions and assuming responsibility for handling all of the paperwork and distribution of funds. An escrow fee, typically paid by the buyer, is charged by the title company to service the transaction and to escrow money and documents.
Federal Home Loan Mortgage Corporation (FHLMC): Often referred to as “Freddie Mac,” it purchases loans from savings and loan lenders within the Federal Home
Loan Bank Board.
Federal National Mortgage Association (FNMA): Popularly known as “Fannie Mae,” it purchases and sells residential mortgages insured by the FHA or guaranteed by the VA, as well as conventional home mortgages.
Fee Simple: An estate in which the owner has unrestricted power to dispose of the property as he or she wishes, including leaving by will or inheritance.
FHA Loan: A loan insured by the Federal Housing Administration (of the Department of Housing and Urban Development).
Fixed Rate Mortgage: A conventional loan with the same interest rate for the life of the loan.
Fixtures: Personal property that is attached to real property and is legally treated as real property while it is attached — such as light fixtures, window treatments and medicine cabinets.
Foreclosure: The legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.
Fully Indexed Rate: The maximum interest rate on an ARM that can be reached at the first adjustment.
Gift Letter: A letter from a relative stating that an amount will be gifted to the buyer and that said amount is not to be repaid.
Government National Mortgage Association (GNMA): Known as “Ginnie Mae,” a governmental part of the secondary market that deals primarily with recycling VA and FHA mortgages, particularly those that are highly leveraged.
Graduated Payment Mortgage: A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.
Home Warranty Plan: Protection against failure of mechanical systems within the property and usually includes plumbing, electrical, heating and cooling systems and installed appliances.
Index: A measure of interest rate changes used to determine changes in an ARM’s interest rate over the term of the loan.
Initial Interest Rate: The introductory interest rate on a loan, which signals that there may be rate adjustments later in the loan.
Joint Tenancy: An equal, undivided ownership of property by two or more persons. Upon the death of any owner, the survivors take the decedent’s interest in the property.
Jumbo Loans: Mortgage loans that exceed the loan amounts acceptable for sale in the secondary market. Jumbos are packaged and sold differently to investors and have separate underwriting guidelines.
Lien: A legal hold or claim on a property as security for a debt or charge.
List-to-Sale Ratio: The ratio between the price at which a property is listed and the amount for which it is actually sold.
Loan Commitment: A written promise to make a loan for a specified amount on specified terms.
Loan-to-Value Ratio: The relationship between the amount of the mortgage and the appraised value of the property, typically expressed as a percentage of the appraised value.
Lock-In: The fixing of an interest rate or points at a certain level, usually during the loan application process. It is typically fixed for a specified amount of time, such as 20 to 30 days or some other period of time determined by the lender.
Margin: The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.
Mortgage (Deed of Trust): A legal document that provides security for repayment of a promissory note.
Mortgage Insurance Premium (MIP): The mortgage insurance required on FHA loans for the life of said loan. The MIP is either paid in cash at the time of closing or financed over the course of the loan.
Multiple Listing Service (MLS): The pooling in a central bureau of all properties for sale.
Negative Amortization: Occurs when monthly payments fail to cover the cost of the interest on a loan. The interest that is not covered is added to the unpaid principal balance, meaning that even after making several payments the borrower could owe more than at the beginning of the loan. Negative amortization may occur when an ARM has a payment cap that results in monthly payments that are not high enough to cover the interest.
Origination Fee: A fee or charge for work involved in evaluating, preparing and submitting a proposed mortgage loan. The fee is limited to 1% for FHA and VA loans.
PITI: The term for a mortgage payment that includes principal (P), interest (1), taxes (T) and insurance (1).
Planned Unit Development (PUD): A zoning designation for property developed at the same or slightly greater overall density than conventional development, often with improvements clustered between open or common areas. Use may be residential, commercial or industrial.
Point: An amount equal to 1% of the principal amount of the investment or note.
glossary
Pre-Approval: When a borrower has completed a loan application and provided debt, income and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and makes assumptions about what the interest rate will actually be at the time the loan is made, as well as estimates for the amount that will be paid for property taxes, insurance, etc.
Prepayment Penalty or Clause: A fee charged to a borrower who pays a loan in full before the stated due date.
Private Mortgage Insurance (PMI): Insurance written by private companies to protect the lender against loss if the borrower defaults on the mortgage. PMI is often required on mortgage loans in which less than 20% has been put forth for the down payment. Depending on the conditions of the mortgage, the borrower may request cancellation of PMI when equity in the property reaches 20%.
Purchase Agreement: A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract or agreement for sale.
Rate Gap: The difference between the current rate and the rate to which it could adjust on an ARM.
REALTOR®: A real estate broker or sales associate active in a local real estate board affiliated with the National Association of REALTORS®
Recording Fee: Charged by the County Clerk to record documents in the public records.
Refinance: A new loan with new terms, interest rates and monthly payments that completely replaces your current mortgage.
Regulation Z: The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.
Short Sale: The sale of a home for less than the balance remaining on the homeowner’s mortgage.
Tenancy in Common: A type of joint ownership of property by two or more persons with no right of survivorship.
Title: The rights of ownership recognized and protected by law. It is a combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer and dispose of real estate.
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Your home-buying needs are one of a kind. Using the unmatched resources of Coldwell Banker Realty, I will develop a custom plan to:
Provide you with powerful, personal service
Assist you in finding the right home and help you negotiate the best possible price and terms for it
Close the sale in a smooth, timely manner
Finding and purchasing a home is a detailed process that demands time and dedication. I am passionate about this because it leads to the ultimate reward - handing you the keys to your dream home and developing a real relationship with you along the way. I would love to have a commitment from you to work with me exclusively. I’m happy to talk through the various types of buyer representation I offer so we can find the right flt for you.
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