We have a remarkable history, one with deep roots dating back to 1963, with the formation of Gary Greene. From our earliest days in Houston, we have remained a brokerage leader in the real estate industry by developing relationships with our clients and our communities.
LOCAL ROOTS SINCE 1963 Our affiliation with the Better Homes and Gardens Real Estate network gives us unmatched international alliances with brokerages as well as the value of a trusted and recognizable brand around the world.
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DEBBIE DEBBIEMARCELL MARCELL AnAn award-winning agent with a platinum track record, Debbie award-winning agent with a platinum track record, Debbie Marcell is is a proven force in in the Houston real estate market. Marcell a proven force the Houston real estate market. Winner Winnerofofthe thehighest highestawards awardsin inthe theBetter BetterHomes Homesand and Gardens Real Estate Gary Greene network since launching Gardens Real Estate Gary Greene network since launching her real estate career in in 2005, Debbie has devoted 1515 years her real estate career 2005, Debbie has devoted years asasa atop sales producer building a solid and trustworthy top sales producer building a solid and trustworthy reputation in in the industry. Armed with abundant enthusiasm reputation the industry. Armed with abundant enthusiasm and unyielding perseverance, Debbie works tirelessly and unyielding perseverance, Debbie works tirelesslytoto exceed exceedher herclient’s client’sexpectations expectationsand andboasts boastsprofessional professional designations designationssuch suchasasGraduate Graduateofofthe theRealtor RealtorInstitute Institute (GRI), Accredited Buyer’s Representative (ABR), Certified (GRI), Accredited Buyer’s Representative (ABR), Certified Luxury LuxuryHome HomeMarketing MarketingSpecialist Specialist(CLHMS), (CLHMS),and andCertified Certified Negotiation Expert (CNE). Negotiation Expert (CNE). Accountable, reliable, and diligent, Debbie is is committed toto Accountable, reliable, and diligent, Debbie committed getting the job done. Prior to launching her real estate career, getting the job done. Prior to launching her real estate career, Debbie gained valuable experience in in managing marketing Debbie gained valuable experience managing marketing and high-level budgets at a large corporation. Since and high-level budgets at a large corporation. Sincethen, then, Debbie has expanded her network and solidified her standDebbie has expanded her network and solidified her standout outtalent talentthrough throughgroundbreaking groundbreakingsuccesses successessuch suchasasher her Riverstone luxury listing ranking in the Houston Business Riverstone luxury listing ranking in the Houston Business Journal’s “Top 1010 Most Expensive Homes Sold” in in June 2018 Journal’s “Top Most Expensive Homes Sold” June 2018 and her status asas a top sales producer year after year. and her status a top sales producer year after year. In Inher herspare sparetime, time,Debbie Debbieenjoys enjoysfamily familytime timewith withher her husband of 35 years, four children, and six grandchildren. husband of 35 years, four children, and six grandchildren. She also likes digging into a good book, listening toto political She also likes digging into a good book, listening political and motivational podcasts, staying active onon the golf course, and motivational podcasts, staying active the golf course, and traveling to new and exciting places with family and traveling to new and exciting places with familyand and friends. friends.Debbie Debbiealso alsogives givesback backtotoher hercommunity communitythrough through involvement involvementwith withthe theFort FortBend BendWomen’s Women’sCenter, Center,Court Court Appointed Special Advocates, and the American Cancer Appointed Special Advocates, and the American Cancer Society. Additionally, Debbie is is a member ofof two Chambers Society. Additionally, Debbie a member two Chambers ofof Commerce and the Sienna Management District Board ofof Commerce and the Sienna Management District Board Directors. Directors.
REALTOR®, ABR, CHMS, CNE,GRI, MREP REALTOR®, CertifiedLuxury LuxuryHome HomeMarketing MarketingSpecialis Specialis Certified Debbie.Marcell@GaryGreene.com Debbie.Marcell@GaryGreene.com M:281.782.2102 281.782.2102 M: O:281.980.5050 281.980.5050 O: www.debbiemarcell.com www.debbiemarcell.com www.facebook.com/debbiemarcell www.facebook.com/debbiemarcell 2323Town TownCenter CenterDrive Drive 2323 SugarLand, Land,Texas Texas77478 77478 Sugar
HIGHLIGHTS:
2020 Better Homes and Gardens Real Estate Emerald Elite Award 2021 Better Homes and Gardens Real Estate Emerald Elite Award
Connect Connectwith withDebbie DebbieMarcell Marcelltoday todaytotowork workwith witha atrue true powerhouse real estate professional. powerhouse real estate professional.
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CLIENT TESTIMONIALS “We loved our house and spent many years developing its curb appeal and improving its builder’s flaws. We picked Debbie for many reasons. She is a very talented, marketing professional with calm, controlled negotiating skills. Debbie was exceptional in determining the best listing price (which was $55,000 more than the next best agent’s suggestion). And then she worked extremely hard labeling the 41 photos online with detailed descriptions of all the landscaping and interior amenities. Best of all, she made sure that all her clients and other Realtors knew about the qualities of our house. Our house sold the first day, above listing price! Debbie is high energy, a smart thinker, and has an ability to anticipate any problems that might arise. Then she attacks them before they happen. She definitely had our trust because we knew she had our best interest in mind at all times. She is a treasure - never met anyone else like her.
Debbie became our trusted Friend, she is truly a treasure. We’ll miss her.” The Hailey’s - Seller Sugar Land HHHHH Five Star Rating ■
“We have worked with other Realtors before but none were as good as Debbie!” Sheila Brooks, Buyer HHHHH Five Star Rating
“This is our second time to use Debbie Marcell as our Realtor. Debbie did an amazing job with marketing our property. The time and effort that she put in upfront to create a beautiful representation of our home really pulled a lot of interest from those looking to buy. Debbie is professional and will go the extra mile for client satisfaction. We highly recommend Debbie for both buying and selling your home. She has always provided us with the best guidance, answered all of our questions, and is extremely accessible when we needed to reach her.”
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Brad & D’Neal Krisch, Sienna Plantation Seller HHHHH Five Star Rating
“We had numerous options of real estate agents to market our home. After meeting with Debbie Marcell for the first time, I had confidence that she had the knowledge, expertise and ability to market and sell our house in a timely manner.
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Debbie’s personal characteristics were exemplary. She was always accessible, polite, helpful and professional. She explained issues clearly. Debbie showed real concern and understanding of our issues and desires in selling our house. We trusted Debbie’s opinion and expertise in the real estate market. In a very short time, we felt that we had a friend working for us. Debbie did an amazing job listing and advertising our house. We were putting our house on the market just before the Thanksgiving and Christmas holidays. Due to Debbie’s ambitious actions to get our house photos and virtual tour quickly on the MLS website, we had showings over the Thanksgiving weekend and a cash offer shortly thereafter. Debbie did a great job advising us about the offer and suggesting reasonable counter offers. Her negotiation skills led to a final contract offer. Overall, we were very fortunate to pick Debbie Marcell to market our home for sale. Because of her real estate knowledge and experience and because of her ambitious efforts in listing and advertising our property, we were able to successfully complete the sale of our house in a very short time frame - over the November and December holiday season. Debbie and her team definitely get 5 stars from us. We can definitely highly recommend Debbie Marcell and the Gary Greene team for anyone’s real estate needs.” Dan & Loretta Duda, Hot Springs Village Buyer HHHHH Five Star Rating
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CLIENT TESTIMONIALS “We chose Debbie Marcell because she is knowledgeable and has her pulse on the area. She was extremely professional and worked very hard and efficiently to get our home sold. Debbie puts her clients’ needs first and does everything she can to deliver what is needed. She is a great communicator. She kept us informed of everything along the way and always responded to our calls and emails in a timely fashion. We had a poor experience with a Realtor in the past, in another state, but we could not have had a better experience than we had with Debbie and her staff. We have already recommended her to friends who are considering selling their home, and we would, without a doubt, use her again if we were in her area and needed to sell a home.” ■
John and Cathy Richards, Sugar Land Seller HHHHH Five Star Rating
“Debbie Marcell was awesome and spot on with everything she did including communication. She ended up being not only a great Broker but also a friend. I would highly recommend Debbie to anyone and everyone. Outstanding!!!!!” ■
Jay Miller, Wichita Kansas Seller HHHHH Five Star Rating
“Debbie was so helpful right from the start. She provided comps so we could get a good price for our home. She always answered our questions and helped us find resources to do whatever we needed to do to sell our home. We had three offers in five days. She is knowledgeable, kind and helpful. We would highly recommend Debbie to sell your home.” ■
Randy & Deborah Engen HHHHH Five Star Rating
“We first met Debbie when we had to sell our first home. She was beyond amazing during the process. She walked us through every step and made sure we understood what was expected of us as sellers. When it came time to purchase our next home there was no question that we would call on Debbie to help us. Debbie took the time to listen to what not only our needs were in a home but also our wants. To say she is amazing at what she does is an understatement; she helped us find a home that my husband and I love and that we are proud to raise our family in. We cannot thank her enough for helping us find a home to make memories in.” ■
Tiffany Davis, Rosenberg Buyer HHHHH Five Star Rating
“Debbie Marcell was such a blessing. My husband and I decided to sell our very first home after much deliberation. We were very hesitant and scared to do so. The home we were selling was the home we got married in and brought our baby home to, so it was special to us. Debbie came highly recommended to me by a coworker of mine. We had already met with one Realtor before her and it left us with a sour taste in our mouth and a little unsure about our decision to sell. Not only were we afraid of the process but of the unknown. From the moment Debbie walked in our front door on the first meeting we felt so at ease with our decision. She came to the first meeting ready to answer any questions and help us put our fears to bed. Debbie Marcell is a one of a kind person and Realtor. She is kind, genuine, and such a joy to be around. I would recommend her to anyone looking to sell their home.” ■
Tiffany Davis, Richmond Seller HHHHH Five Star Rating
“She has an incredible talent for presenting negotiations without alienating the buyer from the seller. That is a rare quality, and in my opinion, one of the most important talents for an agent to posses.” ■
Danielle LaBare, Sienna Plantation Buyer HHHHH Five Star Rating
“Debbie is amazing and truly cares about her clients. We wouldn’t use anyone but her if we were to move again! I plan to recommend her to anyone looking to purchae or sell their home.” ■
Derek Goff HHHHH Five Star Rating
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CLIENT TESTIMONIALS “Debbie is, by far, the hardest working agent we have ever met and provided us with a wealth of information! It is obvious that she truly cares about her clients and is passionate about what she does. When we relocated, she went above and beyond to meet with us, answer our many questions, and coordinate with other agents. We had some criteria in our home search that made it more difficult than your average move, yet Debbie was always very upbeat, patient, and highly motivated to help us find what we were looking for. She truly is everything you could ask for in an agent!” ■
Buyer HHHHH Five Star Rating
“Debbie Marcell was a wonderful agent to work with. Her knowledge of the home buying process is exceptional and she went out of her way to work with our tight move schedule and help us get relocated from Oklahoma to Houston. Her responsiveness to calls, emails and questions was impressive (weekends, early mornings/late nights). She goes above and beyond what you would expect in an agent and pays attention to many details that other agents have left up to us to figure out. I have relocated several times in my career and Debbie was by far the best real estate agent my family and I have worked with to date. We will definitely be working with her again in the future.” ■
Eric Young HHHHH Five Star Rating
“We’ve used Debbie Marcell multiple times as our Realtor. She has helped us in both selling and buying our homes. Debbie is professional, helpful, and always gives her opinion, when needed, which I really appreciate. Debbie has excellent negotiating skills and marketed our property to the fullest extent. All around, Debbie is excellent and she did an outstanding job for us. We would highly recommend using Debbie Marcell!” ■
D’Neal and Brad Krish, Seller HHHHH Five Star Rating
“This was my first home. I was recommended to Debbie by clients of mine. Let me tell you she is the best! She found us the perfect home. One thing I can honestly say about Debbie, is that she had our best interest from beginning to the end and even after. She informed me of everything, offered professional advice, and has a million contacts for anything else you might need. I would highly recommend her to anyone!” ■
Mel Atit, Buyer HHHHH Five Star Rating
“We have worked with Debbie Marcell on several home purchases as well as several home sales over the past 15 years. Her knowledge and perseverance in the Home Sale Market has always given us a satisfied home buying or selling experience. We have and will continue to recommend Debbie Marcell to family, friends or anyone that asks us for a Home Sale Agent.” ■
Cayetano & Carolyn Silva III HHHHH Five Star Rating
“Debbie Marcell is not only Uber connected, we wouldn’t have been able to obtain this house without her ability to negotiate, bringing the house onto the market ‘as is’, and then obtaining a price with room to remodel! ■
There is a reason Debbie is your Top Agent. We have used her many times, and all of our extended family love and appreciate what she brings to the table! Knowledge, Smarts and ENTHUSIASM! Brad Hammond makes Debbie complete with his detail work and patience! He is a MVP through and through!” Dean & Linda King HHHHH Five Star Rating
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WE HAVE THE NUMBERS From our earliest days in Houston, we have remained brokerage leaders in the real estate industry by developing relationships with our clients and our communities. The Better Homes and Gardens® Real Estate brand was built upon a passion for the home. Sellers benefit from this well known brand through the exposure generated by millions of home searches on their website and the inherent trust of the iconic brand.
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1
HOUSTON RESIDENTIAL SALES
$3.5B+
2021 SALES VOLUME
9K+
2021 TOTAL TRANSACTIONS
4.9K+
2021 LISTINGS SOLD
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WE HAVE THE ROOTS Locally owned since 1963, the Gary Greene name has been a part of the Greater Houston Metropolitan area real estate landscape and consistently provides high-quality representation and outstanding service to generations of home buyers and sellers. Aligning with its long-standing principles, Gary Greene also incites meaningful change through the Gary Greene Realtor® Foundation, which has given over $4 million back to the community. “We are Houston,” says Mark Woodroof, Gary Greene’s Managing Partner. “We didn’t parachute in from somewhere else. We have proudly been serving and giving back to our local communities for over 58 years.”
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THE VALUE OF A BUYER’S AGENT Buying a home is one of the biggest financial decisions of your life and a licensed Realtor® can help you navigate the process and protect your interests. It’s a serious transaction with significant financial and emotional ramifications for the parties involved, and having proper representation is critical. Here are six of the most important reasons to have a buying partner on your side:
DON’T OVERPAY
The only way to determine the fair price of a home is to analyze the price at which similar homes recently sold in the same neighborhood. While there are a variety of online resources for finding homes for sale, there are very few consumer websites that provide closed sale data in the Houston-area. Armed with accurate sold data, you can ensure you are able to negotiate a fair price.
REAL ESTATE EXPERTISE
Once you are under contract to purchase a home, a buyer’s agent will help you locate inspectors, negotiate repairs with the seller, get estimates from trustworthy contractors and obtain financing from the most reputable lenders.
UNDERSTANDING THE LANGUAGE
Buying a home usually requires dozens of forms, reports, disclosures, and other technical documents. Trained Realtors® have the expertise to help you navigate through the terms, data and language — while avoiding delays or costly mistakes that can cost you money and time. Also, they must stay current with all the updates in regulations, laws, contracts, and practices. Once you retain your Realtor®, they put that knowledge to work for you.
ENSURE YOU HAVE REPRESENTATION
Unless you are buying a property that is for sale by owner, the seller has professional representation on their side. By negotiating directly with the seller’s agent you are putting yourself at a significant disadvantage since their agent is legally bound to share everything you tell them in order to get the best deal for their client. Open House - if you found your dream home at an open house, just let your Realtor® know. You always want your interests protected.
LICENSING & ETHICS
Not every real estate agent is a Realtor®. A Realtor® is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country. Realtors® are held to a higher ethical standard than licensed agents and must adhere to a code of ethics.
NO COST
There is typically no cost to the buyer; the seller typically pays the Realtor® commissions.
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THE BUYING PROCESS STEP 1: First Things First Besides affordability, your credit history is one of the primary factors considered by a mortgage lender. Before you begin your home search, you’ll want to check your credit reports. The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. You can do so online at annualcreditreport.com. By taking advantage of this, you will discover if there are errors that need cleaning up or glitches that might affect your ability to get a loan.
STEP 2: Get Finances in Order & Pre-Qualify for a Loan If you find your dream home, you want to be prepared to make an offer. Armed with credit score information, your next step is deciding how much you can afford, which depends on your income, monthly expenses, funds available for a down payment, and current interest rates. Connecting with a mortgage lender to determine your buying and borrowing power, and getting pre-approved for a loan is the next step before beginning your home search. You’ll need to have filed your taxes and have documentation of any recent major financial transactions before you go.
STEP 3: Work with a BHGRE Gary Greene Professional Our first discussion will cover all the wants and needs you have in mind. At BHGRE Gary Greene, our Realtors® are licensed full-time sales associates, with the expertise, experience and training essential to your buying success. They are bound by a strict Code of Ethics, well versed in the buying process and dedicated to making it as simple and hassle-free as possible. An added plus is that we have over 20 offices throughout the greater Houston area which means that your Gary Greene Realtor® Associate will know the market where you want to buy.
STEP 4: What to Look for in a Home Make a list of wants and needs – just make sure that needs come first. Those are items you can’t live without – whether it’s the number of bedrooms or baths, living in a particular school district or some other critical feature. Next, some things you wish for but may opt to forego (a swimming pool, extra storage, etc.). This will narrow the field in the search for your home.
STEP 5: Where to Look There are many considerations when choosing a neighborhood, not the least of which is location, location, location. Factors like price, school district, property taxes, deed restrictions, area amenities, and the commuting distance to and from work or schools all play a part. Thanks to our many locations, we’re equipped to provide first-hand, detailed information about all area neighborhoods, discuss their subtle differences, and show you what they have to offer.
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THE BUYING PROCESS CONTINUED STEP 6: The Home Search Statistics show that you will certainly begin your search online, but you will want the assistance of a Gary Greene Realtor® Associate who will find the homes that are publicly available or homes that haven’t been entered into the MLS that are available through our Gary Greene internal network that meet your criteria. They will make appointments, schedule showings on your timetable, handle the details, and make the search experience seamless. Our ease of access, our knowledge of neighborhoods, and our access to market sale history will save you valuable time and greatly expedite the home search process.
STEP 7: Make an Offer When you’ve found the home of your dreams and it’s time to make an offer, your Gary Greene Realtor® Associate will advise you on all the details needed to make a fair offer, guide you through the process, handle the paperwork, carefully review that it reflects the terms you want, and present it on your behalf. An offer to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers – or additional costs.
STEP 8: Negotiate the Contract The negotiating process is a back and forth communication that requires excellent skills, and a clear understanding of all the terms and conditions is crucial. The value of having a trusted Gary Greene Realtor® Associate working on your behalf to reach an agreed upon price and terms cannot be overstated. There are countless factors involved in the negotiating process, including but not limited to: n
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The seller may accept your offer, reject it or make a counteroffer. Because counteroffers are common (any change in an offer can be considered a “counteroffer”), it’s important for buyers to remain in close contact with their Gary Greene Realtor® Associate during the negotiation process so that any proposed changes can be quickly reviewed and a response given.
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THE BUYING PROCESS CONTINUED STEP 9: Send Executed Contract to Loan Officer Due diligence completed, it’s time to obtain financing. If you have not already connected with a mortgage lender and gotten pre-approved for a loan, your Gary Greene Realtor® Associate will help you find a qualified lender and tell you what personal and financial data to bring with you when you apply for a loan. Once the lender is chosen, it is important for the buyer to make loan application within the time frame specified in the Earnest Money Contract. When final loan approval is obtained, your Gary Greene Realtor® Associate can assist you in arranging for homeowner’s insurance and other necessary details prior to closing.
STEP 10: Conduct Inspections When the terms of purchase have been agreed upon and the Earnest Money Contract delivered to the title company, it is time to evaluate the property. The contract should provide time for you to complete inspections of the property before you are bound to finalize the purchase. You should NEVER buy a home without having it inspected by professionals. These inspections help you avoid purchasing a home in need of major repairs or damaged by wood destroying insects. Additional inspections that will be required by your lender may include a survey to determine boundaries and an appraisal to determine value.
STEP 11: Other Critical Details Your Realtor® Associate will have already informed you about current real estate values, taxes, utility costs, municipal services and facilities, and made you aware of deed restrictions that could affect your decision to buy. You are also entitled to see a preliminary report on the title of the property. Title indicates ownership of property. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Gary Greene Realtor ® Associate can help you resolve any issues that might cause problems. If you choose a home in a neighborhood with a homeowner’s association, you will need to get a copy of their association packet so you can review it before closing.
STEP 12: Close on Purchase Your Gary Greene Realtor® Associate represents you and your best interests through the closing. Your Realtor® Associate will confirm that all contract and amendment conditions have been met or completed and review a closing checklist; assist in scheduling and conducting your final walkthrough prior to closing; review closing figures, closing documents and the title insurance commitment with you so you will know what to expect during the closing process; and, finally, attend the closing to answer any questions or deal with last-minute issues.
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INSPECTIONS Nobody wants to buy a house and find out later that there are hidden flaws – particularly defects that are expensive to repair. As any good Realtor® will tell you, the only way to avoid these unexpected bombshells is to hire a qualified and impartial professional home inspector to examine the home, from top to bottom, and provide a written report on the status of his or her review. Your real estate agent should be able to provide a list of reputable and experienced home inspectors. SUCH AN INSPECTION IS CRITICAL AND INCLUDES A REVIEW OF: n
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Buyers should attend the inspections and examine the property’s mechanics and structure. Ask questions and learn more about your potential investment than is possible with an informal walk-through Don’t neglect to have a separate inspection for termites which will be required by your lender (and should be done even if yours is a cash purchase). No home is perfect! Every home will have issues revealed by a home inspection. New homes can also have defects, whether caused by oversight during construction or simple human error. The home inspector will review his or her findings with you and alert you to any costly or potentially hazardous conditions.
All negotiations for repairs, agreed upon in writing, are completed during the option period. Buyers and sellers might agree to seller concessions in lieu of repairs - these concessions can be applied towards buyer closing costs and/or pre-paid items allowing for the buyer to handle repairs after closing.
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RESIDENTIAL SERVICE CONTRACTS WHAT IS A SERVICE CONTRACT? n
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A service contract is not a warranty. A warranty must come free of charge, but you pay extra for a service contract. A brand new home may have a warranty provided by the home builder. Don’t be confused by the fact that some service contract companies use the word “warranty” in the names of their companies. A service contract also is not an insurance policy. If you decide to purchase a service contract or if the seller| is providing one, compare it to your homeowner’s insurance policy to be sure you aren’t purchasing duplicate coverage.
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What extra benefits and/or extra repairs are covered by the service contract? Read the contract carefully for any conditions you have to meet. Who is responsible for checking for pre-existing conditions? How much will the contract cost you? Prices vary depending upon coverage and usually are for a term of one-year. One question to ask yourself in considering your need is: If you did not purchase the contract, would you be able to afford a repair if it happened during this period?
For detailed information, you should contact a residential service contract provider. The names and websites of a few of the companies serving our community are: Allied Home Warranty | American Home Shield | BFS Home Warranty Fidelity National Home Warranty | First American Home Warranty | HWA Home Warranty of America Old Republic Home Warranty | Super Home Warranty Their inclusion on this list does not constitute an endorsement. A complete list of all residential service companies licensed by the Texas Real Estate Commission to sell residential service contracts in the state of Texas can be obtained at www.trec.texas.gov.
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CONTRACT TO CLOSING You and Better Homes and Gardens Real Estate Gary Greene n
Gary Greene helps negotiate the offer.
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Buyer and seller agree on price and conditions.
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The buyer orders mechanical and general inspections.
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The listing or selling agent sends signed earnest money contract to title company.
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Buyer makes loan application (if applicable).
CONTRACT
LOAN
Your Title Company
Your Mortgage Company
Receives executed contract and earnest money check (which is cashed)
Verifies all financial information on buyer
Begins title work and tax information
Orders, receives and reviews appraisal and property survey
Abstractor begins title search
Compiles loan package and submits to underwriter
Examiner verifies title
Loan is rated by underwriter
Issues title commitment Closer reviews title commitment and notifies all parties of any defects Title company forwards title commitment to lender and Gary Greene Title company receives closing instructions from lender Closer consolidates all closing documents CLOSING OCCURS Title company sends signed documents to lender for final approval
Collects and packages additional materials as requested by underwriter Repackages and resubmits to underwriter Loan is approved Prepares and delivers loan documents and funds to title company Gets Buyer approval Orders flood certificate REVIEWS FINAL, SIGNED DOCUMENTS SENT FROM TITLE COMPANY
FUNDING 1. All documents are recorded in the county clerk’s office. 2. Title policy is sent to the Mortgagee and the owner.
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AFTER THE CONTRACT IS SIGNED 1. 2. The Earnest Money Contract (EMC) is signed.
3. 4. 5. 6. 7. 8. 9. 10. 11. 12.
The Realtor® Associate will “open title” at the title company named in the Earnest Money Contract, and the title company will deposit the earnest money check. If the amount of the earnest money is greater than $5,000, and will be held for an extended period of time, you may request it be placed in an interest bearing account. Seller receives Option Fee as per terms of EMC and deposits. Buyer schedules property inspections and contacts insurance agent, paying close attention to the Option Period, if applicable, as defined in the EMC. Buyer makes loan application with their selected mortgage lender according to the time specified in the EMC and delivers documentation requested by lender. The mortgage lender will begin processing the loan by: a. ordering an appraisal of the property; and b. verifying prior loan history, employment and financial position. Simultaneously with the loan processing, the title company will research the title and send their title commitment to the buyer, seller, Realtor® Associates, attorneys, and mortgage lender. The title company will act as a neutral 3rd party, escrow agent and title insurer. The escrow agent will coordinate with all entities to receive the following information for closing: a. invoices and loan documents from the buyer’s mortgage lender b. buyer’s hazard insurance from the buyer’s insurance agent c. tax certificates d. survey Once the buyer’s loan and title are approved, the closing date is coordinated between all parties.
Buyer and seller contact utility companies to transfer service to buyer. Note: the seller does not turn off utilities until the home is sold. The title company will prepare a closing statement with charges to both buyer and seller, usually available for review the day prior to closing. Parties sign closing papers and title transfers from the seller to the buyer upon funding.
The above procedure averages approximately 30-45 days. If the buyer’s credit is rejected or he cannot qualify for the payments, the contract is cancelled and the buyer’s earnest money is returned if all parties agree to the release. Contracts may be contingent on inspections and buyer’s ability to qualify for payments. The house must appraise satisfactorily and the title should be clear. Therefore, buyer and seller should not make definite plans until all contingencies have been removed.
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prior to closing
• Provide a copy of the contract of sale to the mortgage company making your loan which has been receipted by the title company. • Call your loan officer and arrange to make a formal loan application. • Schedule the appointment with the inspector and seller as soon as possible. (A termite inspection is required on VA loans). • Contact an insurance company to obtain homeowner’s insurance before the end of the option period. Supply information to the title company at least one week prior to closing.
required at closing
BUYER’S CLOSING CHECKLIST • Driver’s license or other photo identification. • A cashier’s check or wire transfer is required for payment of funds over a certain amount dictated by the title company at the time of closing, made payable to the title company. • Bring any required document(s) to closing that your lender has requested you to produce at the closing table.
avoid closing delays
• If you want to review your loan documents prior to the closing, please request that your mortgage company provide the documents to the title company at least three days prior to closing so copies can be provided for your review. • If you will not be present at closing to sign documents and intend to use a power of attorney, the following must occur: » The title company and your lender must approve the POA prior to closing. » The original POA must be delivered to the title company before closing for recording with the county clerk’s office. » Contact with you via telephone on the day of closing to be certain you are alive and well and have not revoked the POA.
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CLOSING COSTS BUYER GENERALLY PAYS FOR:
Loan Policy and Endorsements Record Warranty Deed n Record Deed of Trust n Courier Fee n Escrow Fee n Tax Service Fee* n Full-Year Homeowner’s Insurance Policy* n 2-3 Months Hazard Insurance Escrow* n Tax Reserve* n Loan Origination and/or Discount Fee* n Appraisal* n Credit Report* n Lender Document Preparation* n Flood Certification* n Mortgage Insurance Premium - MIP or PMI* n Miscellaneous Loan Fees* n Guaranty Fee n Inspection Fees n Prepaid Items such as Pro-Rated Property Taxes and HOA Dues n Any Other Cost as Outlined in Contract n
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* Lender Charge
SELLER GENERALLY PAYS FOR: Loan Payoff (Per Existing Lender’s Payoff Letter) n Owner’s Title Policy Premium n Record Release of Existing Lien(s) n Current Year Real Estate Tax Proration (Per Contract) n Prior Year’s Property Taxes Still Due (If Due) n Homeowner’s Association Dues and Fees (If Applicable) n Escrow Fee n Commissions (Per Listing Agreement) n Tax Certification n Attorney Document Prep Fees for Deed & Release(s) n Homeowner’s Transfer Fee (If Applicable) n Guaranty Fee n Any Other Cost as Outlined in Contract n
NEGOTIATED UNDER CONTRACT: Survey n Homeowner’s Association Transfer Fees & Resale Certificate/Docs Fees n Home Warranty n City Transfer/Conveyance Tax n Bonds or Assessments n
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HELPFUL TERMS MORTGAGE TERMS ADJUSTABLE-RATE MORTGAGE (ARM): Mortgage loan in which the interest rate of a home may vary at specific intervals during the loan term. AMORTIZATION: A payment plan by which the borrower gradually reduces the balance of the mortgage by making monthly payments of principal and interest. CAP: The maximum interest rate on an adjustable rate mortgage that may be charged. CONVENTIONAL LOAN: Any mortgage loan other than a governmental loan. FIXED RATE MORTGAGE: Mortgage loan in which the interest rate will not change throughout the duration of the loan. GOVERNMENTAL LOAN: A mortgage loan guaranteed or insured by a government agency such as the Veteran’s Administration (VA) or the Federal Housing Administration (FHA). POINT: One percent of the loan amount paid to the lender, usually in exchange for a lower interest rate on the loan. PRINCIPAL AND INTEREST PAYMENT (P&I): The monthly payment of interest charges and part of the principal loan balance. With taxes and insurance included, this makes up the monthly mortgage payment (PITI). PRIVATE MORTGAGE INSURANCE (PMI): A policy that protects the lender in the event of default, and insures repayment of the loan in case of the borrower’s death or disability. PMI is generally required if the buyer’s down payment is less than 20 percent of the purchase price or appraised value.
CONTRACT/CLOSING TERMS APPRAISAL: The opinion of an appraiser in estimating the market value of a home; usually required by a mortgage lender. ASSESSED VALUE: Estimate of property value by a public tax assessor used as the basis for calculating property tax.
CLOSING: The final step in the sales agreement where property ownership is transferred from seller to buyer. CLOSING COSTS: Fees and expenses, other than the cost of a property, charged to transfer ownership. EARNEST MONEY: A down payment the buyer gives the seller up front as a show of good faith, indicating the buyer’s intent to purchase the property.
TITLE: A document that refers to the ownership of a particular piece of property. TITLE INSURANCE: Policy that protects the holder from any loss resulting from defects in the title. TITLE SEARCH: Research of public records to identify ownership, liens and encumbrances affecting the property.
REAL ESTATE TERMS
ESCROW: 1. Arrangement between a buyer and seller to place the down payment and other monies or documents with the third party until the completion of the contract closing. 2. A portion of the monthly mortgage is placed in an escrow account to pay taxes and mortgage insurance.
AGENCY: A term used to describe the legal relationship between a seller and a broker, or a buyer and a broker.
HOMEOWNERS INSURANCE: Also called hazard insurance, covers physical damage to the property, as well as theft and personal liability. It does not cover flooding; flood insurance must be purchased separately.
BROKER: A person licensed by the Texas Real Estate Commission who acts as the fiduciary agent of the seller or buyer in a real estate transaction.
INSPECTION: Service performed by an inspector to identify any possible structural or mechanical problems. LISTING CONTRACT: An agreement between a homeowner and an agent authorizing the agent to offer the owner’s property for sale. MARKET VALUE: The highest price a buyer would pay and the lowest price a seller would accept. OPTION: A real estate option is a specially designed contract provision between a buyer and a seller. The seller offers the buyer the option to buy a property by a specified period of time at a fixed price.
AGENT: Term used to describe a real estate salesperson licensed by the state who, under the supervision of a broker, represents a buyer or seller in the purchase or sale of a home.
BUYER AGENCY: Agency relationship in which a buyer contracts with a broker to represent the buyer’s interests in real estate transactions. MULTIPLE LISTING SERVICE® (MLS): A computerized list of all properties for sale by member brokers. REALTOR®: A licensed agent or broker who is a member of the National Association of Realtors®, through local affiliates such as Houston Association of Realtors. Realtor® membership is voluntary and represents a commitment to the highest levels of professionalism.
SELLER OR OWNER DISCLOSURE: Legal requirement that the seller disclose in writing any known defects or repairs that have been made to the property. SURVEY: Required by the lender, a process whereby the property is measured and a scaled blueprint of the land and its property lines, structures and easements are drawn.
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