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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THANK YOU Thank you for inviting me to interview with you today and for considering me as the agent to represent you and your property. I truly appreciate the opportunity. I understand you have many choices in deciding who will best serve your needs during the process. The decision you make will impact the success of your sale. It is BHGRE Gary Greene’s and my sincere objective to market and sell your home while maximizing return in the shortest amount of time. We will use our expertise and extensive marketing tools to promote your property to qualified buyers until it is sold. I promise to communicate with you on a consistent, preplanned basis. I will work diligently throughout the entire process with the principal goal of obtaining for you the highest possible price, as well as a smooth process. I am your advocate who will guide you through the entire home sale process, always keeping your best interest at heart.
SINCERELY, Jeni Mitchell
GARYGREENE.COM
A seasoned real estate professional that advocates fiercely for her clients, Jeni Mitchell brings extensive design and organizational experience to every transaction. With industry distinctions such as the 2021 Platinum Award, an award that goes to agents in the Top 1% of all Better Homes and Gardens real estate companies nationwide, and 2019 and 2020 Silver Award as well as her relocation certification, there is no task too great for Jeni to handle. A Houston native, Jeni knows the ins-and-outs of the great city she is proud to call home, and she is eager to walk with clients as they buy, sell, and invest in the regional market. With an eye for staging and the experience to match, Jeni works masterfully to ensure that every listing is showroom ready. Jeni says, “As a stager, I know what it takes to showcase the home the best way possible – as if you are listing it, not living in it – two very different things. It helped me to be able to have tough conversations with sellers and explain the changes that needed to be made in order to get top dollar.” As caring as she is tenacious, Jeni treats her clients likes family. Jeni says, “I truly care about my clients and what is best for them. I am not just trying to make a sale. I am fair but can be a fierce negotiator and will stand up for what is in the best interest of my clients.” A wife of 24 years and mother of three, Jeni enjoys spending her time playing tennis for North Country and with a jackrabbit league. She also enjoys volunteering with the Delta Delta Delta alumnae organization, the Pi Beta Phi Moms group, and the Highlander football booster club. Her family also has three rescue dogs named Chloe, Millie, and Peanut.
Jeni Mitchell 214.673.5213
jeni@jenimitchellsells.com JeniMitchell.GaryGreene.com
Connect with Jeni Mitchell to work with a REALTOR® who truly cares.
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OVERALL RATING 5 OUT OF 5 STARS ON HAR
*****
CLIENT TESTIMONIALS “This was our second real estate transaction with Jeni and we couldn’t be more pleased with our experience! We purchased this home sight unseen. We trusted Jeni to preview the home for us and because of her market knowledge, she was able to submit the winning offer in a very competitive market. She also recommended a very detailed property inspector, roofing inspector and walked us step-by-step through the closing process. We have now used Jeni to both buy & sell and found that she gives 100% to either process. We would highly recommend Jeni for any real estate needs!”
Buyer Tudor Glen
***** Five Star Rating
“We have sold 5 homes over the past 28 years and this was by far the best experience! Jeni far exceeded our expectations! She was knowledgeable about the market and the area. Jeni has an eye for detail. She knows how to best present the home. She was able to make a few decor suggestions that improved our home’s overall appearance for prospective buyers. She hired the most experienced photographers to emphasize the best aspects of our home. The negotiation process was seamless and resulted in a final price above our listing price. Jeni’s accessibility throughout the entire home selling process made us feel at ease and reinforced our decision to choose Jeni as our Realtor. We would highly recommend Jeni!”
Seller Pawprint Place
***** Five Star Rating
“We are extremely grateful to Jeni Mitchell for helping us sell our home. Her knowledge, talent for negotiation and hard work amazed us. Jeni is kind, patient and always had time to answer any questions or concerns. She went above and beyond to make sure we received top dollar for our home. She deserves the highest praise! We will definitely be referring Jeni to anyone that needs to buy, sell or rent a home. Thank you for everything Jeni!”
Seller Middle Gate
***** Five Star Rating
“Highest praises for Jeni Mitchell! We are so grateful that we had Jeni to help us find a rental home after she helped us sell our home!
We could not be happier with both of these transactions. We will definitely reach out to Jeni when we are ready to buy our dream home.” Buyer Woodlands Pine Driven Place
***** Five Star Rating
“Jeni is absolutely amazing!! She made maneuvering through this highly competitive market a breeze. Her knowledge in real estate and our area was A++. With her expertise, we were able to sign a contract and close in less than a month on a home with many offers. She’s an excellent communicator and makes you feel like her only priority. You will walk away with a home and new friend. Also, Jeni is honest and trustworthy which was very important to us. We will be referring her to family, friends, or anyone seeking a great Realtor. Whether you’re a first-time or experienced buyer, Jeni is the Realtor to get it done. We look forward to working with her for all of our real estate needs!”
Buyer Prairie Dawn Circle
***** Five Star Rating
“Jeni is incredibly knowledgeable about the market, but more Jeni is a compassionate about what the home you are selling/buying/renting and what it means to you. She went further than the extra mile for me and my family. I cannot recommend her enough because she truly cares more about your happiness with your home than anything. I wish all Realtors were of the same cloth as Jeni. Top shelf, top choice, #1 grade A, simply the best. Will only use her for future purchases anywhere in the state!”
Seller Shell Port Square
***** Five Star Rating
“I would highly recommend Jeni! Her knowledge and insightful feedback was invaluable throughout the entire process. Selling your home can be scary and at times an emotional roller coaster. She took the time to give us personal attention and guide us every step of the way!”
Seller Brookway Cypress Court
***** Five Star Rating
GARYGREENE.COM
OVERALL RATING 5 OUT OF 5 STARS ON HAR
*****
CLIENT TESTIMONIALS “We selected Jeni because she struck us to be honest, open and most importantly someone who would listen to our approach to secure the property. We brought an aggressive negotiating approach to Jeni and she fully got on board. She was up against a more well-known listing agent who also had been a co-developer of the property which is an imposing challenge. She fully delivered in every way and stood her ground in representing her clients. Jeni encouraged us to include in our offer an aggressive closing date so as to demonstrate our seriousness in the process. To this end Jeni was very attentive to our time schedule and used the electronic tools extremely effectively. Jeni combines an excellent empathetic approach to her clients with a tough hard-line negotiating stance to her opposition. Mary and I are very proud of including Jeni as a member of our 3-member team. This is one of our proudest achievements which would have been impossible without her guidance and support.” Buyer Doe Run Drive Five Star Rating
*****
“We can’t believe how quickly Jeni Mitchell sold our house! She clearly has built relationships with many Realtors in the area so she was able to spread the word quickly. Having lived in area she knew exactly how to market my home’s special features and the neighborhood’s attributes. The listing was impeccable. Jeni chose her words wisely, making sure to highlight the most attractive features of our home. Also, the photographer she used was able to capture our home’s beauty. It almost made us reconsider moving! We loved photos she chose to post. During negotiations, she represented us as though this were her own home. We knew she was always looking out for our best interests. She was in constant communication with us throughout the whole process. So happy with our decision to use her. So happy with the results. Couldn’t ask for a better agent!”
Seller Glistening Pond Place
***** Five Star Rating
“Jeni is the best! She was always available and always went above and beyond! If you’re looking for someone who’s going to look out for your interests, Jeni is the one to go to! She’s
very easy to work with and very trustworthy. She’s become a very dear friend and she’ll be the only Realtor I’ll ever use.” Seller Goldwood Place
***** Five Star Rating
“We had a great experience with Jeni! She always looked out for what was best for us. She’s very patient and was always there when we needed her. She went out of her way to get things done for us. She was more like a friend and confidant than a Realtor. She’ll be the only Realtor we ever use. I highly recommend her.”
Buyer Midday Sun Place
***** Five Star Rating
“My experience with Jeni was better than excellent! Her guidance and advice was solid and grounded in knowledge and experience. Since I was purchasing from out of town, sight unseen, I couldn’t have done it without the utmost trust in my Realtor. And it didn’t take more than a phone conversation to know Jeni had my trust. She educated me, guided me, and went the extra mile time and time again. And I don’t discount the calming my fears and making me laugh along the way. Top notch! Highly recommended!”
Buyer Crickett Hollow Place
***** Five Star Rating
“Jeni Mitchell was the best Realtor! Throughout the entire process she was always looking out for our best interest. She tailored her recommendations to our needs and wants and allowed us to view a variety of homes. With a firm grasp of the market, she knew which neighborhoods and houses would appeal to us. Her patience and dedication allowed us to find the perfect house. Having her as a representative put our mind at ease during the negotiations because we knew we could trust that she was always defending us and our best interest. She kept in constant communication with us during the process. We were always able to get in touch with her with any questions or concerns. We couldn’t ask for a more attentive, caring, and able agent. She gave us her all during the whole process!”
Buyer Garnet Bend
***** Five Star Rating
GARYGREENE.COM
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.
#
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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WHERE BUYERS FIND THEIR HOME NATIONAL ASSOCIATION OF REALTORS® BUYER AND SELLER REPORT
51%
5%
knew the seller
6%
homebuilder
7%
friend, relative, neighbor
yard & open house signs
real estate agent
online
28%
3%
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ONLINE MARKETING WEBSITE EXPOSURE More than 90% of buyers begin their initial home search on the Internet. We offer an impressive online presence for your property which allows us to present your property to potential buyers across multiple platforms, locally, nationally and globally, offering you maximum digital coverage. Our listings can be found on the following websites: • GaryGreene.com • HAR.com • Realtor.com
• BHGRE.com • Zillow.com • Chron.com
• Homes.com • Listglobally.com - Syndicates listings globally to over 93 websites in over 60 countries
CUSTOM LISTING WEBSITE We generate an entire website dedicated to your listing, with all property information and our professional photography prominently displayed. We are also able to connect a myriad of marketing tools to the site including our custom property videos, tours, etc. CUSTOM VIDEO We will create a Search Engine Optimization (SEO) -friendly YouTube video of your property, complete with listing information and professional photos which will allow your listing to get maximum exposure as soon as the property hits the market. APPLICATIONS 90% of the time people spend on mobile devices is spent using apps, and engagement is up to four times better in apps than mobile web browsers. A more recent study showed 40.1% of website views come from mobile and HAR specifically has over 50%. Our listings can be found on the HAR App, Zillow App, Homes.com App, Realtor.com App, Trulia App, and The Houston Chronicle App.
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ONLINE MARKETING DIGITAL BOOST Our digital advertising also includes deploying campaigns targeting users based on characteristics exhibited in their browsing habits which allows us to get your home in front of the right buyers as quickly as possible. Our strategies are crafted to target home buyers with appropriate demographics across a wide array of online networks.
SOCIAL MEDIA We launch your listing on Facebook, Instagram and Google with a unique approach to maximize your exposure at the critical time when your listing hits the market. This enhanced multi-day campaign is geographically targeted to expose the listing to potential home buyers searching in your market.
EBLASTS Our online marketing involves emailing appropriately designed content to consumers. Through our technology platform, targeted marketing is sent to potential buyers in your market area as well as to area Realtors®.
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ONLINE GLOBAL REACH Since 1963, Gary Greene has been committed to service excellence across Houston’s eight county region and beyond. In addition to our regional presence, we are affiliated with the Better Homes and Gardens® Real Estate Network. When selling your home, you need global exposure in addition to the strong marketing expertise we deliver locally. As an affiliate of Better Homes and Gardens® Real Estate, we have the resources to market your property to the highest possible number of potential buyers. With our global reach, we expose your property to buyers on six continents ensuring more eyes on your property. When your home is posted to our website locally, it is immediately promoted to over 90 website portals, 60+ countries and over 160M potential buyers. ARGENTINA AUSTRALIA AUSTRIA BELGIUM BULGARIA CAMBODIA CANADA CHILE CHINA COLOMBIA DENMARK ESTONIA
FRANCE FRENCH POLYNESIA GERMANY GREECE HONG KONG INDIA INDONESIA ITALY JAPAN LAOS LATVIA LUXEMBORG
MACAU MALAYSIA MEXICO MOROCCO MYANMAR NETHERLANDS NEW CALEDONIA NEW ZEALAND PANAMA PAPUA NEW GUINEA PERU PHILIPPINES
POLAND PORTUGAL QATAR ROMANIA SENEGAL SERBIA SINGAPORE SLOVAKIA SOUTH AFRICA SPAIN SWEDEN
SWITZERLAND TANZANIA THAILAND TUNISIA TURKEY UKRAINE UNITED ARAB EMIRATES UNITED KINGDOM URUGUAY VENEZUELA VIETNAM
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THE REAL ESTATE COMMUNITY Because statistics show that a large amount of home buyers facilitate their home search and purchase through a real estate agent, it is important that we market your listing to as many real estate professionals as possible.
THE GARY GREENE REACH - ACCESSING OUR VAST INTERNAL NETWORK Your home is presented and discussed in detail at our weekly sales meetings, with a visual walkthrough via a digital tour by our Gary Greene network of agents. Being #1 in transactions in the market area, our digital tour ensures that your property is being previewed by agents with the largest market share.
PERSONAL NETWORKING In addition to providing detailed information and professional photos of your property on MLS®, which reaches more than 26,000 Houston area Realtors®; we pride ourselves on going above and beyond by personally connecting with agents who have listed or sold a home in your market area within the past 12 months.
BROKER OPEN HOUSES At your discretion, a special open house preview showing for brokers and agents will allow them to personally tour the property, both in person and virtually, and become familiar with it for possible presentation to their own clients, as well as visit with your listing agent to discuss specifics.
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RELOCATION CONNECTIONS Your property’s new owner might be someone moving to the Greater Houston Metropolitan area as a result of a transfer or a new job. With many Fortune 500 companies and an expanding global presence, corporate relocations are a great source for potential buyers. Better Homes and Gardens Real Estate Gary Greene remains the oldest relocation brokerage in Houston and has been relocating buyers and sellers in and out of the Greater Houston area for over 57 years. We are a principle broker in the Realogy Advantage Network (formerly Cartus Network), the industry leader in global mobility, and are proud of our affiliation with over 60+ other relocation management companies. Our reach covers the entire Houston MSA (9,444 sq. miles) along with 10 counties. We actively participate in the major national mobility organizations, relationships that benefit our sellers and help secure significant group moves. We have been a selected broker for group moves such as ExxonMobil, XTO Entergy, Shell, Sabic, Westlake Chemical, McKesson Pharmaceuticals, BP, The Williams Company, Murphy Oil and many more, and since 2019, we have processed over 9,500 referral authorizations.
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YARD SIGNS & OPEN HOUSES The Better Homes and Gardens® brand is a trusted and recognized institution, which extends beyond real estate with an audience of over 40 million consumers engaged 365 days a year. Our brand resonates with buyers when our sign is placed in your yard. Once our branded sign is displayed, it is important to make your home available for consumers to tour. Public open houses, both in-person and virtual, are held and scheduled (at your discretion) on selected dates. IN-PERSON PUBLIC OPEN HOUSES Your home should be made-ready for the public open house as you would for any showing by keeping the exterior and interior in impressive condition. We will arrive early to place open house signs, turn on all lights, open window coverings, adjust interior temperature, etc. At the conclusion of the public open house, your home will be left as it was found; we will provide feedback, and follow-up with visitors about a second showing or offer. VIRTUAL PUBLIC OPEN HOUSES Like in-person open houses, your home should be made-ready and kept in impressive condition. We will arrive early to set up and make any adjustments needed and will conduct the open house virtually. We will also return the home to the condition it was found, provide feedback, and follow-up with visitors about a second showing or offer. PUBLIC OPEN HOUSE PROMOTIONS Your open house will be promoted on GaryGreene.com, HAR.com, Zillow.com, Realtor.com and all of their corresponding apps. If in-person, there will also be strategically placed open house signs to draw prospective buyers. If virtual, buyers will be able to attend the virtual open house on several technology platforms and view the recorded virtual open house at a later date.
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FRIENDS, RELATIVES & NEIGHBORS Gary Greene has an award-winning, in-house graphics and marketing department skilled in the preparation of effective marketing materials and tools made available to all buyers, including your friends, family, and neighbors. CUSTOM LISTING WEBSITE We provide an entire website dedicated to your listing, with all property information and our professional photography prominently displayed, which is easily shared with friends and family. We are also able to connect a myriad of marketing tools to the site, including our custom property videos, tours, etc.
CUSTOM RESIDENTIAL MAILINGS We create a custom, professionally designed “Just Listed” postcard which is mailed directly to your nearby neighbors alerting them that your home is active on the market. By using smart technology we are better able to pinpoint the recipients, which ensures we are marketing your home as effectively as possible.
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LUXURY MARKETING PROGRAM Better Homes and Gardens Real Estate Gary Greene has been representing luxury homebuyers and sellers in the Houston market area with great success since 1963. We have in-depth knowledge of the market and are proud to bring the distinctive legacy of our brand to the sale of your property.
• BHGRECollection.com - is a central repository for our most exclusive listings, represented by Distinctive Collection real estate professionals across the country. Your property will take its place among this impressive collection, ready to be showcased to affluent prospects. • WSJ.com - reaches an audience of 42M digital readers per month with the average household income of $242K+ and average net worth of $1.4M+ • RobbReport.com - reaches an audience of over 2.1M with over 3M in unique page views with the average household income of $480K+ and average net worth of $3.1M • Listglobally.com - reaches over 160M potential buyers in over 61 countries
social
online
ADVERSTISING
• PaperCity - reaches over 270K readers in the most affluent Houston neighborhoods • Houston Modern Luxury - reaches over 160K readers in the most affluent Houston neighborhoods • Town and Country - Better Homes and Gardens Real Estate Distinctive Collection runs a full page ad 3x year in the national luxury publication • Distinctive Collection National Luxury Magazine • Facebook - strategically targeted sponsored ads • Instagram - strategically targeted sponsored ads • Twitter - strategically targeted sponsored ads
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LUXURY MARKETING PROGRAM Better Homes and Gardens Real Estate Gary Greene has been representing luxury homebuyers and sellers in the Houston market area with great success since 1963. We have in-depth knowledge of the market and are proud to bring the distinctive legacy of our brand to the sale of your property.
property & events
PRINT MATERIALS • • • •
Custom 8 or 16 Page Property Brochure Custom Feature Sheets Custom Just Listed Postcard Custom Broker Open House Invitations
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COMMUNICATION & FEEDBACK Our communication with you, the seller, is critical to an exceptional selling experience. You will be contacted via your preferred method with feedback, reports, and comments on a regular basis. ACTIVITY REPORTS We will provide periodic activity reports that detail all marketing and advertising efforts. The reports will include open houses, showing activity and comments from prospective buyers and their agents, as well as a neighborhood market activity report that includes a list of comparable properties on the market that are active, pending, or recently sold. Also, a digital activity report will be provided, outlining the online traffic being driven to your property. OBJECTION VS CONDITION It is important to differentiate between possible objections and conditions regarding the property. •
An objection is a feature or state that can be adjusted or corrected. Common objections: outdated paint or wallpaper, carpet in disrepair, landscape in need of sprucing, etc.
•
A condition is a feature that can’t be changed or altered. Common conditions: property located on a busy street, property backing to commercial property, located in a flood plain, etc.
ADVICE AND ADJUSTMENTS Armed with the knowledge of the difference between objections and conditions, we will review and consider all market activity and feedback provided by prospective buyers and their agents and will share suggestions based on all pertinent information so you are armed with the best information to make informed decisions along the way.
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COMPETITIVE POSITIONING Approximately 80% of market activity occurs during the first six weeks and proper “market value” pricing results in greater exposure and an increased probability of a quick sale. An overpriced home may experience fewer showings and can miss this first six week surge of opportunity and may ultimately be overlooked.
AVG. DIFFERENCE BETWEEN LIST PRICE AND SELLING PRICE BY LENGTH OF TIME ON MARKET*
-1.90%
-3.60%
-5.60%
-8.90%
Less than 4 Weeks
4 - 12 Weeks
13 - 24 Weeks
More than 24 Weeks
MARKET ACTIVITY OVER TIME A C T I V I T Y
VALUE OF COMPETITIVE POSITIONING LIST PRICE IN RELATION TO MARKET
1
2345
WEEKS ON MARKET
67
89
+15% +10% +5% -5%
% OF BUYERS WHO WILL VIEW PROPERTY
MARKET
10% 30% 60% 85% 95%
*Based on NAR Homebuying and Selling Survey
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PREPARE Together, we will tour your home to prepare a detailed summary of the interior and exterior areas of the property. Since first impressions are lasting, we will suggest improvements to enhance the marketability of your home and ensure that it will compete more favorably with other homes in the marketplace.
show organize
stage
polish
THE FOLLOWING IS A LIST OF SOME OF OUR TYPICAL RECOMMENDATIONS: • • • • •
Evaluate how your home looks from the street. Curb appeal is paramount and the first impression. Cut and trim the lawn and get landscaping in top condition, adding new plants and color as necessary. Consider painting the front door, replacing the mailbox and doormat to freshen the entrance. Paint any part of the house that needs it. Clean walls and windows, inside and out. Repair screens and windows so they show and work properly.
• • • • • •
Neutralize the home of any pet, smoking or cooking odors. Make sure the home smells fresh and clean. Repair any plumbing leaks and repair or replace any unsightly caulking around tubs and sinks. Clean carpets and patch or replace if necessary. Wax floors where appropriate. Make rooms appear larger by storing or removing excess furniture. Replace any items that are of a permanent nature (light fixtures, etc.) but will not be a part of the sale. If you have a pool, make sure it sparkles.
• • • • •
Organize closets to show off storage space. Remove unnecessary items from kitchen cabinets to show off their spaciousness. Impress with a spotless and uncluttered kitchen. Clean appliances and keep in good working condition. Clean garage and storage areas.
• • • • •
Keep interior in impressive condition and at a comfortable temperature. Open window coverings and turn on lights. Lamplight is more pleasant than harsh overhead lighting. Make sure all light fixtures and lamps are working properly. Keep all pets and children out of the way during showings. Show off all rooms, including the attic and storage space, to their best advantage.
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SHOW Better Homes and Gardens Real Estate Gary Greene utilizes ShowingTime to schedule and manage showings. ShowingTime is the leading showing management and feedback service provider in the real estate industry. With 24/7 availability, agents and sellers can receive optimal service any time of the year. Using ShowingTime can result in more showings, a higher feedback response rate and a better home-selling experience. ShowingTime addresses all aspects of the home selling process, starting with bringing each showing request to sellers’ fingertips, sending notifications when a showing is complete, tracking showing activity on a listing(s), and consolidating all feedback and activities in easy-to-read infographics. As a seller, you can take advantage of the My Home by ShowingTime mobile app and web experience, which makes it easy to manage and take part in the home-selling process. BY DOWNLOADING THE MY HOME MOBILE APP, YOU CAN: • • • •
Confirm/decline showing requests See all upcoming appointments Review your home’s showing and feedback activity Adjust your notification preferences
SHOWING FEEDBACK We will contact each buyer’s agent and/or prospective buyer for feedback to discuss the interest level, answer any questions, address buyer concerns, and encourage scheduling a possible second showing of the property. We can also determine what impression your home may have made on the buyer and/or agent and take action on any suggestions or recommendations that might better market your home.
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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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CONTRACT TO CLOSING You and Better Homes and Gardens Real Estate Gary Greene n
Gary Greene helps negotiate the offer.
n
Buyer and seller agree on price and conditions.
n
The buyer orders mechanical and general inspections.
n
The listing or selling agent sends signed earnest money contract to title company.
n
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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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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