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.
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.
THANK YOU SINCERELY,
Wanda Abel
WANDA ABEL
Ellis-Nabors Team | REALTOR ®
Acredited Buyer Representation
Certified Negotiation Expert
Certified Home Marketing Specialist
Graduate Realtor ® Institute
ABOUT ME, BECAUSE IT’S IMPORTANT TO KNOW YOUR ADVOCATE!
I earned a bachelor’s degree in education from Texas A&M University in College Station in 1985. After graduation, I spent 14 years in flight service, with American Airlines, where I learned the value of excellent customer service for a business to thrive. My entrepreneurial spirit, led me to purchase a franchised store called Orange Leaf Frozen Yogurt in 2011. During the time of our ownership, I managed all phases of the business, in the store. Throughout my time with Orange Leaf, and working with young adults, I learned the importance of patience, excellent communication and flexibility.
I joined Better Homes and Gardens, Gary Greene in 2015. I love learning and teaching others about real estate! My goal is always to educate my clients so that they have the information needed to make wise decisions regarding the sale and purchase of homes and/or investment properties.
My family and I have been residents in Cypress, for 29 years and I love calling this community home. We’ve made a lot of friends and memories throughout the years! All of my girls have attended school in CFISD, played sports, volunteered and worked in the community.
I believe that it is important to have faith, character and integrity and to be passionate about family, friends and business. Sharing life, via relationship with Christ and others, is what defines my life. My family and I have participated in the foreign exchange program and welcomed 2 young ladies into our home, Giulia from Italy and Borsi from Hungary, whom we now consider as daughters. In addition to the foreign exchange program, I love supporting causes including Running for Greater Things, Living Water International, Pine Cove Christian Camps, Our Daughter’s House and my local church.
All of the life experiences above have prepared me to be a trusted advisor for clients in my real estate business. My slogan is “Real estate powered by purpose…YOU!
I’m happy to be of service to you whenever you have real estate needs.
wandaabel.garygreene.com
M: 713.824.7625
O: 832.334.0001
EllisNaborsTeam.com 15103 Mason Road, Suite A1 Cypress,Texas 77433
CLIENT SURVEY’S
■ “I have had the pleasure to know Wanda in a personal and a business capacity for the last 6 years. We have partnered together for fundraising as well as in business on several occasions. While working closely with her, she has been one of the most organized individuals I have ever encountered. Her drive to make each and every event whether personal or in business the best it can be is due to the fact that she always does her homework to prepare. She researches all possibilities and then works toward the most productive outcome. Wanda’s work ethic is impeccable and has allowed her to gain the trust of everyone she comes into contact with. She is a huge contributor in our Fairfield community and has endeared herself among it’s residents. I look forward to the day where we can work together in any capacity in the future.”
Kristin M. HHHHH Five Star Rating
■ “Wanda is a savvy negotiator, highly knowledgeable about the market, and highly responsive to buyer preferences and concerns. She is also well connected to various services in the area, her recommendations are reliable and her advice to us was right on target.”
Russ C. HHHHH Five Star Rating
■ “Wanda was a delight to work with. We actually started the process in late 2018 and I postponed buying a place due to mortgage rates rising at the time and was uncomfortable with the potential mortgage payment that I’d be paying for at a similar property and price. She stayed prudent and sent me ideas and places to take a look at while I was waiting to start the house hunt again. Once we started up, we found some great candidates and narrowed it down to the one I ended up buying. This is the third house I’ve bought and easily the most enjoyable/positive experience overall I’ve had while buying a house. Wanda has a great affinity for getting the right and fair deals for her clients while make sure things get done in an efficient and timely manner. I can’t recommend her enough.”
Sarah C. HHHHH Five Star Rating
■ “Wanda was great! She was available by email, text message, or phone call anytime I had questions and responded clearly and in a timely manner. She brought us to many homes and made sure she set up the showings to best meet our schedule. She was easy to talk to and patient with all my questions (being a first time home buyer, I had many!). She provided references for everything along the way. She was organized and stayed on top of dates things needed to be completed and sent friendly reminders about all of the small steps you could easily overlook along the way. She provided a great scope of knowledge about real estate and understood what was most important to us in finding the right home. I highly recommend working with Wanda if you want a smooth and enjoyable experience!”
■ ““Easy” is not normally a word that would describe the process of buying a home, but our experience has been just that because Wanda took care of the hard parts for us. For over a year, she patiently scoped out the listings until she found one that had everything we wanted, then stratigically helped us make an offer that was fair for both parties. We needed help finding vendors for some remodeling work, so she contacted several for us and arranged for bids to be made for the jobs we required. Most of all, she has been a trusted friend, truly gifted with patience for the hard to please, and the desire to help and serve her clients. We are so fortunate to have her in our corner as we searched for and found our forever home!”
Sheila P. HHHHH Five Star Rating
■ “ Wanda did an excellent job of branding and marketing our home in the Cypress market. The photos and videos taken our home were very professional and represented our home in a favorable way to the market. The open houses were frequent, well attended and led to several offers on our home. We were able to target a specific clientele for our home, and were successful in getting a contract with the buyer at a price point which met our expectations Great job, Wanda!”
Candace N. HHHHH Five Star Rating
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.
$2.46B+
2023 TOTAL SALES VOLUME $1.15B+
2023 LISTING VOLUME $1.3B+
2023 BUYER VOLUME 5.5K+
2023 TOTAL TRANSACTIONS
2023 LISTINGS SOLD
SINCE 1963, NO ONE HAS SOLD MORE HOMES IN THE HOUSTON AREA
2023 BUYERS REPRESENTED 2.5K+
3K+
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.”
WHERE BUYERS FIND THEIR HOME
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
CUSTOM LISTING WEBSITE
• Homes.com
• Listglobally.com - Syndicates listings globally to over 93 websites in over 60 countries
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.
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®.
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
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 47,000 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.
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.
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.
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.
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.
ADVERSTISING
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
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
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.
MATERIALS
Custom 8 or 16 Page Property Brochure
Custom Feature Sheets
Custom Just Listed Postcard
Custom Broker Open House Invitations
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.
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*
OF BUYERS WHO WILL VIEW PROPERTY
*Based on NAR Homebuying and Selling Survey
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.
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.
SHOW
Better Homes and Gardens Real Estate Gary Greene offers sellers two options for tracking showings and feedback on your listing. ShowingSmart and ShowingTime are the two programs Gary Greene agents and our clients can access to schedule and manage showings. With 24/7 availability, agents and sellers can receive optimal service any time of the year.
Showing services were developed to enhance the Seller and Buyer experience in the transaction and a better home-selling experience. Our showing services address 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.
Both Showing Services offer an APP to simplify the process for our clients and makes it easy to manage and take part in the home-selling process.
BY DOWNLOADING THE 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.
AFTER THE CONTRACT IS SIGNED
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.
The Earnest Money Contract (EMC) is signed.
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.
CONTRACT TO CLOSING CONTRACT
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).
Your Title Company Begins title work and tax information
Receives executed contract and earnest money check (which is cashed)
Abstractor begins title search
Examiner verifies title
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
FUNDING LOAN
Your Mortgage Company
Verifies all financial information on buyer
Orders, receives and reviews appraisal and property survey
Compiles loan package and submits to underwriter
Loan is rated by underwriter
Collects and packages additional materials as requested by underwriter
Repackages and resubmits to underwriter
Loan is approved Orders flood certificate
Prepares and delivers loan documents and funds to title company Gets Buyer approval
REVIEWS FINAL, SIGNED DOCUMENTS SENT FROM TITLE COMPANY
1. All documents are recorded in the county clerk’s office.
2. Title policy is sent to the Mortgagee and the owner.
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.
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.
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.
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.
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.
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
AGENCY: A term used to describe the legal relationship between a seller and a broker, or a buyer and a broker.
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.
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.
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.
