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. Our affiliation with

the Better Homes and Gardens Real Estate network gives us unmatched

international alliances with brokerages around the world.

DISCOVER THE DIFFERENCEAt Gary Greene, our goal is to go above and beyond to deliver an experience

that is fulfilling for our customers. We realize our business is based on

relationships and that every individual interaction makes a difference. Every

member of the Gary Greene team embodies the characteristics we believe

foster those relationships: expertise, loyalty and motivation. Therefore,

we provide a platform for success and the opportunity to motivate and

emotionally connect with every person we serve.

GARYGREENE.COM

GARYGREENE.COM

n Feel comfortable with his or her professional work style and knowledge. n Believe your agent will dedicate 100 percent of his or her resources to working for you. n Interview multiple agents and go with your instincts. To determine the one who fits best with your needs, make sure to ask the right questions.

Working with a Realtor® can save time and money because it gives you the advantage of dealing with a market expert who can guide you through the maze of contracts, inspections, and negotiations. Choosing one agent to work with means you can use your time wisely and ensure that he or she fully understands all your needs. We offer the following suggestions for selecting and working with an agent to make this process much more pleasant:

n Is your agent associated with a company that is active in your market area? n Does your agent have strong working relationships with agents from other firms? n Does your agent’s company assist corporate transferees? n Is your agent’s firm a member of a relocation network? n Is your agent a member of the National Association of REALTORS® and the Houston Association of REALTORS®? n Does your agent have access to Multiple Listing Services (MLS)? n What is your agent’s background? Is he/she a full-time real estate professional?

WHEN SELECTING A REALTOR®, YOU SHOULD:

QUESTIONS TO ASK:

WORKING WITH A REALTOR

GARYGREENE.COM

Buying a home is one of the biggest financial decisions of your life and a licensed Realtor® can help you get through it with ease. 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:

WHY USE A BUYER’S AGENT

SEARCH POWERThe 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 actual home sale price data in the Houston-area. This information is available to licensed Realtors® through their membership with our local Multiple Listing Service.

REAL ESTATE EXPERTISERealtor® expertise and training comes into play when they are negotiating on your behalf. They often have intimate knowledge of the pros and cons of similar homes that recently sold that can no longer be seen online.  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 LANGUAGEBuying a home usually requires dozens of forms, reports, disclosures, and other technical documents full of acronyms and jargon. 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.

REPRESENTATIONUnless 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 severe disadvantage since their agent is legally bound to share everything you tell them in order to get the best deal for their client.

LICENSING & ETHICSNot every real estate agent is a Realtor®, who 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 COSTThere is no cost to the buyer, the seller pays the Realtor® commissions.

GARYGREENE.COM

Since 1963, the Gary Greene name has been a part of the Greater Houston Metropolitan area real estate landscape and consistently providing high-quality representation and outstanding service to generations of home buyers and sellers. 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. Our affiliation with the Better Homes and Gardens Real Estate network gives us unmatched international alliances with brokerages around the world.

WE HAVE THE NUMBERS

#1HOUSTON RESIDENTIAL SALES

3.2B IN 2019 SALES VOLUME

90% GREATER SALES

VOLUME THAN THE

NEAREST COMPETITOR

10K 2019 TRANSACTIONS

75% GREATER # UNITS SOLD

THAN THE NEAREST

COMPETITOR

GARYGREENE.COM

THE BUYING PROCESS

STEP 1: First Things FirstBesides affordability, your credit history is one of the primary factors considered by a mortgage lender. Before you begin your home search, you’ll need to be assured that you’re creditworthy. 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 LoanArmed with credit score knowledge, your next step is deciding how much you can afford, which depends on your income stream, monthly expenses, funds available for a down payment, and current interest  rate. Connecting with a mortgage  lender to determine your buying and borrowing power, and getting pre-approved for a loan is a logical 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: Select a Realtor®Our first discussion will cover all the wants and needs you have in mind. All of 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 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 HomeMake 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 LookThere are many considerations when choosing a neighborhood, not the least of which is location, location, location. But factors like price; school district; property taxes; deed restrictions; and area amenities; even 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.

GARYGREENE.COM

THE BUYING PROCESS CONTINUED

STEP 6: Begin Your Home SearchStatistics show that you will certainly begin your search online, but after that initial search, you’ll need the assistance of a Gary Greene Realtor® Associate who will find the homes that meet your criteria, make  appointments, and schedule showings on your timetable, handle the details, and make the search  experience so much easier. Our ease of access plus our knowledge of neighborhoods and market pricing will save you valued time and greatly expedite the home search process. 

STEP 7: Make an OfferWhen 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. The success of an offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order. 

STEP 8: Negotiate the ContractThe 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: nPrice nFinancing nTerms nDate of possession nInclusion or exclusion of repairs and furnishings or equipment

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. 

GARYGREENE.COM

THE BUYING PROCESS CONTINUED

STEP 9: Send Executed Contract to Loan OfficerDue 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 InspectionsWhen 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 a professional. Typical inspections are structural, to determine if there are material physical defects and whether expensive repairs and  replacements are likely to be required in the next few years (which generally includes mechanical,  plumbing, and electrical), and wood destroying insects. 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 will include a survey to determine boundaries and an appraisal to determine value. 

STEP 11: Other Critical DetailsYour 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. Also, if you choose a home in a neighborhood with a Homeowners Association, your Realtor® Associate will make sure you get a copy of their association packet so you can review it before closing. 

STEP 12: Close on PurchaseYour 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 walk-through 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. 

GARYGREENE.COM

There are many considerations when choosing a neighborhood, not the least of which is location, location, location. But factors like price; school district; property taxes; deed restrictions; and area amenities; even 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.

WHERE TO LOOK

Consideration of commute time to and from work is a good place to start. Even a priced-right palace won’t seem worth it if you find yourself spending half your life in bumper-to-bumper drive time traffic (and don’t forget gasoline or tollway costs).

Price range, price range, price range. Hey, if the sub-prime mortgage debacle didn’t teach us anything, it’s that you should only buy a house you can afford. And while you’re considering price, don’t forget to factor in property taxes and MUDs.

If children and school districts are a part of the mix, that, too, should be factored in – and don’t forget the carpool commute time if you’re opting for private schools. Even those without children shouldn’t discount the importance of schools and school districts as it will affect the home’s resale value.

Then, find a few neighborhoods that provide the community services and area amenities you may want. Besides schools, are they close to shops, parks, and other amenities important to you?

GARYGREENE.COM

CONTRACT TO CLOSING

1. All documents are recorded in the County Clerk’s office.

2. Title policy is sent to the Mortgagee and the Owner.

LOANCONTRACTYour Mortgage Company

Verifies all financial information on Buyer

Orders, receives and reviews appraisal and property survey

Compiles loan package and submits to under-writer

Loan is rated by Underwriter

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

Your Title Company

Receives executed contract and earnest money check (which is cashed)

Begins title work and tax information

Abstracter 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

You and Better Homes and Gardens Real Estate Gary Greene

nGary Greene helps negotiate the offer.

nBuyer and Seller agree on price and conditions.

nThe Buyer orders mechanical and general inspections.

nThe Listing or Selling Agent sends signed earnest money contract to title company.

nBuyer makes loan application (if applicable).

GARYGREENE.COM

AFTER THE CONTRACT IS SIGNEDThe Earnest Money Contract (EMC) is signed.1.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.

2.

Seller receives Option Fee as per terms of EMC and deposits.3.Buyer schedules property inspections and contacts insurance agent, paying close attention to the Option Period, if applicable, as defined in the EMC.4.Buyer makes loan application with their selected mortgage lender according to the time specified in the EMC and delivers documentation requested by Lender.5.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.

6.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.7.The title company will act as 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 buyers mortgage lender; b. buyer’s hazard insurance from the buyer’s insurance agent; c. tax certificates; and d. survey.

8.

Once the buyer’s loan and title are approved, the closing date is coordinated between all parties.9.Buyer and seller contact utility companies to transfer service to buyer.10.The title company will prepare a closing statement with charges to both buyer and seller, usually available for review the day prior to closing.11.Parties sign closing papers and title transfers from the seller to the buyer upon funding.12.

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.

GARYGREENE.COM

prio

r to

clos

ing • 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.

• If doing inspections of the home, schedule the appointment with the Inspector and Seller as soon as possible. (A termite inspection is required on VA Loans). Any bills to be paid at closing must be provided at least one week prior to closing.

• Contact an insurance company to obtain homeowner's insurance. Supply information to the title company at least one week prior to closing.

requ

ired

at cl

osin

g • 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.

» 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.

» We must make contact with you via telephone on the day of closing to be certain you are alive and well and have not revoked the POA.

avoi

d cl

osin

g del

ays • 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:

BUYER’S CLOSING CHECKLIST

GARYGREENE.COM

CLOSING COSTSBUYER GENERALLY PAYS FOR:

NEGOTIATED UNDER CONTRACT:

SELLER GENERALLY PAYS FOR:nLoan Policy and EndorsementsnRecord Warranty DeednRecord Deed of TrustnCourier FeenEscrow FeenTax Service Fee*nFull-Year Homeowner’s Insurance Policy*n2-3 Months Hazard Insurance Escrow*nTax Reserve*nLoan Origination and/or Discount Fee*nAppraisal*nCredit Report*nLender Document Preparation*nFlood Certification*nMortgage Insurance Premium - MIP or PMI*nMiscellaneous Loan Fees*nGuaranty FeenInspection FeesnPrepaid Items such as Pro-Rated Property Taxes and

HOA DuesnAny Other Cost as Outlined in Contract

nLoan Payoff

(Per Existing Lender’s Payoff Letter)nOwner’s Title Policy PremiumnRecord Release of Existing Lien(s)nCurrent Year Real Estate Tax Pro-ration (Per Contract)nPrior Year’s Property Taxes Still Due (If Due)nHomeowner’s Association Dues and Fees (If Applicable)nEscrow FeenCommissions (Per Listing Agreement)nTax CertificationnAttorney Document Prep Fees for Deed & Release(s)nHomeowner’s Transfer Fee (If Applicable)nGuaranty FeenAny Other Cost as Outlined in Contract

nSurveynHomeowner’s Association Transfer Fees & Resale

Certificate/Docs FeesnHome WarrantynCity Transfer/Conveyance TaxnBonds or Assessments

* Lender Charge

GARYGREENE.COM

HELPFUL TERMSMORTGAGE 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 Veterans 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.

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 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.

GARYGREENE.COM

WHAT IS A SERVICE CONTRACT?

n A service contract is not a warranty. A warranty must come free of charge, but you pay extra for a 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.

n A service contract also is not an insurance policy. If you decide to purchase a service contract, compare it to your homeowner’s insurance policy to be sure you aren’t purchasing duplicate coverage.

DO YOU NEED A SERVICE CONTRACT?

n 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?

n 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 the Houston area are:

Their inclusion on this list does not constitute an endorsement. A complete list of all Residential Service Companies licensed by the Texas Real EstateCommission to sell residential service contracts in the State of Texas can be obtained at www.trec.texas.gov

RESIDENTIAL SERVICE CONTRACTS

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

GARYGREENE.COM

INSPECTIONSNobody 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:

nStructural ElementsnHeating/Air-Conditioning and Other SystemsnAll Plumbing and Electrical WiringnRoofnAttic

nWallsnCeilingsnFloorsnWindowsnDoors

nBuilt-in AppliancesnFoundationnExteriornInsects/RodentsnPool/Spa (if applicable)

TIPS:

nBuyers should attend the inspections and examine the property’s mechanics and structurenAsk questions and learn more about your potential investment than is possible with an informal walk-throughnDon’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).nNo home is perfect! Every home will have issues revealed by a home inspection. nNew homes can also have defects, whether caused by oversight during construction or simple human error.nThe 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 after closing.