BUYERS GUIDE

Your Exclusive Buyers Agent

Before working with a real estate

Agent, you should know that the du-

ties of a broker depend on whom the

broker represents. There are 3 ways in

which you can be represented during

the purchase transaction. Our goal is

to be your Exclusive Buyers Agent, in

order to assist you in making informed

decisions throughout the entire home

buying process.

- GROUP WATSON

The Wise Choice

You should enter into a written agree-

ment with the Agent that clearly estab-

lishes all parties obligations. The agree-

ment should state how and by whom

the Agent will be paid. You have the

right to choose the type of representa-

tion, if any, you wish to receive. Your

payment of a fee to a broker does not

necessarily establish that the broker rep-

resents you. If you have any questions

regarding the duties and responsibilities

of the broker, you should resolve those

questions before proceeding.

The Agent Represents the Buyer

(Win for BUYER/Win for SELLER)

The Agent becomes the buyers agent by

entering into an agreement to represent

the buyer, called a Buyer/Tenant Repre-

sentation Agreement. A buyers agent

can assist the owner, but does not repre-

sent the owner and must place the inter-

ests of the buyer first. The owner should not

tell a buyers agent anything the owner

would not want the buyer to know be-

cause a buyers agent must disclose to the

buyer any material information known by

The Agent Represents the Seller

(Win for SELLER only)

The Agent becomes the owners agent by entering into an agreement with the owner,

called a Listing Agreement. A Listing Agent can assist the buyer, but does not represent

the buyer and must place the interests of the owner first. The buyer should not tell the

owners agent anything the buyer would not want the owner to know because an own-

The Agent Acts as an Intermediary

(Win for BUYER/Win for SELLER)

If the home you purchase is listed with our

team, then your buyers agent will be as-

signed to represent you in an intermediary

capacity. Still bound by the duty of confi-

dentiality, your agent cannot disclose any

of your information to the sellers agent.

This scenario happens when one Broker

represents both parties in a real estate

transaction. This is why agents are

assigned to represent each party exclu-

sively. Each party must acknowledge this

Our Goal is to

Save You Time

and Money!

What We Can Help You Shop For:

Whether it is your first home or your fifth, a retirement home, or an investment property;

we will make your home-buying experience fun and exciting. We can find the perfect

home for you, with the least amount of hassle. GroupWatson is devoted to using our ex-

pertise and the full scope of resources we have available to us, to achieve these results.

Resale (Pre-Owned, Existing Homes)

The advantages of having an Agent represent you in the purchase of a resale home are many.

Having a personal real estate advocate protecting your best interest is one of the most im-

portant. We have extensive knowledge of the market and can find the right home by evaluat-

ing your wants and needs, based on our initial consultation with you. You will want a profes-

sional whose expertise is in negotiating terms and writing a contract that benefits you. We will

also assist with the closing and coordinate all the moving parts that surround a purchase trans-

action.

For Sale By Owner (FSBO, Existing Homes)

We have worked with homeowners who wished to sell their homes themselves. In fact, a num-

ber of our listings have been individuals who tried unsuccessfully to sell their homes themselves.

We have knowledge of all FSBO properties in the area and will be happy to arrange a showing

for you. In this transaction, you will continue to be represented by us, according to a Buyers

Representation Agreement. It is the Seller who loses, as they complete the transaction with no

professional representation.

New Construction (BuilderNo Prior Owner)

Buying a new home can be more difficult and time consuming than buying a resale home.

Many buyers are not aware that the sales representative at new construction sales centers

work for the builder, and do not represent the buyers best interests. It is very important that

your interests be professionally represented when you are entering into a contract for a semi-

custom or build-to-suit home. These transactions are complex and the contract de-

tails must be exact, in order to protect you and to ensure you get exactly the home you

want!

STEP 1

Find A Realtor You Can Trust

STEP 1 1/2

Obtain Pre-Approval From Lender

Obtain Pre-Approval From Lender

Complete Mortgage Application

Credit Report

Verification

Define Your Search Criteria

Consult with Realtor

Realtor Locates Properties

View Properties with Realtor

Realtor Writes and Submits Offer

Deposit Earnest Money in

Escrow

Deliver Option Fee to Seller

Realtor Negotiates Counter Offer

Contract Accepted by all Parties

Contract is Executed

Home and Termite Inspections

Review Inspection Report

Negotiate Repairs

Lender Orders Appraisal

Title Orders Survey, If Needed

Choose Home Insurance

Choose Home Warranty

Arrange for Utilities Switch

(at least 3 days prior to Closing)

Money Needed Prior To Closing

Credit Report

Earnest Money

Option Fee

Inspection Fee

Appraisal

Take Possession of Your

New Home!

Attend Closing

Tasks and Timeframes

We will go through several steps together, while finding and pur-

chasing your next home. Our goal is to do for you, as a part of

our commitment to customer service; however, there are some tasks that will re-

quire some work from you. We will keep you well-informed about every aspect of

the transaction and notify you when there are steps that require your involvement.

The flow chart on the previous page shows the process, from Step 1 to taking pos-

session of your new home. We have broken each step down into the following sec-

tions...

Task:

Obtain Pre-Approval from

Lender

Time Frame:

Before We Begin Searching

The other first step in buying a home (besides

choosing the right Realtor) is choosing a lender

and obtaining a pre-approval. This provides you

and your Realtor the information needed to de-

termine how much home you can afford and

what type of monthly payment you are comfort-

able making. Many Sellers do not consider of-

fers from byers who are not pre-approved. We

work with several lenders who have proven to

offer exceptional service and competitive rates.

Let us know if you would like a list of lenders to

choose from.

Three Elements are Crucial to the

Purchase of a Home:

Down Payment

Closing Costs

Loan

Qualification

SO YOU ARE

READY TO BUY

A NEW HOME! We would like to provide you with information up-front, to prepare you for your search.

It is important that you are aware of the costs associated with purchasing your home.

FINANCING The single most important thing for

you to do before beginning your

search for a new home is to select

and meet with a Lender. There

are several reasons you must do

this first:

1. It determines your monthly

payment.

2. It determines your purchase

price range.

3. It determines how much is

needed for down payment

and closing costs.

4. It helps your Agent negotiate,

on your behalf, from a stronger

position.

Costs Prior to Closing

You will need to write 3 checks prior to closing

on your new home. All costs are averages

and will vary with price, size and unique fea-

tures of the property.

Earnest Money is payable to the title com-

pany that is handling the transaction. This will

be determined in the purchase contract. It is

credited towards the sale price. (typically, 1%

of sales price)

Home Inspection is payable to the Inspec-

tor, at the time of the inspection. Inspections

take place during the Option Period, which is

determined in the purchase contract. ($300-

$500)

Appraisal is payable to the Lender, once the

Option Period is over. (approx. $500)

If you have trouble coming up with the down payment, there are some tips to ease the

burden:

Start Early. Begin saving for a down payment as soon as possible. After a few years, it adds up.

Pick the Right Loan. Fannie Mae loans only require 3% down provided that you have good

credit.

Convert Stocks. Consider selling stock for the down payment. The housing market is often a

better investment. Sell an asset. If you have toys such as a boat, extra car, or other asset,

consider selling it for the down payment.

Money from Relatives. Today lenders will allow you to use money from relatives as the down

payment if it is provided as a gift. Check with your lender for any possible restrictions.

No matter what type of home you purchase, you will have closing costs associated

with the transaction. In most cases, these costs are paid at the closing table, however,

in some instances, they can be rolled into the mortgage. These costs can include, but

are not limited to:

Origination Fees Appraisal

Title Insurance Document Preparation

Attorneys Fees Loan Underwriting Fees

For conventional nancing, Lenders usually limit the monthly payment to 28% of your

gross monthly income, but exceptions can be made depending on individual circum-

stances. The amount of debt you currently have could also factor affect the outcome.

You must contact a Lender, prior to making an offer. This gives you an opportunity to

resolve any issues that may arise...without the pressure of contract deadlines. You must

also be Pre-Approved for a loan , which puts you in the strongest position with Sellers.

Upon acceptance and execution of the purchase contract,

you must arrange to have a home inspection performed.

This inspection appointment can be set by your Agent, and

must be as soon as possible. The Option Period of the con-

tract is the time to have any inspections done, so if some-

thing is discovered during inspections, that you cannot live

with (and the Seller is not willing to repair/replace) you have

the ability to terminate the contract and receive a full re-

fund of the Earnest Money.

It is important to remember that all homes will have a

long list of minor repairs, however, we focus on the

structural or mechanical defects of the structure, as

well as any safety or code issues.

The inspection cost is dependent upon the size and

features of the home, but usually runs between $300-

$500 - due at the time of inspection.

Task:

Inspection

Time Frame:

Upon Execution of Contract

Task:

Repair Requests -

Contract Amendment

Time Frame:

Agreement of Repairs -

Upon Execution of Contract

Amendment

After the Inspection, a contract amend-

ment will address any items that were dis-

covered during the inspection that you

would like the Seller to repair for you. Your

Agent will negotiate on your behalf with

the Seller, for the repairs you want com-

pleted. Once an agreement on repairs has

been reached, you will forfeit your right to

any further repairs on the property.

A requirement to close on your new home

will be homeowners hazard insurance.

Once you have chosen your insurance car-

rier of choice, notify your lender and supply

them the contact information.

You will need to transfer the utilities to

your name before moving into your

new home. In order to save money on

standard hook-up fees, call ahead

and ask the utility companies to transfer

the billing to your name, upon cancel-

lation by the Seller. We have included

a list of local utility companies and their

contact information, for your conven-

ience. If you need further information,

please call us; we are here to help you!

Task:

Obtain Homeowners

Insurance

Time Frame:

Once Option Period is Over

Task:

Transfer Utilities / Schedule

Service

Time Frame:

Two Weeks Prior To Close

**Remember, you will receive a discount by

having your car insurance and homeowners

insurance with the same company (bundled

coverage). Make sure you ask insurance

agent for details. We recommend that you

obtain at least 2-3 estimates from different

agents and then make a decision. We have

a list of preferred vendors that are available

to our clients, in the event they do not already

have an insurance agent in mind.

Task:

Ensure Funds are Availa-

ble in Bank Account

Time Frame:

One Week Prior to Close

Obtaining Pre-Approval for a home loan is just the rst step in funding your loan

at closing. If you plan to use monies from stocks or 401(k) retirement plans as a

down payment or supplement on your down payment, the money from the sale of

these funds must be available in the form of cash in your bank account prior to

closing. Because a withdrawal from a 401(k) can be a complicated and time-

consuming process, we advise you to begin the withdrawal of these funds as soon

as possible.

Check with your lender, regarding stipulations for a successful loan approval. On

average, most home mortgage loans go through a quality control check. The

lender does this to ensure that the borrowers nancial status has had no change

since the approval of the loan was granted. No matter how good your nancial

situation, lenders strongly advise against changing your nancial status from the

date of your loan approval. This includes, but is not limited to, applying for new

credit, gaining new credit, purchasing appliances, furniture, cars, changing jobs

or quitting your job. An appropriate time to make any of the above nancial

changes would be after the closing and funding of your new home. If you have

any questions about your purchase decisions while you are waiting to close on

your new home, please consult your mortgage lender for advice.

Task:

HUD 1 Settlement Statement

Time Frame:

24 Hours Prior to Close

Task:

Closing

Time Frame:

According to Contractual

Terms

The closing will take approximately one

hour. The escrow agent will go over all

documentation with you, explaining the

purpose of each one. Your Agent will at-

tend closing with you, and sometimes the

lender is present, as well. You will receive

the keys to your new home, at the time it

funds. The exception to this would be if a

Sellers Temporary Lease was included in

the purchase contract. Then the keys

would be turned over, at the end of the

lease term.

The closing attorney will complete the HUD 1

settlement statement approximately 1 day pri-

or to closing. Sometimes, the HUD 1 comes in

an hour before closing! This document tells

you how much money you must bring to clos-

ing. You may either wire the funds from your

account or bring a cashiers check to closing.

MOVING TIPS...

Preparation and organization are key in determining whether or

not your move will be stress-free. Follow the steps below to en-

sure that your move will be smooth:

3 Weeks Before the Move

Make arrangements to hire a mover or rent a truck. Make babysitting and/or pet care arrangements for moving day. Organize all move-related documents in one place.

2 Weeks Before the Move (once the appraisal in clear)

File a change of address form at the post office. Change the address on all newspaper and magazine subscriptions. Arrange for transfer of all medical, dental and school records. Transfer medical, fire and auto insurance. Cancel or transfer utilities (water, gas/electric, phone, TV, cable/satellite internet.

Check with your provider about cell phone service in your new area. Transfer prescriptions to a pharmacy near your new location. Transfer bank accounts. Collect or purchase all packing supplies; boxes, wrapping paper, bub-

ble wrap, labels, markers, box cutters, or scissors and packing tape.

Pack up items in garage, attic and storage areas. Confirm arrangements with movers or truck rental places.

1 Week Before the Move

Begin packing boxes, labeling each as you fill it. Empty, defrost and clean refrigerator, freezer and stove. Return all rented movies, library books, video games, etc. Pick up anything outstanding, such as dry cleaning, prescriptions,

etc.

1 Day Before the Move

Do a final check of closets, cabinets and drawers. Make sure you have enough cash on hand for the move. Take out all trash. Fully-charge all cell phones. Touch base with movers or the truck rental place for final confirma-

tion or arrangements.

The Day of the Move

Exchange contact information with the movers in case you need to get in touch with them while in-route. Include your old address, cell

phone number and directions to the new location.

Keep jewelry and other valuables with you in a box that you move yourself.

Prepare a box of supplies that you will need right away on move day, such as: cleaning supplies, snacks & beverages, toiletries, bath and

bedding items, trash bags, disposable dishes, pet food, cell phone

chargers, prescriptions, eyeglasses, change of clothing, etc...

Do a final check before locking the doors. Confirm that you have turned off the furnace/air conditioner, lawn sprinklers, and light

switches.

Leave keys, garage door openers and manuals on kitchen counter.

MEET GROUP WATSON...

Owner / Team Lead

Tammy Watson - Broker/Owner

Tammy Watson is a Broker Associate with Keller Williams, the Team Leader for her group

and co-owner of GroupWatson. She brings 23 years of real estate experience to the

team and is driven by her commitment to provide superior customer service and per-

sonal care to each of her clients.

She is passionate about what she does and believes in taking the time to educate her

clients so they have the knowledge needed to make the best decisions when buying or

selling real estate. She is on your side and will always look out for your best interests. She

has a reputation within the industry of fighting diligently for her clients.

Group Watson has won several awards, including: 100% Club, Top 100% Selling Group,

Top 100% Listing Group and has been Double, Triple & Quadruple Gold producers year

after year.

Scott Watson-Realtor/Owner

As the Co-Owner and Finance Officer for Group Watson, Scott brings 20 years of reloca-

tion management experience, excellent marketing skills and superior technology-based

ideas, which have been instrumental in the success and growth of the team over the

years.

Scott services both buyers and sellers, in addition to running all relocation, investments

property management operations for GroupWatson. His knowledge of the home

buying/selling process, in relation to the ever changing market, is vital to your investment

decisions. Scott is always willing to help and is committed to your success in every trans-

action!

Administrative Staff

Barbie Green - Director of Client Services

Barbie Green is the Director of Client Services and Assistant to Tammy Wat-

son. Barbie brings 9 years of real estate experience to the Group. She has

been licensed in the states of Tennessee, Mississippi and is currently licensed

in Texas. She is experienced in new home sales, office management and has

a photography degree from Memphis College of Art.

Barbies goal is to ensure everyones needs are met, concerns are addressed and that

every transaction runs smoothly and successfully. She specifically handles listing support

details, listing and contract paperwork, open house coordination, contract-to-close tasks,

and more. Whatever your needs may be, Barbie is here to assist you!

Amy Moreno - Director of Marketing and Advertising

Amy is the Director of Marketing and Advertising for GroupWatson. Her re-

sponsibilities include the coordination of marketing and advertising for the

team, production and distribution of listing marketing pieces, as well as work-

ing in the capacity of Assistant to the team. Amys drive for quality and fo-

cus on client retention is in-line with the entire teams commitment to an ex-

ceptional Standard of Service.

Amy became licensed and entered the real estate industry as a Realtor in 2008. Since

then, she has worked in the capacity of Transaction Coordinator, Team Administra-

tor/Office Manager, as well as worked on-staff at Keller Williams Frisco, as the Director of

Agent Services. Due to her broad expanse of experience with all aspects of real estate

sales, she brings a wealth of experience and knowledge to the team. Prior to working in

Team Agents

Lisa Ellard Realtor/Lead Buyer Specialist

With a background in marketing and journalism, Lisa is well equipped

to offer her clients savvy business advice, while always keeping their

lifestyle needs a priority. She is a detail-oriented professional who is

dedicated to providing her clients with the best service possible

through effective communication and expert buyer representation.

Lisa strives to build lasting relationships with her clients. She provides personalized guid-

ance through the entire home buying process, based on a foundation of honesty and

integrity. Her clients best interests are of utmost importance and she is committed to

earning respect by providing service that exceeds expectations.

Leeanne Pritchard Realtor/Buyer Specialist

Leeanne brings over 34 years of customer service experience to the

Group and is dedicated to making sure that the needs of her clients

come first. Her friendly demeanor and Can Do attitude make her

clients feel at ease and confident throughout the entire process.

Leeannes goal is to keep her clients informed from the beginning of a transaction until

the end, with the purchase or lease of your property. She is consistently dedicated to

your success!

Team Agents

Tammy Hanks - Realtor/Buyer Specialist

Tammy is committed to guiding, educating, and communicating

with her clients to help them realize their dream of home owner-

ship. Motivated by establishing a Win-Win relationship, she exem-plifies the characteristics of integrity and honesty, always keeping

her clients best interest as a high priority.

Tammy stays on top of the most current market conditions and ever-evolving real

estate trends, in order to best serve her clients, community, neighbors and friends.

She has a reputation of being very personable and professional, yet willing to

"Bulldog Up" when it comes to her Buyers best interests! Her goal is to build a lifelong relationship based on respect, goals, and lasting memories. By providing excellent

customer service and giving 110% of herself in every transaction, Tammys clients are in the hands of a capable professional!