What Happens Next:Mutual Acceptance toClosingMarco Vargas & KC BrantsRedfins Redmond-Kirkland Team
A Little Bit About Who We AreRedfin is a real estate brokerage that has helped over 20,000people buy or sell a home; 97% would refer us to a friend.● Customers, not commissions● Informed decisions● The right home for the right price No obligation Get back a portion of our commission
How Our Team Works BROKER Responsible for your success Writes your offer Handles negotiations YOU ASSOCIATE AGENT COORDINATOR Takes you to see homes Schedules tours See 50+ homes a week Prepares paperwork Works with escrowConsidering… Looking… Buying…
Benefits of a MLS Powered Site All the homes for sale: 30% more listings You see what the agent sees: 4x the data Real-time market data: photos, details of just-sold homes
Why You Should Buy a Home● You have a family and need room to grow● You expect to stay put for 5 or more years● You want a home that is difficult to rent● You’re handy & and ready to invest● You’ve saved up a down payment
Why You Shouldn’t Buy a Home You don’t have a good reason like family or schools You can’t afford the down payment You can rent for much less You plan on moving soon You’re worried about job security
Offer DocumentationTo submit an offer we need to include severaldocuments: Pre-approval Letter Proof of Down Payment Funds Copy of an Earnest Money Deposit Check Optional: FICO (credit) Scores Other forms: RELO Addendum; REO Addm. etc.
Mutual Acceptance When you submit an offer to a home seller, andboth parties agree on the price and terms of theoffer, you sign a purchase and sale agreement. Atthis point, you and the seller have reached mutualacceptance. Over the following 30-45 days, youllcomplete several tasks in order to complete thepurchase of the home, and the homes title will betransferred from the seller to you. Collectively, theperiod of time between mutual acceptance andclosing the deal is known as post-mutual.
Earnest Money Earnest money, also known as a good faithdeposit, is the money paid by buyers after mutualacceptance -- the point when both the buyer andseller agree on the price and terms of a deal -- toprove that theyre serious about their offer.
Inspection Contingency An inspection contingency gives you theright to get the home inspected and torequest repairs or credit to cover any neededfixes. The inspection usually happens 5 to 7business days after mutual acceptance. Ifyou and the seller are unable to come to anagreement about repair issues, you have theright to back out of the purchase and reclaimthe earnest money deposit
Title Contingency A title contingency allows the buyer to verify thatthe homes title -- a legal document listing the historyof ownership of the home -- is clear of anyoutstanding debts or conflicting claims of ownership.The buyer does this by reviewing a title report.
Finance Contingency A financing contingency, also known as amortgage contingency, states that the buyer mustget approved for a loan before being able tocomplete the purchase of a home. This contingencyis an important form of protection for the buyer; inthe event that you cannot secure financing, you canback out of the home purchase and reclaim yourearnest money Any changes made to Financing after MutualAcceptance needs to be approved by seller or yourFinance Contingency will be waived.
Waiting for Underwriter Approval● Period of time where anything associated with thetransaction is reviewed by the lenders underwriter toauthorize documents to be released for funding. ► Such as appraisal results ► Lender Loan Stipulations ► Verification of Employment ► Final Credit Check.
Closing•Escrow signing appointment•Receive Redfin refund closing credit•Get keys and take possession!•Complete Redfin Survey