Dallas contract class 7.26.12


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Dallas contract class 7.26.12

  1. 1. Redfin Contract ClassJuly 26, 2012 Dallas, TXFollow: @RedfinDallasLike: http://www.facebook.com/RedfinDallas
  2. 2. A Little Bit About Who We AreRedfin is a real estate brokerage that has helped over20,000 people buy or sell a home; 97% would refer usto a friend. Customers, not commissions Informed decisions The right home for the right price No obligation Get back up to 45% of our commission
  3. 3. 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
  4. 4. To Buy or Not to Buy
  5. 5. 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
  6. 6. 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
  7. 7. Making an Offer
  8. 8. Completing the Offer Wizard
  9. 9. Completing the Offer Wizard
  10. 10. Completing the Offer Wizard
  11. 11. Completing the Offer Wizard
  12. 12. 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.
  13. 13. Offer Forms
  14. 14. Offer FormsDisclaimer: The scope of this class is to discuss theprocess for drafting an offer to purchase a home, thedocuments involved and the strategies for getting anoffer accepted.The presenter is not a real estate attorney. Questionspertaining to the legal ramifications of the followingcontracts should be directed to a real estate attorney.
  15. 15. Offer FormsRedfin Buyer Representation Agreement (RBRA) Establishes the representation relationship between you (Buyer) and Redfin Documents expectations of Redfin and you, the Buyer Protects Redfin’s claim to a commission Establishes the buyer’s Redfin refund policyWho signs this document: Buyer and Buyer’s Agent (Selling Agent)
  16. 16. Offer FormsResidential Purchase Agreement (TREC) Main offer form that contains terms including: Offer price and terms Closing cost splits Contingency periods Etc…Who signs this document: Buyer and Buyer’s Agent (Selling Agent) Seller and Seller’s Agent (Listing Agent)
  17. 17. Offer FormsBank Addendums / Amendments / Counter Offers Often added to bank owned (REO) transactions Modify terms of the RPA and may limit the bank’sliability Often add daily per diem if Buyer closes late Redfin can’t provide guidance or opinion on bankaddendums, attorney review is strongly encouraged
  18. 18. Other Forms
  19. 19. Questions? Writing Class March 27, 2012 – Irvine, CA
  20. 20. Thank You!Jason.Aleem@redfin.com
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