[REQUIRED – please add the main presenter’s photos]
[REQUIRED – to be updated by the presenter to suit their strong points]
[REQUIRED – Update with local home in the $400-$500 range, ideally listed by Redfin]Talking points:- Refund is based on your list price not offer price.- You’ll get it as a closing credit or check after close, depending on your lender
To be updated with information from neighborhood pages on the website.
[REQUIRED – Updated every time]
[REQUIRED – Should be updated once a month]The info on this slide is great. Lets add a visual so its more interesting after all the data slides.
[OPTIONAL – cut or skip this slide if not relevant for your market or class]
[REQUIRED]Add Lender’s name if he/she’s presenting
OPTIONAL: Would need to adjust by market. Not all markets use the term Escrow in this way.
The visual of the HUD would be great and could eliminate some of the verbiage here. REQUIREDA HUD is divided into two parts:Lender charges Includes origination fee, appraisal fee, credit report, insurance and tax escrowsTitle chargesIncludes settlement fee, and owner’s and lender’s title insuranceGovernment chargesIncludes recording fees, recordation taxes and property taxes
OPTIONALThis is different by market so we should have different slides for each.
Notes from Matt:- Update this slide so it is easier to read
We’ll stick around…
Free Redfin Home Buying Class - Tacoma, WA
Redfin Home Buying Class
Holland Cohen & Lindsay Weingart
March 13th, Tacoma, WA
● Specialize in: First Time Home Buyers, Condos,
town houses, Single Family, REO’s, Short
● Services: Tacoma up to Federal Way, Gig Harbor,
● Holland, Lindsay, and Michelle - Lives in Tacoma
and Gig Harbor
● Overview of the process
● Are you ready to buy?
● Understanding the market
● Never miss a home
● Choosing an agent
● Short sales & foreclosures
● Making an offer
● Acceptance to closing
A Little Bit About Redfin
Redfin is a real estate brokerage on a mission to make buying
and selling a home better for you.
● Accountability: we’re on your side, giving you honest
● Technology: sellers get more traffic; buyers tour homes first
● Value: a full-service brokerage that saves you thousands
Are You Ready to Buy?
● Do you have a family and need room to grow?
● Do you expect to stay put for 5 or more years?
● Have you saved up for a down payment? 3.5% to 20+%
● Have you saved up for closing costs? Typically 0-2%
Overview of a Purchase
Real Estate Agents
Consider your needs
Draft Offer Docs
Where Is the Market Headed?
● Supply of homes was at a five-year low during 2013.
● Foreclosures have been driving price declines, and years of
inventory remain. Investment groups might have impact
● Rents have been rising, making buying more attractive
● Market stabilized – price increases in many areas
● Rate increases - biggest potential issue for buyers
What to Ask Any Agent
● Is this your full-time job?
● Where were your last five deals?
● Who else will be working with me?
● When am I committed to working with you?
● Has a client ever filed a complaint?
● How are you paid?
● Can I see some reviews of your work?
Redfin’s Partner Program
Partner agents are employed by other brokerages, and have
teamed up with us to provide Redfin-certified service
We’ll refer you to a Partner Agent when:
► A home is below Redfin’s minimum price
► A home is outside of our service area
► If it’s in your financial advantage to work with a partner
► We’re experiencing unusually high customer demand
We survey all partner agent clients
► All surveys are published on their Redfin page
► 97% of customers would recommend Redfin Partners
Making the Most of Your Tour
1. Bring a camera, notebook & tape measure
2. See how much sunlight the place gets
3. Check the bathrooms for rot & mold
4. Look for wavy or discolored wood siding
5. Make sure water spouts drain away from
6. Take stock of storage space
7. Turn off any music playing in house
8. Check for hardwood floors
9. Wear shoes that can easily be taken off
10. Bring a marble or two
11. When sharing a wall, make sure it’s thick
12. Ignore the appliances and carpets
13. Check the closets
14. Get the disclosure packet
15. Compare the property’s tax records to the
Slide 26 of 55
How Touring with Redfin Works
● Led by agent or associate
● Up to six homes per tour in
two hour blocks
● Go on as many tours
as you need
● No obligation, no
Preparing For a Great Mortgage
● Ask yourself the most important financial questions
● Write down pre-purchase goals
- Down payment target
- Post closing reserves
- Debt to pay off
● Revisit your budget and determine your ideal payment
● Gather Your Documentation
● Income: Paystubs, Tax Returns, W-2’s
● Assets: Bank Statements, Investment, Retirement
● Talk to an Expert
- Get a GREAT referral
- Institutional vs. Individual Trust
- Shop the RIGHT way
3 Stages of Approval…
- Quick & Easy review of your scenario
- Over the phone or online
● Pre Approval
- Thorough review of all documentation
- Full “Pre-Underwrite” of your application
- More accurate, improves your offer
● Full Credit Approval (TBD Approval)
- Fully Underwritten & all non-property conditions met
- Extremely accurate and powerful
- The next best thing to a CASH offer!
● Does it hurt your credit to have it pulled?
● What things should be avoided when getting a loan?
● What First Time Buyer programs are available?
● My mother in law says __________. Is that true?
● Is it better to pay down debt or save more money?
● Should I close a credit card account after paying it off?
● In my past I had a BK/Foreclosure/Short Sale…
● What’s your rate?
● Do I really need a real estate agent?
Here to Help You…
Kyle Rohrbaugh MLO-263508
Eric Engelland MLO-72324
- Our team: Top 1% of Mortgage Originators Nationally
- Cobalt Mortgage: Largest Independent Mortgage Bank in WA and Top Mortgage
Company for purchase transactions in Pierce County
- Kyle: 10 yrs exp, Pepperdine Univ Accounting Degree, wife and 3 daughters
- Eric: 20 yrs exp, UW Finance Degree, wife and 3 daughters
Call us for no obligation qualification/approval!
What is a Short Sale?
The owner owes more on the mortgage than the home is
● Usually a last-ditch effort to prevent a foreclosure
● Requires homeowner and bank approval
● May have other liens (taxes, utilities, HOA)
We Can Help With a Short Sale!
● See short sales with a Redfin Agent
● Get a 15% commission refund
Buying a Short Sale Home
● Talk to your agent
● Not always input as a short sale, define search criteria
● Get your finances ready
● Make your offer, and wait…..and wait some more
● Do your homework-inspections and contingencies
● Be ready for failure
● Be ready to succeed-bank timeline is typically shorter than a
What is a Bank-Owned Property?
● A foreclosed home owned by a bank or lender
● Standard sale but:
► Verbal negotiations
► Response times are relatively quick
► Repairs unlikely – sold as-is
► Legal addenda may require an attorney
► Limited or no disclosures
► Banks demand use of their own contracts
► Bank can back out any time until they’ve signed
Crafting Your Offer
● Evaluate – your agent will provide you with information
about market conditions and recent sales in the area
● Consider the situation – the seller’s preferences, days on
the market, and other interest will influence the process.
● Decide on price & strategy with your agent
● Common contingencies & terms:
► Earnest Money
► Title Review
Tips for Winning a Bidding War
1. Just win, baby! Simply have the best offer.
► Cash is King
► Escalate your price?
► Tighten your timelines
► Remove some contingencies?
2. Get pre-approved with a local lender
3. What’s important to the seller?
4. Write a letter & appeal to the seller
5. If you sleep on it, you won’t sleep
Steps After Mutual Acceptance
● Earnest money deposit – usually 1-3%+
● Loan application – 5 days or less
● Title review
● Loan approval
● Walk through
● Document signing
● Receive your keys!
We recommend that you have a home inspection
● Cost runs $350 to $1200 depending upon the home’s size
● Your agent will accompany you
● Your time to evaluate the property
Let’s talk about:
● Types of inspections – sewer scope, septic, well, termite,
any specialized inspections (electrician, plumber, HVAC,
What are Contingencies?
- This means the seller has accepted an offer on the
property, but success may still depend on passing a
home inspection or getting financing.
- Contingencies protect the buyer.
● Appraisal – Performed in conjunction with financing
What is Escrow?
Escrow is a third party intermediary that represents neither the
buyer nor the seller.
What do they do?
• Hold the earnest money
• Arrange for payoff of any liens (seller’s mortgage, utilities,
• Coordinate the signing appointments for all parties
• Receive and disburse funds for closing
• Arrange to notify county offices to change ownership
● Prepares the final documents, including the HUD-1
● Conducts the closing
● Examines and clears the title to the property
● Records the deed, mortgage and any other recordable
● Issues title insurance to the lender and the buyer
● We’re on your side
► Agents paid on your satisfaction
● Double your exposure
► Premium placement on Redfin
► Zillow, Trulia, Craigslist and Realtor
● 1.5% listing fee
► Professional photos
► Beautiful flyers
Better Service, Lower Fees
So What Now?
● Make sure it’s the right time for you
● Start browsing online
● Check out our Home Buying Guide
● Find the right agent
● Look for a local lender and get pre-approved
● Start seeing homes in person
● Make an offer & close the deal
Thanks for Coming!
Questions? Get in touch!
Holland Cohen email@example.com
Check out our upcoming classes: