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Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
Redfin Contract Class - Chicago, IL
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Redfin Contract Class - Chicago, IL

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  • 1. Slide 1 of 21 Real Estate Contracts: Making an Offer Redfin North Side Team April 9th 2014 Host: Carrie Georgitsis Follow: @Redfin Like: http://www.facebook.com/Redfin
  • 2. Slide 2 of 21 A Little Bit About Who We Are Redfin is a real estate brokerage that has helped over 20,000 people 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 up to 50% of our commission
  • 3. Slide 3 of 21 ASSOCIATE AGENT Takes you to see homes See 50+ homes a week YOU AGENT Responsible for your success Writes your offer Handles negotiations COORDINATOR Schedules tours Prepares paperwork Works with escrow How Our Team Works
  • 4. Slide 4 of 21 Offer Basics  Must be in writing to be binding  Specify both price and terms  Describes the duties and obligations, including timelines  What happens if _________?  Any change constitutes a “counter”
  • 5. Slide 5 of 21 What Forms Will We Use?  Chicago Association of Realtors  Illinois Association of Realtors  Exceptions:  Builder Purchase Agreement/Addendum  Relocation Company Addendum  Bank Addendum  Short Sale Addendum
  • 6. Slide 6 of 21 Most Commonly Used Forms  Multi Board 5.0  CAR Condo Contract  Real Property Disclosure  Lead Paint Disclosure  Radon Disclosure  Rider 5 Interest Bearing Account  Short sale Rider 20B
  • 7. Slide 7 of 21 Multi Board 5.0 •Make sure your name is how you want it on deed •You can input PIN number at County Treasurer’s Website to get current tax info
  • 8. Slide 8 of 21 Fixtures and Property •Pay attention to and make note of fixtures as you view the property •Can’t include appliances on bank owned sales •Home Warranties, approximate cost $500
  • 9. Slide 9 of 21 Offer Price and Earnest Money •First offer price can be up to 15% off list price •If multiple offers you should offer your highest and best price and terms •Initial earnest money $1,000 •Total earnest money 3-5% of purchase price •Earnest money gets applied to your down payment •Earnest money refundable under contingency clauses •On bank owned properties offer total earnest money up front
  • 10. Slide 10 of 21 Closing Date and Disclosures •Choose your ideal closing date. •Typically 30-45-60 days out •Seller may counter with their ideal date •You are only acknowledging receipt of disclosures, not agreement
  • 11. Slide 11 of 21 Taxes and HOA fees •Taxes are prorated to the day of sale •Seller will give you credit at closing since we pay taxes a year behind •Sometimes we can get a 10% cushion in case taxes go up
  • 12. Slide 12 of 21 Attorney Review Contingency •Within 5 business days after contract is fully executed and delivered •Hire an attorney to review contract, negotiate inspection issues, review title, prepare closing paperwork, attend closing •Typical cost $500-$600 •Attorney Review and Inspection run concurrently
  • 13. Slide 13 of 21 Inspection Contingency •Hire a licensed inspector $300-$600 •Need inspection and report done within 5 business days after executed contract •Ask seller to repair major defects
  • 14. Slide 14 of 21 Mortgage Contingency •Terms of the mortgage you would like to get •Actual terms can be different •This is a way out clause in the event rates increase, job loss, etc
  • 15. Slide 15 of 21 Additional Clauses
  • 16. Slide 16 of 21 As-Is Clause •You always have the right to ask for repairs •Seller always has the right to say no •When as-is you still have an inspection •All other rights are preserved •Property should be conveyed in condition it was in when you inspected it •Always have a final walk through
  • 17. Slide 17 of 21 Signature Page •Not a done deal until both parties have signed and initial earnest money is submitted •Send this contract to your attorney and your lender
  • 18. Slide 18 of 21 Redfin Buyer’s Agreement
  • 19. Slide 19 of 21 Redfin Buyer’s Agreement •Redfin refund based on list price, not negotiated sales price •Enter property address on Redfin site or use refund calculator to determine amount of refund
  • 20. Slide 20 of 21 Redfin Buyer’s Agreement
  • 21. Slide 21 of 21 CAR Condo Contract
  • 22. Slide 22 of 21 Real Property Disclosure
  • 23. Slide 23 of 21 Real Property Disclosure
  • 24. Slide 24 of 21 Lead Pamphlet
  • 25. Slide 25 of 21 Lead Paint Disclosure
  • 26. Slide 26 of 21 Lead Paint Disclosure
  • 27. Slide 27 of 21 Radon Pamphlet
  • 28. Slide 28 of 21 Radon Disclosure
  • 29. Slide 29 of 21 Radon Disclosure
  • 30. Slide 30 of 21 Rider 5 Interest Bearing account
  • 31. Slide 31 of 21 Rider 5 Interest Bearing Account
  • 32. Slide 32 of 21 Short Sale Rider 20B
  • 33. Slide 33 of 21 Short Sale Rider 20B
  • 34. Slide 34 of 21 When the documents are complete?  Sign – typically via DocuSign  Submit – with your pre-approval letter  Wait for a response  Counter – if necessary  Acceptance – when signed by all parties and earnest money is submitted  Next steps – your Agent and Attorney will guide you through the rest of the way
  • 35. Slide 35 of 21 Questions? Carrie Georgitsis (773) 633-3996 carrie.georgitsis@redfin.com

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