Redfin Fairfax Home Buying Class

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  • [REQUIRED – please add the main presenter’s photos]
  • [REQUIRED – Update with local home in the $400-$500 range, ideally listed by Redfin]Talking points:- Refund is based on your offer price not the sales price- You’ll get it as a closing credit or check after close, depending on your lender
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  • [REQUIRED – Updated every time]Agents should use this slide to talk about what they’re seeing on the streetTell some stories!
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  • [REQUIRED]Add Lender’s name if he/she’s presenting
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  • I removed the Common Contingencies and terms from the Overview slide # 6, because they will be discussed here.
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  • OPTIONALThis is different by market so we should have different slides for each.
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  • Redfin Fairfax Home Buying Class

    1. 1. Redfin’s Home Buying Class Redfin’s Fairfax Team April 10th ~ Fairfax, VA Host: Brian Herndon @Redfin http://www.facebook.com/Redfin
    2. 2. Meet More Redfin Agents
    3. 3. Agenda ● Overview of the process ● Are you ready to buy? ● Never miss a home ● Choosing an agent ● Touring ● Mortgages ● Short sales & foreclosures ● Making an offer ● Acceptance to closing
    4. 4. 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 advice ● Technology: sellers get more traffic; buyers tour homes first ● Value: a full-service brokerage that saves you thousands  No obligation
    5. 5. Save $4,000 on Average
    6. 6. Understanding the Buying Process
    7. 7. Overview of Buying a Home Research Neighborhoods Real Estate Agents Mortgage Options Preapproval Consider your needs Search Define Preferences Saved Search Home Tours Open Houses Offer Comparables Draft Offer Docs Negotiate Mutual Acceptance Closing Earnest Money Inspection Loan application Title Review Appraisal Financing Approval Closing
    8. 8. Understanding the Market
    9. 9. Current Market: Low Inventory
    10. 10. Fairfax, VA Overview
    11. 11. Are You Ready to Buy?
    12. 12. 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 2-3% ● Can you rent for less?
    13. 13. Never Miss A Home
    14. 14. Real Estate Sites: What to Look For ● Has all the homes for sale ● Updated every 15 minutes ● Real-time sales data ● Insights from agents ● Lots of data ● Mobile apps
    15. 15. Never Miss a Home
    16. 16. Choosing the Right Agent
    17. 17. 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?
    18. 18. Redfin Agent Reviews
    19. 19. Seeing Homes in Person
    20. 20. Slide 20 of 55 How Touring with Redfin Works ● Led by agent or associate agent ● Up to six homes per tour in two hour blocks ● Go on as many tours as you need ● No obligation, no pressure
    21. 21. Mortgages
    22. 22. Review Your Financial Situation ● Pull credit report, look for errors ● Establish comfort level for monthly payment ● Figure out how much monthly income goes towards debt: 28 – 33% healthy ● Pay down credit balances to 1/3rd ● Don’t open any new lines of credit ● Don’t buy any big ticket items ● Source of money ● Current employment status
    23. 23. Get Pre-Approved Early A pre-approval letter is a letter from a bank or a lender estimating how much they'll lend you ● Establishes what you can afford & makes offer process go faster ● Redfin asks that you get pre-approved before your third tour ● Good for 90 days, depending on lender Info needed: ● W-2, two pay-stubs, tax returns, bank statements
    24. 24. Pulling Credit: Is It Harmful? ● Your credit report must be reviewed by a lender before you can obtain a pre-approval ● If you know your score, a lender should be able to give you ballpark pricing for their loan products ● Better to know sooner rather than later about credit problems ● Maintaining a pre-approval has a negligible impact on your credit score
    25. 25. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
    26. 26. Short Sales and Bank Owned
    27. 27. What is a Short Sale? The owner owes more on the mortgage than the home is worth ● Usually pre-foreclosure, but not always ● Listed for less than what’s owed to the bank ● Requires 1 - 2 banks’ approval (usually 2) ● May have other liens (taxes, utilities, HOA) We Can Help With a Short Sale! ● See short sales with a Redfin Agent ● If you want to buy, work with a Redfin Agent or a short sale partner agent ● Redfin partner agents work for other brokerages but share Redfin’s commitment to customer service ● Get a 15% commission refund
    28. 28. What is a Bank-Owned Property? ● A foreclosed home owned by a bank or lender ● Standard sale but: ► Verbal negotiations ► Long response times ► Repairs unlikely ► 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 ► Earnest money deposit usually held by listing agent
    29. 29. Making an Offer
    30. 30. 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 ► Inspection ► Financing ► Appraisal ► Title Review
    31. 31. 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
    32. 32. Acceptance to Closing
    33. 33. Steps After Mutual Acceptance ● Earnest money deposit – usually 1-3%+ ● Inspection – approximately $500 ● Other inspections – sewer scope, septic, etc. ● Loan application – 5 days or less ● Title review ● Appraisal ● Loan approval ● Document signing ● Walk through ● Closing ● Receive your keys!
    34. 34. 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. Other types: ● Appraisal – Performed in conjunction with financing ● Financing ● Termite ● Other
    35. 35. Signing and Closing Expect to be at closing 1 hour or longer to sign all documents. Bring your photo ID, check book and money for closing. On closing day, you should get the keys to your new home.
    36. 36. All Done!
    37. 37. 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
    38. 38. Thanks for Coming! Questions? Get in touch: Brian Herndon brian.herndon@redfin.com Ana Ventura ana.ventura@redfin.com Check out our upcoming classes: http://www.redfin.com/classes

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