Redfin’s Home Buying Event
The Redfin Las Vegas Team
August 21, 2014 - Henderson, NV
Host: Ed Smith
@Redfin
http://www.fac...
Meet The Redfin Las Vegas Team
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%...
Save $2,000 on Average
Understanding the Buying
Process
Overview of Buying a Home
Research
Your needs
The market
Neighborhoods
Agents
Mortgages
Preapproval
Search
Define Preferen...
Understanding the
Market
Current Market: Low Inventory
Current Market: Rising Prices
Las Vegas Market Stats
Never Miss A Home
Real Estate Sites: What to Look For
● Has all the homes for sale
● Updated every 15 minutes
● Real-time sales data
● Insig...
Making the Most of Your Tour
1. Bring a camera, notebook & tape measure
2. See how much sunlight the place gets
3. Check t...
Slide 14 of 55
How Touring with Redfin Works
● Led by agent or associate
agent
● Up to six homes per tour in
two hour bloc...
Choosing the Right Agent
What to Ask Any Agent
● Is this your full-time job?
● Where were your last five deals?
● Who else will be working with me?...
Redfin Agent Reviews
Mortgages
Get Pre-Approved Early
A pre-approval letter is a letter from a bank or a lender estimating
how much they'll lend you
● Es...
Getting Pre-Approved
Income
oSalary—Past 30 days
oHourly—Consistency and history
oSelf-employed—Two year average
Assets
o ...
Review Your Financial Situation
● Pull credit report, look for errors
● Establish comfort level for monthly payment
● Pay ...
Where Are Rates Headed?
Type of Loan August 14, 2014 August 7, 2014
30-Year Fixed 4.12% 4.14%
15-Year Fixed 3.24% 3.27%
5/...
Start Shopping for Lenders
Compile a list of 3-4 local lenders
Good sources include:
● Redfin's partner lenders
● Referral...
Local Recommended Lenders
In no way
does Redfin
benefit
financially
from
recommendin
g lenders – we
just think
they’re gre...
10-Minute Break
10 mins 5 mins End
Let’s Get Started!
Making an Offer
Crafting Your Offer
● Evaluate – your agent will provide you with information
about market conditions and recent sales in ...
What are Contingencies?
This means the seller has accepted an offer on the property,
but success may still depend on passi...
Tips for Winning a Bidding War
1. Just win, baby! Simply have the best offer.
► Cash is King
► Escalate your price?
► Tigh...
Acceptance to Closing
Steps After Mutual Acceptance
● Loan application
● Earnest money deposit – usually 3%+
● Inspection – approximately $500
●...
What is Escrow?
Escrow is a third party intermediary that represents neither the
buyer nor the seller.
What do they do?
• ...
Home Inspection
We recommend that you have a home inspection
● Cost runs $350 to $1200 depending upon the home’s size
● Yo...
The Closing Process
Tour homes
Find dream home
Consult with agent, write offer
Submit offer to listing agent
Negotiations
...
So What Now?
● Make sure it’s the right time for you
● Start browsing online
● Check out our Home Buying Guide
● Find the ...
All Done!
Thanks for Coming!
Questions? Get in touch:
Ed Smith ed.smith@redfin.com
Check out our upcoming classes:
http://www.redfin...
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Redfin Las Vegas Home Buying Class

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Redfin Las Vegas Home Buying Class

  1. 1. Redfin’s Home Buying Event The Redfin Las Vegas Team August 21, 2014 - Henderson, NV Host: Ed Smith @Redfin http://www.facebook.com/Redfin
  2. 2. Meet The Redfin Las Vegas Team
  3. 3. 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 ● Right home for the right price  No obligation  Commission credit
  4. 4. Save $2,000 on Average
  5. 5. Understanding the Buying Process
  6. 6. Overview of Buying a Home Research Your needs The market Neighborhoods Agents Mortgages Preapproval Search Define Preferences Instant Alerts Open houses Home tours Offer Comparables Draft offer Negotiate Mutual acceptance Closing Earnest money Inspection Loan application Title review Appraisal Financing approval Closing
  7. 7. Understanding the Market
  8. 8. Current Market: Low Inventory
  9. 9. Current Market: Rising Prices
  10. 10. Las Vegas Market Stats
  11. 11. Never Miss A Home
  12. 12. 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
  13. 13. 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 house 6. Take stock of storage space 7. Turn off any music playing in house 8. Check for hardwood floors 9. Peek into the attic 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 listing details
  14. 14. Slide 14 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
  15. 15. Choosing the Right Agent
  16. 16. 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?
  17. 17. Redfin Agent Reviews
  18. 18. Mortgages
  19. 19. 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 ● Good for 90 days, depending on lender Info needed: ● W-2, two pay-stubs, tax returns, bank statements
  20. 20. Getting Pre-Approved Income oSalary—Past 30 days oHourly—Consistency and history oSelf-employed—Two year average Assets o Down Payment o Closing Costs o Cash Reserves Credit o640 for FHA o680 for Conventional o720 for Rate Improvement
  21. 21. Review Your Financial Situation ● Pull credit report, look for errors ● Establish comfort level for monthly payment ● Pay down credit balances ● Don’t open any new lines of credit ● Don’t buy any big ticket items ● Source of money ● Current employment status
  22. 22. Where Are Rates Headed? Type of Loan August 14, 2014 August 7, 2014 30-Year Fixed 4.12% 4.14% 15-Year Fixed 3.24% 3.27% 5/1 ARM 2.97% 3.98% 1-Year ARM 2.36% 2.35%
  23. 23. Start Shopping for Lenders Compile a list of 3-4 local lenders Good sources include: ● Redfin's partner lenders ● Referrals from friends, family & co-workers ● Online review sites, such as Yelp ● Local chains and offices *Know your lender
  24. 24. Local Recommended Lenders In no way does Redfin benefit financially from recommendin g lenders – we just think they’re great lenders!
  25. 25. 10-Minute Break 10 mins 5 mins End Let’s Get Started!
  26. 26. Making an Offer
  27. 27. 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
  28. 28. 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 ● Inspections ● Preliminary Title Report ● Insurability
  29. 29. 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
  30. 30. Acceptance to Closing
  31. 31. Steps After Mutual Acceptance ● Loan application ● Earnest money deposit – usually 3%+ ● Inspection – approximately $500 ● Other inspections – plumbing, structural, roof etc. ● Title review ● Appraisal ● Loan approval ● Document signing ● Walk through ● Closing ● Receive your keys!
  32. 32. 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, etc.) • Coordinate the signing appointments for all parties • Receive and disburse funds for closing • Arrange to notify county offices to change ownership
  33. 33. Home Inspection 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: ● What an inspection contingency covers and doesn’t cover ● Types of inspections
  34. 34. The Closing Process Tour homes Find dream home Consult with agent, write offer Submit offer to listing agent Negotiations Success! Mutual Acceptance Earnest money [Within 3 days] Inspection contingency [10-17 days] Loan & Appraisal Contingency [17 days] Title review [5 days] Waiting for loan approval Escrow signing appointment Get keys and take possession! Closing! Overview of a Purchase Receive Redfin refund Complete Redfin survey Get pre-approved
  35. 35. 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
  36. 36. All Done!
  37. 37. Thanks for Coming! Questions? Get in touch: Ed Smith ed.smith@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events
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