1. Redfin’s Home Buying Class
Redfin’s San Jose Team
June 18th - San Jose, CA
Host: Angelica Robles & Angela Langone
2. Meet Redfin’s San Jose Team
3. 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
4. Save $6,000 on Average
5. Understanding the Market
6. Short Sales and Bank Owned
7. Types of Sales:
Resale – Most common in today's market.
New Construction – STOP Before you go! Bring your agent.
Short Sales – Not as common. 3 – 6 months bank approval
Foreclosures – Less of these – Like a regular sale 30 day
close of escrow.
9. 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
10. 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
11. 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
● W-2, two pay-stubs, tax returns, bank statements
12. Where Are Rates Headed?
Type of Loan June 12, 2014 June 5, 2014
30-Year Fixed 4.20% 4.14%
15-Year Fixed 3.31% 3.23%
5/1 ARM 3.05% 2.93%
1-Year ARM 2.40% 2.40%
13. Never Miss A Home
14. Slide 14 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
15. 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. 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
16. 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
17. Choosing the Right Agent
18. 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?
19. Redfin Agent Reviews
20. 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
21. Making an Offer
22. 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 Deposit
23. Tips for Winning a Bidding War
1. Just win, baby! Simply have the best offer.
► Cash is King
► Tighten your timelines
► Remove some contingencies?
2. Get pre-approved with a local lender
3. What’s important to the seller?
Rent back? Shorter close of escrow?
1. Write a letter & appeal to the seller
24. 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:
● Types of inspections
25. 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
● Appraisal – Performed in conjunction with financing
26. Title Companies
● 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
27. Signing and Closing
A few days before closing you will sign your closing documents
and have a walk through.
On closing day, you’ll probably get your keys at about 5pm.
28. Selling Your Home
29. ● 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
We’ve helped over 50 people sell their homes in the last six
Better Service, Lower Fees
30. All Done!
31. Thanks for Coming!
Questions? Get in touch:
Check out our upcoming classes: