Redfin's Free Home Buying Class - Boston, MA
Upcoming SlideShare
Loading in...5
×
 

Redfin's Free Home Buying Class - Boston, MA

on

  • 576 views

 

Statistics

Views

Total Views
576
Views on SlideShare
576
Embed Views
0

Actions

Likes
0
Downloads
0
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment
  • [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
  • [REQUIRED]
  • You should not be reading all of these. Pick you top three and chat about those.
  • [REQUIRED]Add Lender’s name if he/she’s presenting
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]
  • Notes from Matt:- Update this slide so it is easier to read

Redfin's Free Home Buying Class - Boston, MA Redfin's Free Home Buying Class - Boston, MA Presentation Transcript

  • Redfin’s Home Buying Class College Club of Boston March 18th 2014 Follow: @Redfin Like: http://www.facebook.com/Redfin
  • Katie Gustafson Agent Hannah Driscoll Team Lead James Gulden Agent The Redfin Metro Boston Team They’ve closed 70+ deals in the past 12 months! Simon Anderson Transaction Coordinator
  • Agenda ● About Redfin ● Searching for homes ● Touring ● The Buying process ● Mortgages ● Market conditions ● Selling with Redfin
  • 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. ● Redfin agents not paid on commission but instead paid on Customer satisfaction ● Commission refund issued to buyer after closing ● Transparency ● Team support and latest technology ● No fee, No obligation
  • Redfin Search Advantage ● Has all the homes for sale ● Updated every 15 minutes ● Real-time sales data ● Insights from agents ● In depth analysis ● Mobile apps (search on the go) ● Search by schools, neighborhoods, zip codes ● Saved searches with alerts ● Live search
  • How to Search for Homes
  • iPhone iPad Android Meet the Redfin App
  • Working With Redfin is Different ● Service ► Advocates: client-satisfaction bonuses, not commissions ► Transparency: informed decisions ► Best Agents: The right home for the right price ● No obligation ► Switch Redfin agents ► Pause and re-start your search any time ► Tour on your schedule and pace ● Refund ► You get 15% to 50% of the commission ● The Best Results ► Service: 97% would recommend us to a friend
  • The Redfin Refund You buy and pay for your dream home. The 5% sales commission is split. The Listing Agent gets 2.5% commission. Your Buyers’ Agent gets 2.5% commission. You save with Redfin. Redfin keeps a portion as our fee.
  • Save $4,000 on Average
  • Slide 11 of 55 How Touring with Redfin Works ● Work with agents with local expertise ● Request up to 6 homes at a time and have back ups ready ● Go on as many tours as you need ● No obligation, no pressure
  • Understanding the Buying Process
  • Overview of a 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
  • Tour homes Find dream home Consult with agent, write offer Submit offer to listing agent Negotiations Success! Mutual Acceptance Earnest money [$1000] Inspection contingency [5-10 days] 5% of Purchase Price P&S Review [10-14 days] Financing contingency [20-25] Final walk thru - details Get keys and take possession! Overview of a Purchase Success! Mutual Acceptance Closing! Receive Redfin refund Complete Redfin survey
  • Be Prepared  Pre-approval  Research attorneys  Have earnest money ready  Discuss comps with your agent  Know your limits  Discuss offer strategies with your agent  Be ready to act quickly in this competitive market
  • Our Home Buying Guide
  • What Next? Home inspection! ● Select Inspector ► Look for inspectors who use pdf. reports with photos ► Ask your agent for references ► Mention if you want tests perform:  Radon- canister or computer?  Lead Paint ► Have a check or CC ready ► Shop around – priced by sq ft. and # of bedrooms ► Stay involved – Learn about your new home ► Ice Dams? Flooding?
  • Home Inspection Hints •Double-paned windows •Well ventilated attic•Knob and tube wiring •Mold, mildew or signs of leaking near walls or floors •Check water pressure •Galvanized steel pipes •Chimney sweep fireplace inspection •Stairs have handrails•Check all included appliances •Cracks in foundation Watch out for: Look for and Check:
  • Open Book Directory
  • Tour homes Find dream home Consult with agent, write offer Submit offer to listing agent Negotiations Success! Mutual Acceptance Earnest money [$1000] Inspection contingency [5-10 days] 5% of Purchase Price P&S Review [10-14 days] Financing contingency [20-25] Final walk thru - details Get keys and take possession! Overview of a Purchase Success! Mutual Acceptance Closing! Receive Redfin refund Complete Redfin survey
  • Attorney Info ● Hire an Attorney – The sellers will have one so you should too! ● Are they a Real Estate attorney? ► What % of work is real estate? ► Who in the office will you be working with? ► What kind of availability, accessibility, responsiveness? ► How long have you been doing this? ● Ask about pricing up front – flat fee vs. hourly
  • Attorney Info ● Buyer services provided ► Purchase and Sales review ► Buyer Addendum ► Condominium Document review ● Lender services provided ► Dual representation ► Title Search, Plot Plan, Lien Certificate ► Role at Closing ● Important protections ► Title insurance ► Homestead
  • Local Recommended Attorneys In no way does Redfin benefit financially from recommending attorneys – we just think they’re great lawyers!
  • Tour homes Find dream home Consult with agent, write offer Submit offer to listing agent Negotiations Success! Mutual Acceptance Earnest money [$1000] Inspection contingency [5-10 days] 5% of Purchase Price P&S Review [10-14 days] Financing contingency [20-25] Final walk thru - details Get keys and take possession! Overview of a Purchase Success! Mutual Acceptance Closing! Receive Redfin refund Complete Redfin survey
  • 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 ● 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
  • 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
  • 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
  • Types of Loans ● Conventional: ► As low as 5% down ► Fixed or adjustable rates, conforming or non-conforming ● Federal Housing Administration Loan (FHA): ► Always have mortgage insurance ► Buyers need only a 3.5% down payment ● VA Guaranteed Loan: ► Veterans, active duty personnel, reservists/national guard, surviving spouses ► No down payment
  • Current Average Rates Type of Loan March 13, 2014 March 6, 2014 30-Year Fixed 4.37% 4.28% 15-Year Fixed 3.38% 3.32% 5/1 ARM 3.09% 3.03% 1-Year ARM 2.48% 2.52%
  • Understanding the Market
  • South Boston Condos - Statistics
  • South Boston Condos - Inventory
  • Selling Your Home with Redfin
  • ● 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 We’ve helped over 50 people sell their homes in the last six months. Better Service, Lower Fees
  • All Done!