[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 – Updated every time]
[REQUIRED – Updated every time]
[REQUIRED – Updated every time]Agents should use this slide to talk about what they’re seeing on the streetTell some stories!
[REQUIRED – Should be updated once a month]The info on this slide is great. Lets add a visual so its more interesting after all the data slides.
[REQUIRED]Add Lender’s name if he/she’s presenting
[REQUIRED – Update with local lender]
You should not be reading all of these. Pick you top three and chat about those.
The visual of the HUD would be great and could eliminate some of the verbiage here. REQUIREDA HUD is divided into two parts:Lender charges Includes origination fee, appraisal fee, credit report, insurance and tax escrowsTitle chargesIncludes settlement fee, and owner’s and lender’s title insuranceGovernment chargesIncludes recording fees, recordation taxes and property taxes
We’ll stick around…
Redfin's Free Home Buying Class- Braintree
Redfin’s Home Buying Class
Redfin South Boston Team
November 3rd 2013
Host: Cindy Reilly
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
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 0-2%
Can you rent for less?
Where Is the Market Headed?
Supply of homes is at a five-year low
Rents have been rising, making buying more attractive
Market stabilized – price increases in many areas
Rate increases - biggest potential issue for buyers
New Construction is back and booming again but still not
enough for most areas
● Excess buyers are creating increased competition but there
are still many good homes to buy
Making the Most of Your Tour
Bring a camera, notebook & tape measure
See how much sunlight the place gets
Check the bathrooms for rot & mold
Look for wavy or discolored wood siding
Make sure water spouts drain away from
Take stock of storage space
Turn off any music playing in house
Check for hardwood floors
Peek into the attic
Bring a marble or two
When sharing a wall, make sure it’s thick
Ignore the appliances and carpets
Check the closets
Get the disclosure packet
Compare the property’s tax records to the
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
Slide 19 of 55
Local Recommended Lenders
In no way does
lenders – we just
think they’re great
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
● Maintaining a pre-approval
has a negligible impact on
your credit score
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
Current Average Rates
Type of Loan
November 27, 2013
November 21, 2013
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
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!
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
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
Find dream home
Consult with agent, write offer
Submit offer to listing agent
Success! Mutual Acceptance
Overview of a
Earnest money [$1000]
Success! Mutual Acceptance
Inspection contingency [5-10 days]
P&S Review [10-14 days]
5% of Purchase Price
Financing contingency [20-25]
Final walk thru - details
Get keys and take possession!
Receive Redfin refund
Complete Redfin survey
What Next…Under Agreement!
● Schedule Home Inspection
► Look for pdf. reports with photos
► Ask us or use personal references
► Mention if you want tests perform:
Radon- canister or computer?
► Have a check or CC ready
► Shop around – priced by sqft. and # of bedrooms
► Stay involved – home education
► Ice Dams? Flooding?
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
Home Inspection Hints
Watch out for:
•Galvanized steel pipes
•Knob and tube wiring
•Cracks in foundation
•Mold, mildew or signs of
leaking near walls or floors
Look for and Check:
•Chimney sweep fireplace •Double-paned windows
•Well ventilated attic
•Check all included
•Stairs have handrails
•Check water pressure
How to find an Attorney
● Get an Attorney – They’ll have one so you should to!
● 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
● 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
Local Recommended Attorneys
In no way does
attorneys– we just
Better Service, Lower Fees
We go above and beyond the ordinary brokerage.
Maximum exposure on Redfin.com and the web
Top-of-list placement and marketing blitz
Free, professional photography and floor plans
Flawless HDR from Boston Virtual Imaging
Your team are your boots on the ground
Open houses, showings, inspections, contractors
Data-driven pricing methodology you can track
Respond to numbers, not hunches
Plus we’ll contribute up to $250 for cleaning, painting, staging, or
anything you need to prepare your home to list!
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
Thanks for Coming!
Questions? Get in touch:
Check out our upcoming classes:
A particular slide catching your eye?
Clipping is a handy way to collect important slides you want to go back to later.