Redfin’s Home Buying Class
Presented by: The Redfin Murrieta–Temecula
Team
Date: March 4th 2014
Location: Temecula

Host: ...
Tim Hoferer, Brian Lopiccolo, and Nicole Racz
Southwest Inland Empire
Meet the team:
● Nearly 40 years of combined
experie...
Agenda
●
●
●
●
●
●
●
●
●
●
●

Overview of the process
Are you ready to buy?
Understanding the market
Never miss a home
Cho...
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%...
Understanding the Buying
Process
Are You Ready to Buy?
●
●
●
●

Do you have a family and need room to grow?
Do you expect to own the home for 5 or more yea...
Overview of a Purchase
Research

Search

Offer

Closing

Neighborhoods

Define Preferences

Comparables

Earnest Money

Re...
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
...
Never Miss a Home
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...
Redfin Agent Reviews
Redfin’s Partner Program
Partner agents are employed by other brokerages, and have
teamed up with us to provide Redfin-cer...
Seeing Homes in Person
Making the Most of Your Tour
1.
2.
3.
4.
5.
6.
7.
8.

Bring a camera, notebook & tape measure
See how much sunlight the pl...
How Touring with Redfin Works
● Led by agent or associate
agent
● Up to six homes per tour in
two hour blocks
● Go on as m...
Understanding the
Market
Last 12 months - Ebbs and Flows of Rising Prices
Last 12 months - Ebbs and Flows of Rising Prices
How Hot Is It?
Where are Rates Headed?
Freddie Mac says:
Type of Loan

February 27

February 20

February 13

4.37%

4.33%

4.28%

3.39%
...
10-Minute Break

10 mins

5 mins

Let’s Get Started!

End
Mortgages
Review Your Financial Situation
● Pull credit report, look for errors
● Establish comfort level for monthly payment
● Figu...
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...
Pulling Credit: Is It Harmful?
● Your credit report must be reviewed by a lender before you
can obtain a pre-approval
● If...
Start Shopping for Lenders
Compile a list of 3-4 local lenders
Good sources include:
● Redfin's partner lenders
● Referral...
Short Sales and Bank Owned
What is a Short Sale?
The owner owes more on the mortgage than the home is
worth
● Usually pre-foreclosure, but not always...
What is a Bank-Owned Property?
● A foreclosed home owned by a bank or lender
● Standard sale but:
► Verbal negotiations
► ...
Making an Offer
Crafting Your Offer
● Evaluate – your agent will provide you with information
about market conditions and recent sales in ...
Tips for Winning a Bidding War
1. Just win, baby! Simply have the best offer.
► A cash offer that that rivals the best fin...
Selling Your Home
with Redfin
Better Service, Lower Fees
● We’re on your side
► Agents paid on your satisfaction
● Double your exposure
► Premium placem...
All Done!
Thanks for Coming!
Questions? Get in touch:
Tim Hoferer

951-375-2600

tim.hoferer@redfin.com

Brian Lopiccolo

951-907-03...
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Redfin's Free Home Buying Class - Temecula, CA

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  • Redfin's Free Home Buying Class - Temecula, CA

    1. 1. Redfin’s Home Buying Class Presented by: The Redfin Murrieta–Temecula Team Date: March 4th 2014 Location: Temecula Host: Tim Hoferer @Redfin facebook.com/Redfin
    2. 2. Tim Hoferer, Brian Lopiccolo, and Nicole Racz Southwest Inland Empire Meet the team: ● Nearly 40 years of combined experience: Tim 16 yrs, Brian 19 yrs, Nicole 3 yrs ● Together, we’ve closed over 400 homes ● We Service: Southwest Inland Empire ● Specialize in: First Time Home Buyers including FHA and VA, Multiple Offer Scenarios, Investors, etc ● We’re Local! Tim lives in Temecula, Brian and Nicole live in Murrieta
    3. 3. Agenda ● ● ● ● ● ● ● ● ● ● ● Overview of the process Are you ready to buy? Understanding the market Never miss a home Choosing an agent Touring Mortgages Break! Short sales & foreclosures Making an offer Acceptance to closing
    4. 4. 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
    5. 5. Understanding the Buying Process
    6. 6. Are You Ready to Buy? ● ● ● ● Do you have a family and need room to grow? Do you expect to own the home for 5 or more years? Have you saved up a down payment? Can you rent for less?
    7. 7. Overview of a Purchase Research Search Offer Closing Neighborhoods Define Preferences Comparables Earnest Money Real Estate Agents Saved Search Draft Offer Docs Inspection Mortgage Options Home Tours Negotiate Loan application Preapproval Open Houses Mutual Acceptance Title Review Consider your needs Appraisal Financing Approval Closing
    8. 8. Never Miss A Home
    9. 9. 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
    10. 10. Never Miss a Home
    11. 11. Choosing the Right Agent
    12. 12. 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 compliant? How are you paid? Can I see some reviews of your work?
    13. 13. Redfin Agent Reviews
    14. 14. 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
    15. 15. Seeing Homes in Person
    16. 16. Making the Most of Your Tour 1. 2. 3. 4. 5. 6. 7. 8. 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 house Take stock of storage space Turn off any music playing in house Check for hardwood floors 9. 10. 11. 12. 13. 14. 15. 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 listing details
    17. 17. 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 Slide 17 of 55
    18. 18. Understanding the Market
    19. 19. Last 12 months - Ebbs and Flows of Rising Prices
    20. 20. Last 12 months - Ebbs and Flows of Rising Prices
    21. 21. How Hot Is It?
    22. 22. Where are Rates Headed? Freddie Mac says: Type of Loan February 27 February 20 February 13 4.37% 4.33% 4.28% 3.39% 3.35% 3.33% 5/1 ARM 3.05% 3.08% 3.05% 1-Year ARM 2.52% 2.57% 2.55% 30-Year Fixed 15-Year Fixed
    23. 23. 10-Minute Break 10 mins 5 mins Let’s Get Started! End
    24. 24. Mortgages
    25. 25. 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
    26. 26. 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
    27. 27. 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
    28. 28. 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
    29. 29. Short Sales and Bank Owned
    30. 30. 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
    31. 31. 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
    32. 32. Making an Offer
    33. 33. 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
    34. 34. Tips for Winning a Bidding War 1. Just win, baby! Simply have the best offer. ► A cash offer that that rivals the best financed offer will likely always win out ► You may need to come up in price a bit if the competition is stiff ► 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
    35. 35. Selling Your Home with Redfin
    36. 36. Better Service, Lower Fees ● 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.
    37. 37. All Done!
    38. 38. Thanks for Coming! Questions? Get in touch: Tim Hoferer 951-375-2600 tim.hoferer@redfin.com Brian Lopiccolo 951-907-0360 brian.lopiccolo@redfin.com Nicole Racz 951-970-4558 nicole.racz@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events

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