[REQUIRED – Updated every time]Agents should use this slide to talk about what they’re seeing on the streetTell some stories!
Doug: Courtney and I update this slide to reflect the agent who is presenting and their team.
[REQUIRED – Update each time with latest rate information]http://www.freddiemac.com/pmms/
Redfins' Free Home Buying Webinar - Tacoma, WA
Home Buying 101
Redfin’s Tacoma Team
December 14th 2013
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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
● Customers, not commissions
● Informed decisions
● The right home for the right price
● No obligation
● Get back a portion of our commission
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What Happens After You Find
a Home You Love?
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What to Ask Any Agent
Is this your full-time job?
Familiar with foreclosures or short-sales?
Where were your last five deals?
Who else will be working with me?
Will you show me all properties for sale?
When am I committed to working with you?
Has a client ever filed a complaint?
How are you paid?
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Redfin’s Partner Program
Partner agents are employed by other brokerages,
but have teamed up with us to provide RedfinCertified service to a wider range of customers.
We’ll refer you to a partner agent when:
► A home is outside of our direct service area
► A home is below our price minimum
► We’re experiencing an 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
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We List Homes, Too!
● More people see your home
► Premium placement on Redfin.com
► Mobile apps target on-the-go buyers
► Professional flyers
● You’ll know it all at every step
► Email all buyers who see your home
► See how many people have viewed your home
► Advise you at every step in the process
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Review Your Financial Situation
To Buy or Not to Buy
● 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
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Start Shopping for Lenders
Compile a list of 3-4 lenders & brokers
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
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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
● What’s the difference between Pre-Approval and PreQualification
● Good for 90 days, depending on lender
● Ask for a few different amounts
● Redfin asks that you get pre-approved before your third tour
● Are gift funds involved?
● How much do you have for a down payment?
● W-2, two pay-stubs, tax returns, bank statements
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Comparing Loan Estimates
● Gather loan estimates
► A minimum of three, more is better
► These aren’t final numbers, but within a few thousand
► Compare similar loans
Program (FHA, conventional)
Timeframe (same day)
● Compare costs side-by-side
► Discount & origination points
► Interest rates
► Insurance premiums (FHA, PMI)
► APR (interest rates + fees + points + PMI)
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Types of Loans
► 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
► No down payment
● Ask your lender if they have special loan programs
► Example: BB&T Chips Program
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Where Are Rates Headed?
Type of Loan
December 5, 2013
November 27, 2013
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Make Your Decision
● When possible, get a loan commitment
● Make alternative funds liquid (401k, stock)
Good news! Loan payments are made in arrears, so your first
loan payment won’t be for two months.
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Check out our agents and their reviews
Study the inventory and houses in your areas
Go out on tour with us, no obligation
Ask a lot of questions and see a lot of houses
Email me: email@example.com
Check the events page for upcoming classes
• Go back to work!
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