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Redfins Prince William Inspection Class 2.15.14
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Redfins Prince William Inspection Class 2.15.14


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  • [REQUIRED – please add the main presenter’s photos]
  • [REQUIRED – to be updated by the presenter to suit their strong points]
  • [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.
  • We’ll stick around…
  • Transcript

    • 1. Redfin’s Home Inspection Class Redfin’s Prince William Team February 15, 2014 Woodbridge, VA Host: Kim Pace @Redfin
    • 2. Meet Redfin’s Prince William Team
    • 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. 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 advice ● Technology: sellers get more traffic; buyers tour homes first ● Value: a full-service brokerage that saves you thousands  No obligation
    • 5. Save $4,000 on Average
    • 6. Understanding the Buying Process
    • 7. Overview of Buying a Home Research Search Offer Closing Your needs Define Preferences Comparables Earnest money The market Instant Alerts Draft offer Inspection Neighborhoods Open houses Negotiate Loan application Agents Home tours Mutual acceptance Title review Mortgages Appraisal Preapproval Financing approval Closing
    • 8. Are You Ready to Buy?
    • 9. 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? 3.0% to 20+% Have you saved up for closing costs? Typically 0-2.5% Can you rent for less?
    • 10. Understanding the Market
    • 11. Story of 2014: Low Inventory
    • 12. Story of 2014: Rising Prices
    • 13. Prince William Area Overview
    • 14. Where Is the Market Headed? ● Supply of homes is at a five-year low and won’t increase much more this year ● Rents have been rising, making buying more attractive ● Market stabilized – price increases in many areas ● Rate increases - biggest potential issue for buyers
    • 15. Never Miss A Home
    • 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. Never Miss a Home
    • 18. Inspections
    • 19. Inspection Services The exterior and inside of the home should be evaluated equally.
    • 20. Lots and Grounds ● Issues with lots and grounds can cause many issues. ● Grade issues can cause structural damage to a home due to poor grade or poor sloping. ● Trees or bushes can cause damage from the roots to the limbs.
    • 21. Lots and Grounds The lot and grounds of a home are very important. These are some of the most important items that should be documented on your property. ► Grade ► Driveway ► Patio ► Walks ► Steps ► Porches ► Decks ► Balconies ► Trees and bushes ► Window wells ► Fences ► Surface drains ► Lawn sprinklers
    • 22. Exterior Surfaces & Components The exterior surfaces portion of the Inspection should document in detail the areas below ► The buildings exterior surface and its condition. Including all trim, doors, windows. ► Door bells ► Exterior lighting ► Exterior outlets ► Hose bibs ► Gas meter and shut off
    • 23. Roofing Systems ● Roof style, material, condition, age and location ● Flashing material ● Valleys ● Skylights ● Gutters, downspouts and leader material ● Plumbing vent ● Chimney material and location
    • 24. Attic Components ● The roofs framing and sheathing ● The insulation type and depth ● Attic ventilation ● Attic fans and house fans ● Wiring ● Bathroom fans should pass through the attic to the exterior
    • 25. Garage ● Type of structure, detached or attached ● Exterior material and condition ● Service door, overhead door, opener ● Electrical outlets and lighting ● Condition of the slab ● Roof and gutter system
    • 26. Bathrooms ● Bathroom walls, ceilings and floors can give you ideas if water was an issue. If a ceiling of a bathroom has water marking or staining then there may be a possible leak from the bathroom above the ceiling. ● This particular home had a leaking overflow in the bathroom tub above this ceiling.
    • 27. Garage • Bathroom walls, ceilings and floors can give you ideas if water was an issues • Bath ceiling with water mark could indicate leak from above
    • 28. GFCI Outlets Areas where water and electric could meet should have GFCI outlets, Ground Fault Circuit Interrupter, such as bathrooms, kitchens or garages.
    • 29. Fireplaces ● Fireplace construction will be prefab, brick or stone. ● Gas leaks on gas log sets ● Flue condition should be documented ● Damper location and condition
    • 30. Bedrooms ● ● ● ● ● Walls Floors Windows Smoke detectors Test for water issues with moisture meter and thermal imager
    • 31. Kitchen ● Appliances that will require testing. Identifying if on recall lists. ● Electric outlets in kitchens should be GFCI type outlets ● Inspect plumbing components to assure there are no issues with traps or faucets. ● Cabinet installation ● Countertop installation
    • 32. Electrical Services Example of an over heated breaker due to double-tap
    • 33. Structural Inspections ● There are areas of concern that can be seen from the exterior of the home to the basement. ● Structural type, brick or wood frame? ● Beam and post material should be documented ● Joist or trusses should be sized ● Slab condition and location
    • 34. Basement Inspections Some pumps need to be inspected properly because they are one of the main reasons basements get water. Ejector pumps need to be tested also.
    • 35. Plumbing ● Service line material and condition ● Water main location ● Water piping material, condition, water pressure and volume ● Galvanized water piping versus copper ● Waste and vent piping material and condition ● Service access will need to be located and documented ● Gas leaks ● Water heater age, condition, type
    • 36. Plumbing Service access for your sewer for issues with blocked-sewer repairs
    • 37. Plumbing Water heaters will need to be checked for ► Gas leaks ► Water piping leaks ► T & P pressure valve and piping ► Leaking tanks ► Insufficient heating
    • 38. Laundry Room Inspect laundry room for: ► Dryer gas piping for leaks ► Electric outlets require GFCI outlets ► Laundry tub and drainage system for the washer ► Flood pans for washers in 2nd floor areas
    • 39. All Done!
    • 40. 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
    • 41. Thanks for Coming! Questions? Get in touch: Kimberly Pace Jennifer Chambers Stacy Holscher Amie Conteh Check out our upcoming classes: