Redfin’s Home Buying Class
Redfin’s San Jose Team
February 13th ~ San Jose, CA

Host: Angelica Robles

@Redfin
http://www....
A Little Bit About Redfin
Redfin is a real estate brokerage on a mission to make buying
and selling a home better for you....
Save $6,000 on Average
Understanding the Market
Story of 2014: Rising Prices
Santa Clara Area Overview
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
► ...
Mortgages
Start Shopping for Lenders
Compile a list of 3-4 local lenders
Good sources include:
● Redfin's partner lenders
● Referral...
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...
Where Are Rates Headed?
Type of Loan

February 6, 2014

January 30, 2014

30-Year Fixed

4.23%

4.32%

15-Year Fixed

3.33...
Never Miss A Home
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...
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...
Real Estate Sites: What to Look For
● Has all the homes for sale
● Updated every 15 minutes
● Real-time sales data
● Insig...
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...
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.
► Cash is King
► Escalate your price?
► Tigh...
Home Inspection
We recommend that you have a home inspection
● Cost runs $350 to $1200 depending upon the home’s size
● Yo...
What are Contingencies?
This means the seller has accepted an offer on the property,
but success may still depend on passi...
Title Companies
●
●
●
●

Prepares the final documents, including the HUD-1
Conducts the closing
Examines and clears the ti...
Signing and Closing
A few days before closing you will sign your closing documents
and have a walk through.
On closing day...
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:
Presenter1
angelica.robles@redfin.com
Check out our upcoming classes:
http://w...
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Redfin's San Jose Home Buying Class 2.13.14

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  • [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
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  • [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!
  • [OPTIONAL]
  • [REQUIRED]Add Lender’s name if he/she’s presenting
  • [REQUIRED]
  • [REQUIRED]
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  • [REQUIRED – Update each time with latest rate information]http://www.freddiemac.com/pmms/
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]Add visual
  • [OPTIONAL – cut or skip this slide if not relevant for your market or class]
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]Add visual
  • Required
  • OPTIONALThis is different by market so we should have different slides for each.
  • Notes from Matt:- Update this slide so it is easier to read
  • We’ll stick around…
  • Redfin's San Jose Home Buying Class 2.13.14

    1. 1. Redfin’s Home Buying Class Redfin’s San Jose Team February 13th ~ San Jose, CA Host: Angelica Robles @Redfin http://www.facebook.com/Redfin
    2. 2. 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
    3. 3. Save $6,000 on Average
    4. 4. Understanding the Market
    5. 5. Story of 2014: Rising Prices
    6. 6. Santa Clara Area Overview
    7. 7. Short Sales and Bank Owned
    8. 8. 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
    9. 9. 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
    10. 10. Mortgages
    11. 11. 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
    12. 12. 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
    13. 13. 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
    14. 14. Where Are Rates Headed? Type of Loan February 6, 2014 January 30, 2014 30-Year Fixed 4.23% 4.32% 15-Year Fixed 3.33% 3.40% 5/1 ARM 3.08% 3.12% 1-Year ARM 2.51% 2.55%
    15. 15. Never Miss A Home
    16. 16. 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 16 of 55
    17. 17. 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
    18. 18. 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
    19. 19. Choosing the Right Agent
    20. 20. 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 complaint? How are you paid? Can I see some reviews of your work?
    21. 21. Redfin Agent Reviews
    22. 22. 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
    23. 23. Making an Offer
    24. 24. 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
    25. 25. 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
    26. 26. Home Inspection 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
    27. 27. What are Contingencies? This means the seller has accepted an offer on the property, but success may still depend on passing a home inspection or getting financing. Other types: ● Appraisal – Performed in conjunction with financing ● Financing ● Termite ● Other
    28. 28. Title Companies ● ● ● ● Prepares the final documents, including the HUD-1 Conducts the closing Examines and clears the title to the property Records the deed, mortgage and any other recordable instruments ● Issues title insurance to the lender and the buyer
    29. 29. Signing and Closing A few days before closing you will sign your closing documents and have a walk through. On closing day, you’ll probably get your keys at about 5pm.
    30. 30. Selling Your Home with Redfin
    31. 31. 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.
    32. 32. All Done!
    33. 33. Thanks for Coming! Questions? Get in touch: Presenter1 angelica.robles@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events

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