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Redfin's Free Home Buying Class - San Diego, CA

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  • [REQUIRED – to be updated by the presenter to suit their strong points]
  • Homes for sale is increasing – Homes actually sold has decreased while prices still climb.
  • Condos for sale are increasing as well as sales price and number sold.
  • Check saved searches to keep a pulse on the market
  • Big pictures – Inventory is still down from before 2012. 696 homes for sale.
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  • With inventory still at a low point our big push is to keep you informed and able to see homes ASAP. What makes us different…
  • [REQUIRED] Listings matchmaker can ensure that a new listing never goes unnoticed. Give you as much or as little information as you like.
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  • [REQUIRED – Update with local lender]
  • 5 minute break timer.To begin the timer, when in presentation view on the slide, click advance once and you will see the red appear from left to right. When the entire bar is red your break is up!
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  • 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
  • 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…
  • Transcript

    • 1. Redfin’s Home Buying Class Presented by: Redfin’s San Diego CityTeam Date: February 26, 2014 San Diego, CA Host: Lisa Padilla @Redfin facebook.com/Redfin
    • 2. Agent Lisa Padilla, Team Lead ● I have been a real estate agent since 2000 ● I have helped 52 clients buy or a sell a home in San Diego City area since working for Redfin ● I came to Redfin because it’s changing the real estate industry and focusing on customer service.  Enough about me! Meet my team… Tamara Markey, Chris Priola
    • 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 Who We Are 97% of Redfin’s clients would recommend buying or selling a home with Redfin. ● Customers, not commissions ● Informed decisions ● Right home for the right price  No obligation  Commission credit
    • 5. Understanding the Buying Process
    • 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. 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. Understanding the Market
    • 9. San Diego Jan. 2014 Stats for Houses
    • 10. San Diego Jan. 2014 Stats for Condos
    • 11. Redfin Price Tracker
    • 12. San Diego Inventory
    • 13. San Diego Area Overview
    • 14. Never Miss A Home
    • 15. 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
    • 16. Never Miss a Home
    • 17. Choosing the Right Agent
    • 18. 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?
    • 19. Redfin Agent Reviews
    • 20. 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
    • 21. Seeing Homes in Person
    • 22. 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
    • 23. 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 23 of 55
    • 24. Mortgages
    • 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. 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. 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. 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. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
    • 30. Break! Lisa Padilla lisa.padilla@redfin.com San Diego City Team
    • 31. 10-Minute Break 10 mins 5 mins Let’s Get Started! End
    • 32. Short Sales and Bank Owned
    • 33. 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
    • 34. 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
    • 35. Making an Offer
    • 36. 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
    • 37. 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
    • 38. Ratification to Closing
    • 39. Steps After Mutual Acceptance ● ● ● ● ● ● ● ● ● ● ● Earnest money deposit – usually 1-3%+ Inspection – approximately $500 Other inspections – foundation, roof, etc. Loan application – 7days or less Title review Appraisal Loan approval Document signing Walk through Closing Receive your keys!
    • 40. 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
    • 41. 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. Types: ● Appraisal – Performed in conjunction with financing ● Financing ● Inspection
    • 42. Title & Escrow Companies ● ● ● ● ● Holds the earnest money deposit Prepares the final documents, including the HUD-1 Conducts the closing Receive and disburse funds for closing Arrange for pay off of any liens (sellers’ mortgage, taxes, etc) ● 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
    • 43. Closing: HUD–1 Settlement
    • 44. Walkthrough & Closing A day or two prior to closing you will do a walkthrough to make sure the property is in the agreed upon condition Before closing you will sign all necessary mortgage and closing documents and get your keys once the deed is recorded!
    • 45. Selling Your Home with Redfin
    • 46. 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.
    • 47. All Done!
    • 48. 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
    • 49. Future Events!
    • 50. Thanks for Coming! Questions? Get in touch: Lisa Padilla lisa.padilla@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events