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Redfin Home Buying Class
San Fernando Valley Team
May 20, Wodland Hills, CA
Host: Arto Poladian
@Redfin
facebook.com/Redfin
Arto Poladian – San Fernando Valley
● Agent for 8 years
● Closed over 76 homes
● Specialize in: Helping Buyers
● Services:...
Agenda
● Overview of the process
● Are you ready to buy?
● Understanding the market
● Never miss a home
● Choosing an agen...
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 years?
●...
Overview of a Purchase
Research
Neighborhoods
Real Estate Agents
Mortgage Options
Preapproval
Consider your needs
Search
D...
Understanding the
Market
Woodland Hills Inventory
Woodland Hills Prices
Woodland Hills Overview
Where Are Rates Headed?
Interest Rates - snapshot
Type of Loan May 15, 2014 January 20, 2014
30-Year Fixed 4.20% 4.33%
15-Year Fixed 3.29% 3.35%
5...
Redfin Price Tracker
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
● Insig...
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 with me?...
Redfin Agent Reviews
Redfin Partner Program
Partner agents are employed by other brokerages, and have
teamed up with us to provide Redfin-certi...
Seeing Homes in Person
Making the Most of Your Tour
1. Bring a camera, notebook & tape measure
2. See how much sunlight the place gets
3. Check t...
Real Estate Sites: What to Look For
● Has all the homes for sale
● Updated every 15 minutes
● Real-time sales data
● Insig...
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...
Local Recommended Lenders
Break!
Arto Poladian
San Fernando Valley
10-Minute Break
● Feel free to come ask us questions!
10 mins 5 mins End
Let’s Get Started!
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
►Lo...
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...
ESCROW
Your Offer has been Accepted!
● Earnest money deposit – usually 1-3%+
● Inspection – approximately $500
● Other Inspection...
Home Inspection
We recommend that you have a home inspection
● Cost runs $350 to $1,200 depending upon the home’s size
● Y...
What are Contingencies?
Standard timeline for contingencies in local market: 17 days
● Inspection
● Appraisal – Performed ...
What is Escrow?
Escrow is a third party intermediary that represents neither the
buyer nor the seller.
What do they do?
• ...
Walk Through to Closing
Walk through: 5 days prior to close date
Escrow: sign loan documents, transfer funds for your down...
● We’re on your side
►Agents paid on your satisfaction
● Double your exposure
►Premium placement on Redfin
►Zillow, Trulia...
Selling Your Home
with Redfin
● We’re on your side
►Agents paid on your satisfaction
● Double your exposure
►Premium placement on Redfin
►Zillow, Trulia...
All Done!
So What Now?
● Make sure it’s the right time for you
● Check out our Home Buying Guide
● Find the right agent
● Look for a...
Thanks for Coming!
Questions? Get in touch:
Arto Poladian – arto.poladian@redfin.com
Check out our upcoming classes:
http:...
Future Events!
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Redfin Free Home Buying Class - Woodland Hills, CA

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Transcript of "Redfin Free Home Buying Class - Woodland Hills, CA"

  1. 1. Redfin Home Buying Class San Fernando Valley Team May 20, Wodland Hills, CA Host: Arto Poladian @Redfin facebook.com/Redfin
  2. 2. Arto Poladian – San Fernando Valley ● Agent for 8 years ● Closed over 76 homes ● Specialize in: Helping Buyers ● Services: The Entire San Fernando Valley ● Lives in Valley Village  Enough about me! Meet my team…
  3. 3. Agenda ● Overview of the process ● Are you ready to buy? ● Understanding the market ● Never miss a home ● Choosing an agent ● Touring ● Mortgages ● 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 Neighborhoods Real Estate Agents Mortgage Options Preapproval Consider your needs Search Define Preferences Saved Search Home Tours Open Houses Offer Comparables Draft Offer Docs Negotiate Mutual Acceptance Closing Earnest Money Inspection Loan application Title Review Appraisal Financing Approval Closing
  8. 8. Understanding the Market
  9. 9. Woodland Hills Inventory
  10. 10. Woodland Hills Prices
  11. 11. Woodland Hills Overview
  12. 12. Where Are Rates Headed?
  13. 13. Interest Rates - snapshot Type of Loan May 15, 2014 January 20, 2014 30-Year Fixed 4.20% 4.33% 15-Year Fixed 3.29% 3.35% 5/1 ARM 3.01% 3.08% 1-Year ARM 2.43% 2.57%
  14. 14. Redfin Price Tracker
  15. 15. Never Miss A Home
  16. 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. 17. Never Miss a Home
  18. 18. Choosing the Right Agent
  19. 19. 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?
  20. 20. Redfin Agent Reviews
  21. 21. Redfin 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
  22. 22. Seeing Homes in Person
  23. 23. Making the Most of Your Tour 1. Bring a camera, notebook & tape measure 2. See how much sunlight the place gets 3. Check the bathrooms for rot & mold 4. Look for wavy or discolored wood siding 5. Make sure water spouts drain away from house 6. Take stock of storage space 7. Turn off any music playing in house 8. Check for hardwood floors 9. Peek into the attic 10. Bring a marble or two 11. When sharing a wall, make sure it’s thick 12. Ignore the appliances and carpets 13. Check the closets 14. Get the disclosure packet 15. Compare the property’s tax records to the listing details
  24. 24. 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
  25. 25. Mortgages
  26. 26. 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
  27. 27. 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
  28. 28. 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
  29. 29. 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
  30. 30. Local Recommended Lenders
  31. 31. Break! Arto Poladian San Fernando Valley
  32. 32. 10-Minute Break ● Feel free to come ask us questions! 10 mins 5 mins End Let’s Get Started!
  33. 33. Short Sales and Bank Owned
  34. 34. 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
  35. 35. 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
  36. 36. Making an Offer
  37. 37. 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
  38. 38. 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
  39. 39. ESCROW
  40. 40. Your Offer has been Accepted! ● Earnest money deposit – usually 1-3%+ ● Inspection – approximately $500 ● Other Inspections – sewer scope, septic, etc. ● Loan Application – 5 days or less ● Review Title ● Order Appraisal – approximately $500 ● Loan Approval – remove contingencies! ● Escrow – appointment to sign documents ● Walk through ● Loan funds, title records ● Receive your keys!
  41. 41. Home Inspection We recommend that you have a home inspection ● Cost runs $350 to $1,200 depending upon the home’s size ● Your agent will accompany you ● Your time to evaluate the property, bring notepad, ask questions Let’s talk about: ● What an inspection contingency covers and doesn’t cover ● Types of inspections
  42. 42. What are Contingencies? Standard timeline for contingencies in local market: 17 days ● Inspection ● Appraisal – Performed in conjunction with financing ● Financing ● Termite
  43. 43. What is Escrow? Escrow is a third party intermediary that represents neither the buyer nor the seller. What do they do? • Hold the earnest money • Arrange for payoff of any liens (seller’s mortgage, utilities, etc.) • Coordinate the signing appointments for all parties • Receive and disburse funds for closing • Arrange to notify county offices to change ownership
  44. 44. Walk Through to Closing Walk through: 5 days prior to close date Escrow: sign loan documents, transfer funds for your down payment and closing costs. Lender: Reviews your documents, sets up loan to fund Title: Title records the day after funding in LA County. Keys after 5PM!
  45. 45. ● 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 Better Service, Lower Fees
  46. 46. Selling Your Home with Redfin
  47. 47. ● 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. Better Service, Lower Fees
  48. 48. All Done!
  49. 49. So What Now? ● Make sure it’s the right time for you ● 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
  50. 50. Thanks for Coming! Questions? Get in touch: Arto Poladian – arto.poladian@redfin.com Check out our upcoming classes: http://www.redfin.com/events
  51. 51. Future Events!
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