Redfin Home Buying Class
Holland Cohen & Lindsay Weingart
Tacoma Team
January 30th, Tacoma, WA

@Redfin
facebook.com/Redfi...
Tacoma Team
● Specialize in: First Time Home
Buyers, Condos, town houses, Single
Family, REO’s, Short Sales.
● Services: T...
Agenda
●
●
●
●
●
●
●
●
●
●

Overview of the process
Are you ready to buy?
Understanding the market
Never miss a home
Choos...
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 $4,000 on Average
Understanding the Buying
Process
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?
...
Overview of a Buying a Home
Research

Search

Offer

Closing

Your needs

Define Preferences

Comparables

Earnest money

...
Understanding the
Market
Story of 2013: Find It On Redfin
Tacoma Area Overview
Tacoma Inventory
Story of 2013: Rising Prices
Where Is the Market Headed?
● Supply of homes was at a five-year low during 2013.
● Foreclosures have been driving price d...
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

● Insi...
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...
Traditional vs. Redfin
Redfin Agent Reviews
Redfin’s Partner Program
Partner agents are employed by other brokerages, and have
teamed up with us to provide Redfin-cer...
Seeing Homes in Person
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...
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...
Mortgages
Preparing For a Great Mortgage
● Ask yourself the most important financial questions
● Write down pre-purchase goals
-

Do...
3 Stages of Approval…
● Pre-Qualification
-

Quick & Easy review of your scenario
Over the phone or online

● Pre Approval...
FAQ?
●
●
●
●
●
●
●
●
●

Does it hurt your credit to have it pulled?
What things should be avoided when getting a loan?
Wha...
Here to Help You…
Kyle Rohrbaugh MLO-263508
Eric Engelland MLO-72324
- Our team: Top 1% of Mortgage Originators Nationally...
Learn more about mortgages

http://www.redfin.com/buy-a-home/classes-and-events
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
► ...
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...
Acceptance to Closing
Steps After Mutual Acceptance
●
●
●
●
●
●
●
●
●
●
●

Earnest money deposit – usually 1-3%+
Inspection – approximately $500...
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...
What is Escrow?
Escrow is a third party intermediary that represents neither the
buyer nor the seller.
What do they do?
• ...
Title Companies
●
●
●
●

Prepares the final documents, including the HUD-1
Conducts the closing
Examines and clears the ti...
Closing: HUD–1 Settlement
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...
So What Now?
●
●
●
●
●
●
●

Make sure it’s the right time for you
Start browsing online
Check out our Home Buying Guide
Fi...
Thanks for Coming!
Questions? Get in touch!
Holland Cohen
holland.cohen@redfin.com

Check out our upcoming classes:
http:/...
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Redfin's Free Home Buying Class, Tacoma, WA

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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 list price not offer price.- You’ll get it as a closing credit or check after close, depending on your lender
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  • To be updated with information from neighborhood pages on the website.
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  • [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.
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  • [REQUIRED]Add visual
  • [OPTIONAL – cut or skip this slide if not relevant for your market or class]
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  • [REQUIRED]Add Lender’s name if he/she’s presenting
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  • [Required]Add visual
  • [REQUIRED]Add visual
  • OPTIONAL: Would need to adjust by market. Not all markets use the term Escrow in this way.
  • Required
  • 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…
  • Redfin's Free Home Buying Class, Tacoma, WA

    1. 1. Redfin Home Buying Class Holland Cohen & Lindsay Weingart Tacoma Team January 30th, Tacoma, WA @Redfin facebook.com/Redfin
    2. 2. Tacoma Team ● Specialize in: First Time Home Buyers, Condos, town houses, Single Family, REO’s, Short Sales. ● Services: Tacoma up to Federal Way, Gig Harbor, Puyallup ● Holland, Lindsay, and Michelle - Lives in Tacoma and Gig Harbor
    3. 3. Agenda ● ● ● ● ● ● ● ● ● ● Overview of the process Are you ready to buy? Understanding the market Never miss a home Choosing an agent Touring Mortgages Short sales & foreclosures Making an offer Acceptance to closing
    4. 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. 5. Save $4,000 on Average
    6. 6. Understanding the Buying Process
    7. 7. 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? 3.5% to 20+% Have you saved up for closing costs? Typically 0-2%
    8. 8. Overview of a 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
    9. 9. Understanding the Market
    10. 10. Story of 2013: Find It On Redfin
    11. 11. Tacoma Area Overview
    12. 12. Tacoma Inventory
    13. 13. Story of 2013: Rising Prices
    14. 14. Where Is the Market Headed? ● Supply of homes was at a five-year low during 2013. ● Foreclosures have been driving price declines, and years of inventory remain. Investment groups might have impact ● Rents have been rising, making buying more attractive ● Market stabilized – price increases in many areas ● Rate increases - biggest potential issue for buyers
    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. Traditional vs. Redfin
    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. Seeing Homes in Person
    24. 24. 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. Wear shoes that can easily be taken off 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
    25. 25. 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 25 of 55
    26. 26. Mortgages
    27. 27. Preparing For a Great Mortgage ● Ask yourself the most important financial questions ● Write down pre-purchase goals - Down payment target Post closing reserves Debt to pay off ● Revisit your budget and determine your ideal payment ● Gather Your Documentation ● Income: Paystubs, Tax Returns, W-2’s ● Assets: Bank Statements, Investment, Retirement ● Talk to an Expert - Get a GREAT referral Institutional vs. Individual Trust Shop the RIGHT way
    28. 28. 3 Stages of Approval… ● Pre-Qualification - Quick & Easy review of your scenario Over the phone or online ● Pre Approval - Thorough review of all documentation Full “Pre-Underwrite” of your application More accurate, improves your offer ● Full Credit Approval (TBD Approval) - Fully Underwritten & all non-property conditions met Extremely accurate and powerful The next best thing to a CASH offer!
    29. 29. FAQ? ● ● ● ● ● ● ● ● ● Does it hurt your credit to have it pulled? What things should be avoided when getting a loan? What First Time Buyer programs are available? My mother in law says __________. Is that true? Is it better to pay down debt or save more money? Should I close a credit card account after paying it off? In my past I had a BK/Foreclosure/Short Sale… What’s your rate? Do I really need a real estate agent?
    30. 30. Here to Help You… Kyle Rohrbaugh MLO-263508 Eric Engelland MLO-72324 - Our team: Top 1% of Mortgage Originators Nationally - Cobalt Mortgage: Largest Independent Mortgage Bank in WA and Top Mortgage Company for purchase transactions in Pierce County - Kyle: 10 yrs exp, Pepperdine Univ Accounting Degree, wife and 2 daughters - Eric: 20 yrs exp, UW Finance Degree, wife and 3 daughters Call us for no obligation qualification/approval! 253.858.2640 rohrbaughengellandgroup@cobaltmortgage.com
    31. 31. Learn more about mortgages http://www.redfin.com/buy-a-home/classes-and-events
    32. 32. Short Sales and Bank Owned
    33. 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. 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. 35. Making an Offer
    36. 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. 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. 38. Acceptance to Closing
    39. 39. Steps After Mutual Acceptance ● ● ● ● ● ● ● ● ● ● ● Earnest money deposit – usually 1-3%+ Inspection – approximately $500 Other inspections – sewer scope, septic, etc. Loan application – 5 days or less Title review Appraisal Loan approval Document signing Walk through Closing Receive your keys!
    40. 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. 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. Other types: ● Appraisal – Performed in conjunction with financing ● Financing ● Termite ● Other
    42. 42. 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
    43. 43. 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
    44. 44. Closing: HUD–1 Settlement
    45. 45. 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.
    46. 46. Selling Your Home with Redfin
    47. 47. 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
    48. 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. 49. Thanks for Coming! Questions? Get in touch! Holland Cohen holland.cohen@redfin.com Check out our upcoming classes: http://www.redfin.com/events
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