[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
To be updated with information from neighborhood pages on the website.
[REQUIRED – Updated every time]
[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.
[OPTIONAL – cut or skip this slide if not relevant for your market or class]
[REQUIRED]Add Lender’s name if he/she’s presenting
OPTIONAL: Would need to adjust by market. Not all markets use the term Escrow in this way.
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 Home Buying Class
Holland Cohen & Lindsay Weingart
January 30th, Tacoma, WA
● Specialize in: First Time Home Buyers, Condos,
town houses, Single Family, REO’s, Short
● Services: Tacoma up to Federal Way, Gig Harbor,
● Holland, Lindsay, and Michelle - Lives in Tacoma
and Gig Harbor
Overview of the process
Are you ready to buy?
Understanding the market
Never miss a home
Choosing an agent
Short sales & foreclosures
Making an offer
Acceptance to closing
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
● Technology: sellers get more traffic; buyers tour homes first
● Value: a full-service brokerage that saves you thousands
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%
Overview of a Purchase
Real Estate Agents
Draft Offer Docs
Consider your needs
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
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?
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
Making the Most of Your Tour
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
Take stock of storage space
Turn off any music playing in house
Check for hardwood floors
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
How Touring with Redfin Works
● Led by agent or associate
● Up to six homes per tour in
two hour blocks
● Go on as many tours
as you need
● No obligation, no
Slide 26 of 55
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
3 Stages of Approval…
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!
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?
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!
What is a Short Sale?
The owner owes more on the mortgage than the home is
● Usually a last-ditch effort to prevent a foreclosure
● Requires homeowner and bank approval
● May have other liens (taxes, utilities, HOA)
We Can Help With a Short Sale!
● See short sales with a Redfin Agent
● Get a 15% commission refund
Buying a Short Sale Home
Talk to your agent
Not always input as a short sale, define search criteria
Get your finances ready
Make your offer, and wait…..and wait some more
Do your homework-inspections and contingencies
Be ready for failure
Be ready to succeed-bank timeline is typically shorter than a
What is a Bank-Owned Property?
● A foreclosed home owned by a bank or lender
● Standard sale but:
► Verbal negotiations
► Response times are relatively quick
► Repairs unlikely – sold as-is
► 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
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
► Title Review
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
5. If you sleep on it, you won’t sleep
Steps After Mutual Acceptance
Earnest money deposit – usually 1-3%+
Loan application – 5 days or less
Receive your keys!
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:
● Types of inspections – sewer scope, septic, well, termite,
any specialized inspections (electrician, plumber, HVAC,
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
- Contingencies protect the buyer.
● Appraisal – Performed in conjunction with financing
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,
• Coordinate the signing appointments for all parties
• Receive and disburse funds for closing
• Arrange to notify county offices to change ownership
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
● Issues title insurance to the lender and the buyer
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
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