0
Redfin’s Home Buying Class
Redfin Hampton Roads Team
July 24th , 2014
Host: Alyssa Cokinos
@Redfin
facebook.com/Redfin
Redfin Hampton Roads Team
Alyssa Cokinos
Redfin Agent
Rob Schofield
Transaction Coordinators
Agenda
● Overview of the process
● Are you ready to buy?
● Understanding the market
● Never miss a home
● Choosing an agen...
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 $7,000 on Average
Understanding the Buying
Process
Overview of Buying a Home
Research
Your needs
The market
Neighborhoods
Agents
Mortgages
Preapproval
Search
Define Preferen...
Are You Ready to Buy?
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?
● Hav...
Understanding the
Market
Virginia Beach Inventory
Chesapeake Inventory
Hampton Inventory
Newport Inventory
Norfolk Inventory
York County Inventory
Virginia Beach Overview
Chesapeake Overview
Hampton Overview
Newport Overview
Norfolk Overview
York County Overview
Where Is the Market Headed?
● Supply of homes is at a five-year low and won’t increase
much more this year
● Foreclosures ...
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’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. Bring a camera, notebook & tape measure
2. See how much sunlight the place gets
3. Check t...
Slide 33 of 55
How Touring with Redfin Works
● Led by agent or associate
agent
● Up to six homes per tour in
two hour bloc...
Mortgages
Local Lender,
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...
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 properties
● Li...
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...
The Home Inspection
And
Other Contingencies
What are Contingencies?
This means the seller has accepted an offer on the property,
but success may still depend on passi...
The Home Inspection
We recommend that you have a home inspection
● Cost runs $350 to $1200 depending upon the home’s size
...
Acceptance to Closing
Steps After Mutual Acceptance
● Earnest money deposit – usually 1-3%+
● Inspection – approximately $500
● Other inspection...
What do the Title Companies do?
A title company is a third party intermediary that represents
neither the Buyer nor the Se...
Title Companies Continued…
● Prepares the final documents, including the HUD-1
● Conducts the closing
● Examines and clear...
Closing: HUD–1 Settlement
Signing and Closing
- A day or two before closing you will have a chance to have
final walk-through.
- Settlement generall...
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
● Start browsing online
● Check out our Home Buying Guide
● Find the ...
Thanks for Coming!
Questions? Get in touch:
Alyssa Cokinos – alyssa.cokinos@redfin.com
Check out our upcoming classes:
htt...
Upcoming SlideShare
Loading in...5
×

Redfin Home Buying Class - Virginia Beach, CA

238

Published on

na

Published in: Real Estate
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
238
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Transcript of "Redfin Home Buying Class - Virginia Beach, CA"

  1. 1. Redfin’s Home Buying Class Redfin Hampton Roads Team July 24th , 2014 Host: Alyssa Cokinos @Redfin facebook.com/Redfin
  2. 2. Redfin Hampton Roads Team Alyssa Cokinos Redfin Agent Rob Schofield Transaction Coordinators
  3. 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. 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  Redfin Agents are paid based upon your satisfaction
  5. 5. Save $7,000 on Average
  6. 6. Understanding the Buying Process
  7. 7. Overview of Buying a Home Research Your needs The market Neighborhoods Agents Mortgages Preapproval Search Define Preferences Instant Alerts Open houses Home tours Offer Comparables Draft offer Negotiate Mutual acceptance Closing Earnest money Inspection Loan application Title review Appraisal Financing approval Closing
  8. 8. Are You Ready to Buy?
  9. 9. 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% ● Can you rent for less?
  10. 10. Understanding the Market
  11. 11. Virginia Beach Inventory
  12. 12. Chesapeake Inventory
  13. 13. Hampton Inventory
  14. 14. Newport Inventory
  15. 15. Norfolk Inventory
  16. 16. York County Inventory
  17. 17. Virginia Beach Overview
  18. 18. Chesapeake Overview
  19. 19. Hampton Overview
  20. 20. Newport Overview
  21. 21. Norfolk Overview
  22. 22. York County Overview
  23. 23. Where Is the Market Headed? ● Supply of homes is at a five-year low and won’t increase much more this year ● Foreclosures and short sales have only a small affect on prices in Northern Virginia. Investment groups will have a limited impact on price levels and only in certain areas. ● Rents have been rising, making buying more attractive ● Market stabilized – stabilizing price increases in many areas ● Rate increases - biggest potential issue for buyers in the future.
  24. 24. Never Miss A Home
  25. 25. 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
  26. 26. Never Miss a Home
  27. 27. Choosing the Right Agent
  28. 28. 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?
  29. 29. Redfin Agent Reviews
  30. 30. 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
  31. 31. Seeing Homes in Person
  32. 32. 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
  33. 33. Slide 33 of 55 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
  34. 34. Mortgages
  35. 35. Local Lender,
  36. 36. 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
  37. 37. 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
  38. 38. 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
  39. 39. 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 LOCAL Lender
  40. 40. Short Sales and Bank Owned
  41. 41. What is a Short Sale? The owner owes more on the mortgage than the home is worth ● Usually pre-foreclosure properties ● 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
  42. 42. 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
  43. 43. Making an Offer
  44. 44. 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
  45. 45. 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
  46. 46. The Home Inspection And Other Contingencies
  47. 47. 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 ● Home Inspection ● Sale of your previous home
  48. 48. The 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 ● What Inspectors can’t do (nothing invasive) ● Radon Testing ● Types of inspections
  49. 49. Acceptance to Closing
  50. 50. 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 ● Appraisal ● Loan approval ● Document signing ● Walk through ● Closing ● Receive your keys!
  51. 51. What do the Title Companies do? A title company 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
  52. 52. Title Companies Continued… ● 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
  53. 53. Closing: HUD–1 Settlement
  54. 54. Signing and Closing - A day or two before closing you will have a chance to have final walk-through. - Settlement generally takes a little over an hour to complete - On closing day, you’ll receive the keys to your new home
  55. 55. Selling Your Home with Redfin
  56. 56. ● 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 ►Open Houses We’ve helped over 50 people in Alexandria sell their homes in the last six months. Better Service, Lower Fees
  57. 57. All Done!
  58. 58. 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
  59. 59. Thanks for Coming! Questions? Get in touch: Alyssa Cokinos – alyssa.cokinos@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×