Redfin Home Buying Class
San Fernando Valley Team
July 17, Westlake Village, CA
Host: Loren Bennett & Dana Murphy
@Redfin
...
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%...
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 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
Westlake Village Inventory
Story of 2013: Rising Prices
Westlake Village, CA
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...
Slide 23 of 55
How Seeing Homes with Redfin
Works
● Agent or Associate Agent
● Up to six homes per tour in
two hour blocks...
Mortgages
Where Are Rates Headed?
Interest Rates - snapshot
Type of Loan July 10, 2014 June 19, 2014
30-Year Fixed 4.15% 4.17%
15-Year Fixed 3.24% 3.30%
5/1...
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...
Open Book
Local Recommended Lenders
In no way does
Redfin benefit
financially from
recommending
lenders – we just
think they’re grea...
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...
Your Offer has been Accepted!
● Earnest money deposit – usually 1-3%+
● Inspection – approximately $500
● Other Inspection...
What are Contingencies?
Standard timeline for contingencies in local market: 17 days
● Inspection
● Appraisal – Performed ...
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!
Thanks for Coming!
Questions? Get in touch:
Loren Bennett loren.bennett@redfin.com
Dana Murphy dana.murphy@redfin.com
Chec...
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Redfin Home Buying Class - Westlake Village, CA

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Redfin Home Buying Class - Westlake Village, CA

  1. 1. Redfin Home Buying Class San Fernando Valley Team July 17, Westlake Village, CA Host: Loren Bennett & Dana Murphy @Redfin facebook.com/Redfin
  2. 2. 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
  3. 3. 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
  4. 4. Save $4,000 on Average
  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. Westlake Village Inventory
  10. 10. Story of 2013: Rising Prices
  11. 11. Westlake Village, CA
  12. 12. Redfin Price Tracker
  13. 13. Never Miss A Home
  14. 14. 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
  15. 15. Never Miss a Home
  16. 16. Choosing the Right Agent
  17. 17. 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?
  18. 18. Redfin Agent Reviews
  19. 19. 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
  20. 20. Seeing Homes in Person
  21. 21. 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
  22. 22. 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
  23. 23. Slide 23 of 55 How Seeing Homes with Redfin Works ● Agent or Associate Agent ● Up to six homes per tour in two hour blocks ● Unlimited – see as many homes as it takes! ● No pressure
  24. 24. Mortgages
  25. 25. Where Are Rates Headed?
  26. 26. Interest Rates - snapshot Type of Loan July 10, 2014 June 19, 2014 30-Year Fixed 4.15% 4.17% 15-Year Fixed 3.24% 3.30% 5/1 ARM 2.99% 3.00% 1-Year ARM 2.40% 2.41%
  27. 27. 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
  28. 28. 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
  29. 29. 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
  30. 30. 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
  31. 31. Open Book
  32. 32. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
  33. 33. Making an Offer
  34. 34. 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
  35. 35. 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
  36. 36. 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!
  37. 37. What are Contingencies? Standard timeline for contingencies in local market: 17 days ● Inspection ● Appraisal – Performed in conjunction with financing ● Financing ● Termite
  38. 38. 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!
  39. 39. ● 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
  40. 40. Selling Your Home with Redfin
  41. 41. ● 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
  42. 42. All Done!
  43. 43. Thanks for Coming! Questions? Get in touch: Loren Bennett loren.bennett@redfin.com Dana Murphy dana.murphy@redfin.com Check out our upcoming classes: http://www.redfin.com/events

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