Appraisal Webinar - San Diego - February 23, 2012land team

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Appraisal Webinar - San Diego - February 23, 2012land team

  1. 1. Appraisal Webinar Cheree Hollis AgentRedfin’s Inland San Diego Team
  2. 2. A Little Bit About What We Do Redfin is a brokerage that’s using technology and a customer-service focus to change the real estate game in the consumer’s favor. • What: a brokerage • How we are different: • Technology • Customer-service • Why: we want to change the gameConsidering… Looking… Buying…
  3. 3. Market Conditions
  4. 4. Poway January Stats for HousesConsidering… Looking… Buying…
  5. 5. Poway January Stats for HousesConsidering… Looking… Buying…
  6. 6. Escondido January Stats for HousesConsidering… Looking… Buying…
  7. 7. Escondido January Stats for HousesConsidering… Looking… Buying…
  8. 8. Rancho Bernardo January Stats for HousesConsidering… Looking… Buying…
  9. 9. Rancho Bernardo January Stats for HousesConsidering… Looking… Buying…
  10. 10. Scripts Ranch January Stats for HousesConsidering… Looking… Buying…
  11. 11. Scripts Ranch January Stats for HousesConsidering… Looking… Buying…
  12. 12. La Mesa January Stats for HousesConsidering… Looking… Buying…
  13. 13. La Mesa January Stats for HousesConsidering… Looking… Buying…
  14. 14. Santee January Stats for HousesConsidering… Looking… Buying…
  15. 15. Santee January Stats for HousesConsidering… Looking… Buying…
  16. 16. El Cajon January Stats for HousesConsidering… Looking… Buying…
  17. 17. El Cajon January Stats for HousesConsidering… Looking… Buying…
  18. 18. Lakeside January Stats for HousesConsidering… Looking… Buying…
  19. 19. Lakeside January Stats for HousesConsidering… Looking… Buying…
  20. 20. Market Tips• If the home is priced right, and is move in ready, it will sell fast (less than 21 day)• Hot price range is under $500,000• Distressed sales make up about 1/3 of the LB market; you must be patient with the banks.
  21. 21. The Appraisal Process
  22. 22. Home Value and Appraisals • Purpose of an Appraisal • Buyer and lender protection • Requirement for lenders • Establish fair market value • Appraisals are an opinion • Appraisal costs • Appraisals are paid for by the buyer • Generally $350-$450, depends on size of home • Appraisal timeline • Ordered within the first few days of opening escrow • Inspection is typically within first 4-7 days • Appraisal report is received back to the bank within 10-14 daysConsidering… Looking… Buying…
  23. 23. How an Appraisal Professional is Selected • Once mutual acceptance is met • Escrow opens • Your lender will order the appraisal from a licensed professional • Appraiser will contact the Listing Agent for access • Appraiser measures both the interior and exterior of the home for accuracy • Appraiser is not a home inspector • 17 day contingency for appraisal • Once the appraisal is received back to the bank, it goes to underwriting with your lenderConsidering… Looking… Buying…
  24. 24. How Appraisals are Performed • A critical part of a home purchase • Appraisers choose comparable properties (comps) • Comps are typically less than 6 months old (sometimes may be older if less data is available) • Comps are chosen within close proximity to the subject property (typically within same neighborhood) • Adjustments are made to the comps for items such as: • Date of Sale • Condition • Fireplaces • Location • Heating/Cooling • Total Room Count • Site size • Garage/Carport • Design/Style • View • Gross Living Area • Quality of • # of Bedrooms Construction • # of Bathrooms • Age of Home • Porch/Patio/DeckConsidering… Looking… Buying…
  25. 25. Appraisal Comes in High or Low • Appraisal comes in below the contract price • Buyers are protected and will not overpay for the home • There are several options: • Reduce the purchase price to the new appraised value • Your loan is based on the appraised value, not the contract price • Comps can be sent to the appraiser if there is doubt that the value is not correct • Buyer can pay the difference • Review appraisal may be ordered • Appraisal comes in above the contract price • The 17-day contingency is to protect you! If the value comes in higher, then that is instant equity to you, you do not need to do anything!Considering… Looking… Buying…
  26. 26. Working With Redfin is Different • Service • Advocates: client-satisfaction bonuses, not commissions • Transparency: informed decisions • Best Agents: The right home for the right price • No obligation • Switch Redfin agents • Pause and re-start your search any time • Tour on your schedule and pace • Refund • You get up to 50% the commission • The Best Results • Service: 97% would recommend us to a friendConsidering… Looking… Buying…
  27. 27. How Our Team Works AGENT Responsible for your success Writes your offer Handles negotiations YOU COORDINATOR FIELD AGENT Schedules tours Takes you to see homes Prepares paperwork See 50+ homes a week Works with escrowConsidering… Looking… Buying…
  28. 28. Next Steps • Check out our agents and their reviews • Study the inventory and houses in your areas • Go out on Tour with us, no obligation • Ask a lot of questions and see a lot of houses • Email me: cheree.hollis@redfin.com • Go back to work!Considering… Looking… Buying…
  29. 29. Questions?Considering… Looking… Buying…

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