Redfin Home Buying Class - Bothell, WA

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  • 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
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  • Redfin Home Buying Class - Bothell, WA

    1. 1. Redfin Home Buying Class Presented by: Mill Creek – Woodinville Team Seattle, WA March 19, 2014 Host: Jayson Haile @Redfin facebook.com/Redfin
    2. 2. Jayson Haile, Senior Agent ● I have been a real estate agent since 2004 ● I have helped over 75 clients buy or a sell a home in the San Francisco Bay and Seattle areas since working for Redfin ● I came to Redfin because I wanted to make real estate easier for buyers and sellers!  Enough about me! Meet my team…
    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 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
    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. Bothell Inventory
    10. 10. Bothell Feb. 2014 Stats for Houses
    11. 11. Bothell Feb. 2014 Stats for Condos
    12. 12. Bothell Area Overview
    13. 13. Redfin Price Tracker
    14. 14. Never Miss A Home
    15. 15. 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
    16. 16. Never Miss a Home
    17. 17. Choosing the Right Agent
    18. 18. 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 complaint? ● How are you paid? ● Can I see some reviews of your work?
    19. 19. Redfin Agent Reviews
    20. 20. 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
    21. 21. Seeing Homes in Person
    22. 22. 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
    23. 23. Slide 23 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
    24. 24. Mortgages
    25. 25. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
    26. 26. 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
    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. 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
    29. 29. 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
    30. 30. Break! Jayson Haile jayson.haile@redfin.com Redfin’s Mill Creek – Woodinville Team
    31. 31. 10-Minute Break 10 mins 5 mins End Let’s Get Started!
    32. 32. Short Sales and Bank Owned (Otherwise known as the waiting game)
    33. 33. What is a Short Sale? The owner owes more on the mortgage than the home is worth ● Often pre-foreclosure, but not always ● Listed for less than what’s owed to the bank ● Requires 1 - or more banks’ approval ● May have other liens (taxes, utilities, HOA) We Can Help With a Short Sale! ● If you want to buy, you can 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. Ratification to Closing
    39. 39. Steps After Contract Ratification ● Earnest money deposit – usually 1-3%+ ● Inspection – approximately $500 ● Other inspections – radon, lead etc. ● Loan application – 7days 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 – FHA, VA, and USDA have additional conditions ● Title ● Homeowner’s Association ● Selling Your Existing Home
    42. 42. Title Companies ● Holds the earnest money deposit ● Prepares the final documents, including the HUD-1 ● Conducts the closing ● Receive and disburse funds for closing ● Arrange for pay off of any liens (sellers’ mortgage, taxes, etc) ● 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
    43. 43. Closing: HUD–1 Settlement
    44. 44. Walkthrough & Closing A day or two prior to closing you will do a walkthrough to make sure the property is in the agreed upon condition At closing you will sign all necessary mortgage and closing documents and get your keys!
    45. 45. Selling Your Home with Redfin
    46. 46. ● We’re on your side ► Agents paid on your satisfaction ● Double your exposure ► Premium placement on Redfin ► Zillow and Trulia ► Why we don’t use Craigslist ● 1.5% listing fee ($5,500 minimum) ► Professional photos ► Beautiful flyers ► Open Houses Better Service, Lower Fees
    47. 47. All Done!
    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. Future Events!
    50. 50. Thanks for Coming! Questions? Get in touch: Jayson Haile jayson.haile@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events

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