Redfin Free Home Buying Class - Claremont, CA

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Redfin Free Home Buying Class - Claremont, CA

  1. 1. Redfin Home Buying Class Southeast LA Team May 27, Claremont, CA Hosts: Anne Ku & Eric Tan @Redfin facebook.com/Redfin
  2. 2. Anne Ku – Senior Agent Southeast LA ● Agent for 10 years ● Closed 60 homes ● Specialize in: East San Gabriel Valley  Meet my team!
  3. 3. Eric Tan – Listing Agent San Gabriel Valley ● Real Estate Attorney and Broker for 6 years ● Sold 95 homes  Meet my team!
  4. 4. 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
  5. 5. 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
  6. 6. Save $4,000 on Average
  7. 7. Understanding the Market
  8. 8. Claremont Inventory
  9. 9. Story of 2013: Rising Prices
  10. 10. Claremont, CA
  11. 11. Selling Your Home with Redfin
  12. 12. ● 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
  13. 13. Redfin Price Tracker
  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. Choosing the Right Agent
  16. 16. 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?
  17. 17. Redfin Agent Reviews
  18. 18. 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
  19. 19. Slide 19 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
  20. 20. Mortgages
  21. 21. Review Your Financial Situation ● Pull credit report, look for errors. Earlier the better ● Establish comfort level for monthly payment ● Figure out how much monthly income goes towards debt: 45% Max Conv, 56.9% Max FHA 43% Max Jumbo, 41% VA ● 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
  22. 22. Get Pre-Approved Early A pre-approval letter is a letter from a bank or a lender estimating how much they'll lend you (May vary from what you want to pay monthly) ● 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 (Credit reports are good for 90 days) Info needed: ● W-2’s, 2 years tax returns (with all schedules, K-1’s etc) 1 month of pay-stubs, asset statements (Show all funds used to close loan) Drivers License, If you own a home or homes, need mortgage, tax, and insurance information
  23. 23. 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 ● Don’t allow lots of lenders to pull your credit score repeatedly ● Pull a free credit report. One of the best is www.annualcreditreport.com
  24. 24. This Month in Interest Rates
  25. 25. Past 3 Months in Interest Rates
  26. 26. Non Traditional Loan Programs If you are self employed or have a unique income situation, ask your lender about special programs that can help you qualify. At Banc of California – Banc Home Loans we offer loans that turn bank deposits into income for qualifying purposes. We also offer stated income loans to people with high net worth. 30% down and assets of 1MM in reserves. Loans up to 3.5MM Lastly offer loans to people that Short Sold or Foreclosed 1 day after the event, provided they have 20% down and a 660 credit score. For people that tried to work with bank and didn’t have a hardship but needed out.
  27. 27. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
  28. 28. 10-Minute Break ● Feel free to come ask us questions! 10 mins 5 mins End Let’s Get Started!
  29. 29. Understanding the Buying Process
  30. 30. 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?
  31. 31. Slide 31 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
  32. 32. Never Miss a Home
  33. 33. 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
  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. What are Contingencies? Standard timeline for contingencies in local market: 17 days ● Inspection ● Appraisal – Performed in conjunction with financing ● Financing ● Termite
  36. 36. 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
  37. 37. Short Sales and Bank Owned
  38. 38. What is a Short Sale? The owner owes more on the mortgage than the home is worth ● Usually pre-foreclosure, but not always ● 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
  39. 39. 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
  40. 40. So What Now? ● Make sure it’s the right time for you ● 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
  41. 41. All Done!
  42. 42. Thanks for Coming! Questions? Get in touch: Anne Ku – anne.ku@redfin.com Eric Tan – eric.tan@redfin.com Check out our upcoming classes: http://www.redfin.com/events
  43. 43. Future Events!

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