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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 March 20, Claremont, CA Host: 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. Understanding the Buying Process
  7. 7. 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?
  8. 8. 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
  9. 9. Understanding the Market
  10. 10. Claremont Inventory
  11. 11. Story of 2013: Rising Prices
  12. 12. Claremont, CA
  13. 13. Mortgages
  14. 14. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
  15. 15. 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
  16. 16. 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 45% Max Conventional, 57.9% Max FHA ● 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
  17. 17. 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
  18. 18. Non Traditional Loan Programs!!!
  19. 19. Last Month on Rate Watch A little bit of information on how rates work.
  20. 20. Express Loan Program How It Works: ● Step 1: Certified Lender takes you through the underwriting process. This usually happens in your first 10-14 days of escrow. You will need to submit all your financial and other documentation to the lender. Once you have full underwriter approval, it indicates to the seller that pending a clean title and appraisal, your lender is ready to fund the loan. ● Step 2 : Your offer is made with terms that most, if any, other buyers financing their home can compete with. ● Step 3 : Upon opening escrow your appraisal will be ordered as a rush. This is a $100 fee which is covered by your Certified Lender. ● Step 4 : Upon a clear title and appraisal at or above the purchase price, escrow closes in 21 days or less. Get Started Right Away!
  21. 21. Never Miss A Home
  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. Never Miss a Home
  24. 24. Choosing the Right Agent
  25. 25. 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?
  26. 26. Redfin Agent Reviews
  27. 27. Save $4,000 on Average
  28. 28. Seeing Homes in Person
  29. 29. 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
  30. 30. 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
  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. Selling Your Home with Redfin
  33. 33. ● 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
  34. 34. Redfin Price Tracker
  35. 35. So What Now?
  36. 36. ● 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
  37. 37. All Done!
  38. 38. Thanks for Coming! Questions? Get in touch: Anne Ku – anne.ku@redfin.com Eric Tan, Esq. – eric.tan@redfin.com Check out our upcoming classes: http://www.redfin.com/events Craig Huston Banc Home Loans chuston@banchomeloans.com www.chuston.banchomeloans.com 909.936.2885
  39. 39. Future Events!

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