Redfin’s Home Buying Class
Redfin Houston Team
February 5th, 2014
Houston, TX

Hosted by: Tara
Waggoner
Follow: @Redfin
Li...
Tara Waggoner , Houston Agent
● Agent for 16 years
● Closed 170+ homes
● Specialize in: First Time Home Buyers, Condos, to...
Agenda
●
●
●
●
●
●
●
●
●
●

Overview of the process
Are you ready to buy?
Understanding the market
Choosing an agent
Seein...
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%...
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 yea...
Overview of a Purchase
Research

Search

Offer

Closing

Neighborhoods

Define Preferences

Comparables

Earnest Money

Re...
Understanding the
Market
Houston Statistics: Houses and Condos
Houston Overview
Choosing the Right Agent
What to Ask Any Agent
●
●
●
●
●
●

Is this your full-time job?
Who else will be working with me?
When am I committed to wo...
Redfin Agent Reviews
Seeing Homes in Person
How Touring with Redfin Works
● Led by agent or associate
agent
● Up to six homes per tour in
two hour blocks
● Go on as m...
Making the Most of Your Tour
1.
2.
3.
4.
5.
6.
7.
8.

Bring a camera, notebook & tape measure
See how much sunlight the pl...
Break!
Tara Waggoner

Slide 17 of 49
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

● Insi...
Never Miss a Home
Mortgages
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...
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...
Acceptance to Closing
Steps After Contract Acceptance
●
●
●
●
●
●
●
●
●
●
●

Loan application – typically done prior to making an offer
Earnest ...
Home Inspection
We recommend that you have a home inspection
● Cost runs $350 to $950
● Your agent or an associate agent w...
Title Companies
●
●
●
●

Prepares the final documents, including the HUD-1
Conducts the closing
Receive and disburse funds...
Walkthrough & Closing
Prior to closing you will do a walkthrough to make sure the
property is in the agreed upon condition...
Selling Your Home
with Redfin
Better Service, Lower Fees
● We’re on your side
► Agents paid on your satisfaction
● Double your exposure
► Premium placem...
All Done!
So What Now?
●
●
●
●
●
●
●

Make sure it’s the right time for you
Start browsing online
Check out our Home Buying Guide
Fi...
Future Events!
Thanks for Coming!
Questions? Get in touch:
Tara Waggoner
tara.waggoner@redfin.com

Check out our upcoming classes:
http:/...
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Redfin's Free Home Buying Class - Houston,TX

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Redfin's Free Home Buying Class - Houston,TX

  1. 1. Redfin’s Home Buying Class Redfin Houston Team February 5th, 2014 Houston, TX Hosted by: Tara Waggoner Follow: @Redfin Like: facebook.com/Redfin
  2. 2. Tara Waggoner , Houston Agent ● Agent for 16 years ● Closed 170+ homes ● Specialize in: First Time Home Buyers, Condos, town houses, Single Family, Multi-Family (up to 4 units) ● Services: greater Houston area  Meet my team!
  3. 3. Agenda ● ● ● ● ● ● ● ● ● ● Overview of the process Are you ready to buy? Understanding the market Choosing an agent Seeing the homes in person Break! Never Miss A home Mortgages Making an offer Acceptance to closing Selling with Redfin
  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 rebate
  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 Search Offer Closing Neighborhoods Define Preferences Comparables Earnest Money Real Estate Agents Saved Search Draft Offer Docs Inspection Mortgage Options Home Tours Negotiate Loan application Preapproval Open Houses Mutual Acceptance Title Review Consider your needs Appraisal Financing Approval Closing
  8. 8. Understanding the Market
  9. 9. Houston Statistics: Houses and Condos
  10. 10. Houston Overview
  11. 11. Choosing the Right Agent
  12. 12. What to Ask Any Agent ● ● ● ● ● ● Is this your full-time job? 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?
  13. 13. Redfin Agent Reviews
  14. 14. Seeing Homes in Person
  15. 15. 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 Slide 15 of 55
  16. 16. Making the Most of Your Tour 1. 2. 3. 4. 5. 6. 7. 8. Bring a camera, notebook & tape measure See how much sunlight the place gets Check the bathrooms for rot & mold Look for wavy or discolored wood siding Make sure water spouts drain away from house Take stock of storage space Turn off any music playing in house Check for hardwood floors 9. 10. 11. 12. 13. 14. 15. Peek into the attic Bring a marble or two When sharing a wall, make sure it’s thick Ignore the appliances and carpets Check the closets Get the disclosure packet Compare the property’s tax records to the listing details
  17. 17. Break! Tara Waggoner Slide 17 of 49
  18. 18. Never Miss A Home
  19. 19. 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
  20. 20. Never Miss a Home
  21. 21. Mortgages
  22. 22. 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
  23. 23. 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
  24. 24. 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
  25. 25. 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
  26. 26. Making an Offer
  27. 27. 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
  28. 28. 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
  29. 29. Acceptance to Closing
  30. 30. Steps After Contract Acceptance ● ● ● ● ● ● ● ● ● ● ● Loan application – typically done prior to making an offer Earnest money deposit – $1,000 to 1% of purchase price Inspection – approximately $500 Other inspections – termite Title review Appraisal Loan approval Walk through Closing Receive your keys! …and Redfin rebate…
  31. 31. Home Inspection We recommend that you have a home inspection ● Cost runs $350 to $950 ● Your agent or an associate agent will accompany you ● Your time to evaluate the property Let’s talk about: ● What an option period covers and doesn’t cover ● Financing contingency
  32. 32. Title Companies ● ● ● ● 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
  33. 33. Walkthrough & Closing 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!
  34. 34. Selling Your Home with Redfin
  35. 35. Better Service, Lower Fees ● 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.
  36. 36. All Done!
  37. 37. 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
  38. 38. Future Events!
  39. 39. Thanks for Coming! Questions? Get in touch: Tara Waggoner tara.waggoner@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events

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