South San Francisco First Time Home Buying Class April 26, 2012

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South San Francisco First Time Home Buying Class April 26, 2012

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  8. 8. Case-Shiller: San Francisco Area v. 20-City 250.00 San Francisco 20-City Composite 200.00 150.00 100.00 50.00 0.00Slide 8 of 51
  9. 9. San Francisco Area Down 5.4% year-over-year Peak was May 2006 Down 41.1% from peak Currently at February 2002 prices 20-City Composite Down 3.8% year-over-year Peak was July 2006 Down 33.8% from peak Currently at February 2003 pricesSlide 9 of 51
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  15. 15. Overview •Search homes online & tour •Get pre-approved •Find a dream home Finding •Consult with agent, write offer Your Home •Submit offer to listing agent •Negotiations •Success! •Earnest money •Inspection contingency Mutual •Title review Acceptance •Financing contingency •Waiting for loan approval •Escrow signing appointment •Get keys and take possession! Closing •Receive Redfin refund •Complete Redfin SurveySlide 15 of 51
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  21. 21. Click here when you decide See all deals & reviewsSlide 21 of 51
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  23. 23. AGENT COORDINATOR Responsible for your success Schedules tours Writes your offer Prepares paperwork Handles negotiations Works with escrow COORDINATOR FIELD AGENT Schedules tours Takes you to see homes Prepares paperwork See 50+ homes a week Works with escrowSlide 23 of 51
  24. 24. • We refund a part of our commission to you subject to the approval of your lender and the home seller • Applied to closing costs • Refund is tax-freeSlide 24 of 51
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  29. 29. Income oSalary—Past 30 days oHourly—Consistency and history oSelf-employed—Two year average Credit Assets o 660 for FHA o Down Payment o 680 for Conventional o Closing Costs o 720 for Rate Improvement o Cash ReservesSlide 29 of 51
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  34. 34. *In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!Slide 34 of 51
  35. 35. o o Origination o Credit report o Transfer Tax o Discount Fee o Title insurance o Recording o Processing o Escrow fees o Underwriting o Prepaid items Good news! Loan payments are made in arrears, so your first loan payment will not be for almost two months!Slide 35 of 51
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  38. 38. Making Your OfferSlide 38 of 51
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  40. 40. Overview of a Purchase •Search homes online & tour •Get pre-approved •Find a dream home Finding •Consult with agent, write offer Your Home •Submit offer to listing agent •Negotiations •Success! •Earnest money (within 3 days) •Inspection contingency (5-10 days) Mutual •Title review (5 days) Acceptance •Financing contingency (20-25 days) •Waiting for loan approval •Escrow signing appointment •Get keys and take possession! Closing! •Receive Redfin refund •Complete Redfin SurveySlide 40 of 51
  41. 41. Important milestone tracker Your to do list Your team of agentsSlide 41 of 51
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