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Redfin Home Buying Class - Seattle, WA

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Campaign Summary

Redfin Home Buying Class

Presented by: Joe Hunt and Sabrina BoothSeattle, WA August 19, 2014

Host: Joe Hunt & Sabrina Booth

@Redfinfacebook.com/Redfin

AgendaOverview of the processAre you ready to buy?Understanding the marketNever miss a homeChoosing an agentTouringMortgagesBreak!Short sales & foreclosuresMaking an offerAcceptance to closing

[REQUIRED]

A Little Bit About Who We AreRedfin 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 commissionsInformed decisionsRight home for the right price

No obligationCommission credit

Understanding the Buying Process4Are 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?

Overview of a PurchaseUnderstanding the Market

Seattle Inventory

8Seattle July 2014 Stats for Houses

9Seattle July 2014 Stats for Condos

10Seattle Area Overview

11Redfin Price Tracker

Never Miss A Home[REQUIRED]13Real Estate Sites: What to Look ForHas all the homes for saleUpdated every 15 minutesReal-time sales dataInsights from agentsLots of dataMobile apps

Never Miss a Home

[REQUIRED]

15Choosing the Right Agent

[REQUIRED]16What to Ask Any AgentIs 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?

[REQUIRED]

Add visual17Redfin Agent Reviews

[REQUIRED]Redfins Partner ProgramPartner agents are employed by other brokerages, and have teamed up with us to provide Redfin-certified service

Well refer you to a Partner Agent when:A home is below Redfins minimum priceA home is outside of our service areaIf its in your financial advantage to work with a partnerWere experiencing unusually high customer demand

We survey all partner agent clientsAll surveys are published on their Redfin page97% of customers would recommend Redfin Partners[OPTIONAL cut or skip this slide if not relevant for your market or class]19Seeing Homes in Person

[REQUIRED]

20Making the Most of Your TourBring a camera, notebook & tape measureSee how much sunlight the place getsCheck the bathrooms for rot & moldLook for wavy or discolored wood sidingMake sure water spouts drain away from houseTake stock of storage spaceTurn off any music playing in houseCheck for hardwood floorsPeek into the atticBring a marble or twoWhen sharing a wall, make sure its thickIgnore the appliances and carpetsCheck the closetsGet the disclosure packetCompare the propertys tax records to the listing details

[REQUIRED]

21How Touring with Redfin WorksLed by agent or associate agentUp to six homes per tour in two hour blocksGo on as many tours as you needNo obligation, no pressure

Slide # of 5522[REQUIRED]

Mortgages

[REQUIRED]

Add Lenders name if he/shes presenting23Local Recommended Lenders

In no way does Redfin benefit financially from recommending lenders we just think theyre great lenders![REQUIRED Update with local lender]

24Get Pre-Approved EarlyA pre-approval letter is a letter from a bank or a lender estimating how much they'll lend youEstablishes what you can afford & makes offer process go fasterRedfin asks that you get pre-approved before your third tourGood for 90 days, depending on lender

Info needed:W-2, two pay-stubs, tax returns, bank statements

[REQUIRED]

25Review Your Financial Situation

Pull credit report, look for errorsEstablish comfort level for monthly paymentFigure out how much monthly income goes towards debt: 28 33% healthyPay down credit balances to 1/3rdDont open any new lines of creditDont buy any big ticket itemsSource of moneyCurrent employment status

[REQUIRED]

26Pulling Credit: Is It Harmful?

Your credit report must be reviewed by a lender before you can obtain a pre-approvalIf you know your score, a lender should be able to give you ballpark pricing for their loan productsBetter to know sooner rather than later about credit problemsMaintaining a pre-approvalhas a negligible impact onyour credit score

[REQUIRED]

27Start Shopping for LendersCompile a list of 3-4 local lenders

Good sources include:Redfin's partner lenders Referrals from friends, family & co-workersOnline review sites, such as YelpLocal chains and offices

*Know your lender

[REQUIRED]

28Break!Joe Hunt [email protected] Redfin South Seattle Team

Sabrina [email protected] Listings NW North

2910-Minute Break10 mins5 mins EndLets Get Started!5 minute break timer.

To begin the timer, when in presentation view on the slide, click advance once and you will see the red appear from left to right. When the entire bar is red your break is up!30Short Sales and Bank Owned(Otherwise known as the waiting game)[OPTIONAL]

31What is a Short Sale?The owner owes more on the mortgage than the home is worthOften pre-foreclosure, but not alwaysListed for less than whats owed to the bankRequires 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 Redfins commitment to customer serviceGet a 15% commission refund

32[OPTIONAL]

What is a Bank-Owned Property? A foreclosed home owned by a bank or lenderStandard sale but:Verbal negotiationsLong response timesRepairs unlikelyLegal addenda may require an attorneyLimited or no disclosuresBanks demand use of their own contractsBank can back out any time until theyve signedEarnest money deposit usually held by listing agent

33[OPTIONAL]

Making an Offer[REQUIRED]34Crafting Your OfferEvaluate your agent will provide you with information about market conditions and recent sales in the areaConsider the situation the sellers preferences, days on the market, and other interest will influence the process.Decide on price & strategy with your agentCommon contingencies & terms:Earnest MoneyInspectionFinancingAppraisalTitle Review

[REQUIRED]

35Tips for Winning a Bidding WarJust win, baby! Simply have the best offer.Cash is KingEscalate your price? Tighten your timelinesRemove some contingencies?Get pre-approved with a local lenderWhats important to the seller?Write a letter & appeal to the seller

[REQUIRED]

36Ratification to ClosingSteps After Contract RatificationEarnest money deposit usually 1-3%+Inspection approximately $500Other inspections radon, lead etc.Loan application 7days or lessTitle reviewAppraisalLoan approvalDocument signingWalk throughClosingReceive your keys![Required]

Add visual38Home InspectionWe recommend that you have a home inspectionCost runs $350 to $1200 depending upon the homes sizeYour agent will accompany youYour time to evaluate the property

Lets talk about:What an inspection contingency covers and doesnt coverTypes of inspections[REQUIRED]

Add visual39What are Contingencies?This means the seller has accepted an offer on the property, but success may still depend on passing a homeinspectionor getting financing.

Other types:Appraisal Performed in conjunction with financingFinancingTermiteOtherTitle CompaniesHolds the earnest money deposit Prepares the final documents, including the HUD-1Conducts the closingReceive and disburse funds for closingArrange for pay off of any liens (sellers mortgage, taxes, etc)Examines and clears the title to the propertyRecords the deed, mortgage and any other recordable instrumentsIssues title insurance to the lender and the buyer

Required41Closing: HUD1 Settlement

The visual of the HUD would be great and could eliminate some of the verbiage here. REQUIRED

A HUD is divided into two parts:

Lender charges Includes origination fee, appraisal fee, credit report, insurance and tax escrowsTitle chargesIncludes settlement fee, and owners and lenders title insuranceGovernment chargesIncludes recording fees, recordation taxes and property taxes

42Walkthrough & Closing

A day or two prior to closing you will do a walkthrough to make sure the property is in the agreed upon conditionAt closing you will sign all necessary mortgage and closing documents and get your keys!OPTIONALThis is different by market so we should have different slides for each.43Selling Your Home with Redfin44Were on your sideAgents paid on your satisfactionDouble your exposure Premium placement on RedfinZillow, Trulia, Craigslist and Realtor1.5% listing feeProfessional photosBeautiful flyers

Weve helped over 50 people sell their homes in the last six months.

Better Service, Lower Fees

Notes from Matt:- Update this slide so it is easier to read45All Done!46So What Now? Make sure its the right time for youStart browsing onlineCheck out our Home Buying GuideFind the right agentLook for a local lender and get pre-approvedStart seeing homes in personMake an offer & close the deal

47

Future Events!48Thanks for Coming!Questions? Get in touch:

Joe [email protected]

Sabrina [email protected]

Check out our upcoming classes:http://www.redfin.com/buy-a-home/classes-and-eventsWell stick around 49

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Redfin Home Buying Class Presented by: Joe Hunt and Sabrina Booth Seattle, WA August 19, 2014 Host: Joe Hunt & Sabrina Booth @Redfin facebook.com/Redfin
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