Redfin In-Town Atlanta Team
April 10th, 2014
Brookhaven, GA
Hosted by: Danielle Coats
@Redfin | facebook.com/Redfin
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Redfin Home Buying ClassFirst Time Home Buyers & How to Win in Multiple Offers презентация
Содержание
- 1. Redfin Home Buying ClassFirst Time Home Buyers & How to Win in Multiple Offers
- 2. Agenda Overview of the process Are
- 3. A Little Bit About Redfin Redfin is
- 4. Understanding the Buying Process
- 5. Overview of a Buying a Home
- 6. Are You Ready to Buy?
- 7. Are You Ready to Buy? Do you
- 8. Understanding the Market
- 9. Brookhaven, GA Inventory
- 10. Rising Prices
- 11. Where Is the Market Headed? Supply of
- 12. Never Miss A Home
- 13. Real Estate Sites: What to Look For
- 14. Never Miss a Home
- 15. Choosing the Right Agent
- 16. What to Ask Any Agent Is this
- 17. Redfin Agent Reviews
- 18. Redfin Partner Program Partner agents are employed
- 19. Seeing Homes in Person
- 20. Making the Most of Your Tour Bring
- 21. How Touring with Redfin Works Led by
- 22. Multiple Offers
- 23. Why all the Multiple Offers? What’s driving
- 24. Get Ready! Let’s
- 25. Get Ready! Obtain
- 26. Get Ready! Know the Numbers - Knowing
- 27. Get Ready! Documentation Having your finances and
- 28. Writing a Winning Offer Offer Price -
- 29. Writing a Winning Offer Highest & Best
- 30. Writing a Winning Offer TERMS - Understand
- 31. Earnest Money Deposit 1-3% of
- 32. Inspections: To Waive or Not To?
- 33. Writing a Winning Offer Use a Redfin
- 34. Financing Cash Cash offers can close in
- 35. Writing a Winning Offer Financing (continued)… Making
- 36. Writing a Winning Offer Personal Touch Including
- 37. Writing a Winning Offer Closing & Possession
- 38. How Redfin Helps Redfin agents close more
- 39. Acceptance to Closing
- 40. Steps After Mutual Acceptance (Binding) Earnest money
- 41. What are Contingencies? This means the seller
- 42. What is Escrow? Escrow is a third
- 43. Title Companies Prepares the final documents, including
- 44. Closing: HUD–1 Settlement
- 45. Signing and Closing A few days before
- 46. Selling Your Home with Redfin
- 47. We’re on your side Agents paid on
- 48. All Done!
- 49. So What Now? Make sure it’s
- 50. Thanks for Coming! Questions? Get in touch:
Agenda Overview of the process Are you ready to buy? Understanding the market Never miss a home Choosing an agent Touring Mortgages Multiple Offers Making a Winning Offer! Acceptance to
Слайд 1Redfin Home Buying Class First Time Home Buyers & How to Win
in Multiple Offers
Слайд 2
Agenda
Overview of the process
Are you ready to buy?
Understanding the market
Never miss
a home
Choosing an agent
Touring
Mortgages
Multiple Offers
Making a Winning Offer!
Acceptance to closing
Choosing an agent
Touring
Mortgages
Multiple Offers
Making a Winning Offer!
Acceptance to closing
Слайд 3A Little Bit About Redfin
Redfin is a real estate brokerage on
a mission to make buying and selling a home better for you.
Accountability: we’re on your side, giving you honest advice
Technology: sellers get more traffic; buyers tour homes first
Value: a full-service brokerage that saves you thousands
No obligation
Accountability: we’re on your side, giving you honest advice
Technology: sellers get more traffic; buyers tour homes first
Value: a full-service brokerage that saves you thousands
No obligation
Слайд 7Are You Ready to Buy?
Do you have a family and need
room to grow?
Do you expect to stay put for 5 or more years?
Have you saved up for a down payment? 3.5% to 20+%
Have you saved up for closing costs? Typically 0-2%
Can you rent for less?
Do you expect to stay put for 5 or more years?
Have you saved up for a down payment? 3.5% to 20+%
Have you saved up for closing costs? Typically 0-2%
Can you rent for less?
Слайд 11Where Is the Market Headed?
Supply of homes is at a five-year
low and won’t increase much more this year
Rents have been rising, making buying more attractive
Market stabilized – price increases in many areas
Rate increases – biggest potential issue for buyers
Rents have been rising, making buying more attractive
Market stabilized – price increases in many areas
Rate increases – biggest potential issue for buyers
Слайд 13Real Estate Sites: What to Look For
Has all the homes for
sale
Updated every 15 minutes
Real-time sales data
Updated every 15 minutes
Real-time sales data
Insights from agents
Lots of data
Mobile apps
Слайд 16What 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 complaint?
How are you paid?
Can I see some reviews of your work?
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?
Слайд 18Redfin Partner Program
Partner agents are employed by other brokerages, and have
teamed up with us to provide Redfin-certified service
We’ll refer you to a Partner Agent when:
A home is below Redfin’s minimum price
A home is outside of our service area
If it’s in your financial advantage to work with a partner
We’re experiencing unusually high customer demand
We survey all partner agent clients
All surveys are published on their Redfin page
97% of customers would recommend Redfin Partners
We’ll refer you to a Partner Agent when:
A home is below Redfin’s minimum price
A home is outside of our service area
If it’s in your financial advantage to work with a partner
We’re experiencing unusually high customer demand
We survey all partner agent clients
All surveys are published on their Redfin page
97% of customers would recommend Redfin Partners
Слайд 20Making the Most of Your Tour
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
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
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
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
Слайд 21How 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
Go on as many tours
as you need
No obligation, no pressure
Слайд 23Why all the Multiple Offers?
What’s driving the sudden demand for homes?
Interest
rates still at historical lows
Foreign investors, all-cash buyers
Buyers are not shying away from bidding wars
LOW INVENTORY
Months of Supply – The time it would take to sell through all the homes on the market, given the current pace of sales
In a balanced market, Months of Supply is between 5-6 months
--- Anything less is a seller’s market
Foreign investors, all-cash buyers
Buyers are not shying away from bidding wars
LOW INVENTORY
Months of Supply – The time it would take to sell through all the homes on the market, given the current pace of sales
In a balanced market, Months of Supply is between 5-6 months
--- Anything less is a seller’s market
Слайд 24Get Ready!
Let’s Do our Homework
Buyer’s agent should call the listing
agent, to find out what the sellers situation is & why they are selling
What are the sellers’ motivations?
Will they need to remain at the property after closing?
Do they need a quick sale?
Request for copies of disclosures and reports
Find out how many disclosure packages have been sent out to other buyers, has there been heavy traffic?
Is there an offer due date? How should offers be submitted – via email, drop off at listing office or in person?
Build rapport with listing agent and check scouting report
What are the sellers’ motivations?
Will they need to remain at the property after closing?
Do they need a quick sale?
Request for copies of disclosures and reports
Find out how many disclosure packages have been sent out to other buyers, has there been heavy traffic?
Is there an offer due date? How should offers be submitted – via email, drop off at listing office or in person?
Build rapport with listing agent and check scouting report
Слайд 25Get Ready!
Obtain a Pre-Approval Letter
Your Lender is part of our
Team!
Ask your loan officer how they can help you in a competitive situation (shorter contingency period, quick closing?)
Request that your LO be available to speak with the listing agent
Get a preapproval letter with your maximum approval amount, you can customize later if necessary
Use a lender with local expertise- in a competitive situation it can be the difference between winning and losing
Get full underwriter approval --No pre-qualification letters please
Ask your loan officer how they can help you in a competitive situation (shorter contingency period, quick closing?)
Request that your LO be available to speak with the listing agent
Get a preapproval letter with your maximum approval amount, you can customize later if necessary
Use a lender with local expertise- in a competitive situation it can be the difference between winning and losing
Get full underwriter approval --No pre-qualification letters please
Слайд 26Get Ready!
Know the Numbers - Knowing what to offer and being
confident in your offer price makes the process less stressful.
Run a Comparative Market Analysis (CMA)
Understand pricing for the area
Determine your maximum price
Calculate payment difference at incremental price points
$5,000 more equals $?/month
Know When To Walk Away
You can’t control what someone else is willing to pay
Run a Comparative Market Analysis (CMA)
Understand pricing for the area
Determine your maximum price
Calculate payment difference at incremental price points
$5,000 more equals $?/month
Know When To Walk Away
You can’t control what someone else is willing to pay
Слайд 27Get Ready!
Documentation
Having your finances and other required documents in order prior
to making an offer can accelerate the process. Here’s what we’ll need at a minimum to include with your offer:
Pre-Approval Letter
Not a pre-qualification
Proof of Funds
Bank statement, 401k, brokerage statement
Earnest Money Deposit Check
Just a copy (picture, scan or fax)
Pre-Approval Letter
Not a pre-qualification
Proof of Funds
Bank statement, 401k, brokerage statement
Earnest Money Deposit Check
Just a copy (picture, scan or fax)
Слайд 28Writing a Winning Offer
Offer Price - Price & Terms are the
King & Queen of Winning in Multiple Offer Situations
Study Comparables
Understand pricing trends in the area
Base your offer on the comparables – not the listing price especially if it is strategically low
List Price to Sales Price Ratio for the Area
How much negotiating room is there?
Days on Market
Fewer DOM – sellers are less flexible
More DOM – sellers are usually more motivated/open to negotiating
Know the Sellers Current Loan Situation
Study Comparables
Understand pricing trends in the area
Base your offer on the comparables – not the listing price especially if it is strategically low
List Price to Sales Price Ratio for the Area
How much negotiating room is there?
Days on Market
Fewer DOM – sellers are less flexible
More DOM – sellers are usually more motivated/open to negotiating
Know the Sellers Current Loan Situation
Слайд 29Writing a Winning Offer
Highest & Best
In a multiple offer situation you
may have only one shot at offering and no opportunity to further negotiate
Blind betting – you don’t know what the other offers are
What is the maximum price you are willing to pay for this property?
How much do you really want this property?
Determine your walk away price
Go in with your highest price and best terms right from the start
Blind betting – you don’t know what the other offers are
What is the maximum price you are willing to pay for this property?
How much do you really want this property?
Determine your walk away price
Go in with your highest price and best terms right from the start
Слайд 30Writing a Winning Offer
TERMS - Understand & offer the terms that
seller desires
Contingencies protect the buyer and gives the option to negotiate further, or cancel the transaction if no agreement is reached.
Inspection Contingency - Typically 7 to 12 days
Financing Contingency - Typically 14 to 17 days
Appraisal Contingency - Typically 14 to 17 days
Shorter contingency periods makes your offer stronger & shows how serious you are as buyers
Need a home warranty? Seller rent back?
Contingencies protect the buyer and gives the option to negotiate further, or cancel the transaction if no agreement is reached.
Inspection Contingency - Typically 7 to 12 days
Financing Contingency - Typically 14 to 17 days
Appraisal Contingency - Typically 14 to 17 days
Shorter contingency periods makes your offer stronger & shows how serious you are as buyers
Need a home warranty? Seller rent back?
Слайд 31Earnest Money Deposit
1-3% of purchase price is typical for this area
A
higher EMD shows you are serious buyers and could make the sellers consider your offer more
To be submitted to escrow within 3 business days of acceptance – include copy with offer
The check is cashed, held at escrow & applied to your down payment at closing
Refunded if you cancel as a result of a contingency
Could be in jeopardy if you cancel after you’ve removed all contingencies
To be submitted to escrow within 3 business days of acceptance – include copy with offer
The check is cashed, held at escrow & applied to your down payment at closing
Refunded if you cancel as a result of a contingency
Could be in jeopardy if you cancel after you’ve removed all contingencies
Слайд 32Inspections: To Waive or Not To?
Pre-Inspection
Out $300 - $1000 and may
not get the house
Timing can be difficult
Seller may not allow
Post-Inspection
May scare sellers – they usually want a truly as-is sale
Deal can quickly fall apart
What’s reasonable to negotiate further?
Waived Inspection
High Risk
Waiving contingencies is not advisable
Timing can be difficult
Seller may not allow
Post-Inspection
May scare sellers – they usually want a truly as-is sale
Deal can quickly fall apart
What’s reasonable to negotiate further?
Waived Inspection
High Risk
Waiving contingencies is not advisable
Слайд 33Writing a Winning Offer
Use a Redfin Preferred Lender
*In no way does
Redfin benefit financially from recommending lenders – we just think they’re great lenders!
Слайд 34Financing
Cash
Cash offers can close in just a few days as there
is no approval process.
Strongest of all financing options
Conventional
5% or more down payment. Few restrictions on condition of home, buyer has good credit.
Strong second best financing option
FHA / VA
Least down payment (as little as 0%-3.5%), lender may require repairs, longest closing period. Lower credit ok.
Also viable financing options
Strongest of all financing options
Conventional
5% or more down payment. Few restrictions on condition of home, buyer has good credit.
Strong second best financing option
FHA / VA
Least down payment (as little as 0%-3.5%), lender may require repairs, longest closing period. Lower credit ok.
Also viable financing options
Слайд 35Writing a Winning Offer
Financing (continued)…
Making the seller comfortable with your ability
to purchase their property is key to getting your financed offer accepted.
Present a Solid Pre-Approval
Get a Loan Commitment – this will set you ahead of almost all other offers
Show the maximum amount you qualify for
List your FICO scores, DTI’s, etc. if possible
Use a Lender with Local Presence & Expertise
Easy to contact and part of our team
Offer to have lender speak directly to Listing Agent (LA) and/or seller
Present a Solid Pre-Approval
Get a Loan Commitment – this will set you ahead of almost all other offers
Show the maximum amount you qualify for
List your FICO scores, DTI’s, etc. if possible
Use a Lender with Local Presence & Expertise
Easy to contact and part of our team
Offer to have lender speak directly to Listing Agent (LA) and/or seller
Слайд 36Writing a Winning Offer
Personal Touch
Including a short letter to the seller
and a picture may help the seller connect and consider your offer.
Include a bit about you, your family, your profession.
Comment on the things you liked about the seller’s home.
Send your agent a family photo to include.
Won’t help with a bank owned properties or investor sellers
Include a bit about you, your family, your profession.
Comment on the things you liked about the seller’s home.
Send your agent a family photo to include.
Won’t help with a bank owned properties or investor sellers
Слайд 37Writing a Winning Offer
Closing & Possession
Closing - Chat with your lender
and see how quick they can close. Flexibility with closing can make a huge difference
Take Possession
At closing or does the seller need a Rent Back?
The seller may needs to stay longer but want to close sooner to have access to the funds
Seller pays buyers PITI while occupying the home after settlement
Deposit & Rent is held at escrow upon closing
Usually a max of 30 days – anything more requires lender approval
Take Possession
At closing or does the seller need a Rent Back?
The seller may needs to stay longer but want to close sooner to have access to the funds
Seller pays buyers PITI while occupying the home after settlement
Deposit & Rent is held at escrow upon closing
Usually a max of 30 days – anything more requires lender approval
Слайд 38How Redfin Helps
Redfin agents close more deals than an average agent,
we know the market and how to get the job done.
Help determine market price
CMA, trends and stats
Understand the listing agent’s negotiation style
Average discount, market time and offer process
Established relationships with listing agents
We know what questions to ask, what to say, when to say it
Write crisp, clean offer quickly
Docusign, electronic offer process
Team structure allows agent to focus on writing your offer
Help determine market price
CMA, trends and stats
Understand the listing agent’s negotiation style
Average discount, market time and offer process
Established relationships with listing agents
We know what questions to ask, what to say, when to say it
Write crisp, clean offer quickly
Docusign, electronic offer process
Team structure allows agent to focus on writing your offer
Слайд 40Steps After Mutual Acceptance (Binding)
Earnest money deposit – usually about 1%,
within 3 days
Inspection – approximately $400 - $600, depending on size
Other inspections – sewer scope, well, septic, stucco, pool, radon, mold, tree, termite, etc.
Loan application – 5 days or less
Title review
Appraisal
Loan approval
Other Contingencies
Walk through
Closing
Receive your keys!
Inspection – approximately $400 - $600, depending on size
Other inspections – sewer scope, well, septic, stucco, pool, radon, mold, tree, termite, etc.
Loan application – 5 days or less
Title review
Appraisal
Loan approval
Other Contingencies
Walk through
Closing
Receive your keys!
Слайд 41What are Contingencies?
This means the seller has accepted an offer on
the property, but success may still depend on passing a home inspection or getting financing.
Other types:
Appraisal – Performed in conjunction with financing
Financing
Termite
Other
Other types:
Appraisal – Performed in conjunction with financing
Financing
Termite
Other
Слайд 42What is Escrow?
Escrow is a third party intermediary that represents neither
the buyer nor the seller.
What do they do?
Hold the earnest money
Arrange for payoff of any liens (seller’s mortgage, utilities, etc.)
Coordinate the signing appointments for all parties
Receive and disburse funds for closing
Arrange to notify county offices to change ownership
What do they do?
Hold the earnest money
Arrange for payoff of any liens (seller’s mortgage, utilities, etc.)
Coordinate the signing appointments for all parties
Receive and disburse funds for closing
Arrange to notify county offices to change ownership
Слайд 43Title Companies
Prepares the final documents, including the HUD-1
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
Records the deed, mortgage and any other recordable instruments
Issues title insurance to the lender and the buyer
Слайд 45Signing and Closing
A few days before closing you will sign your
closing documents and have a walk through.
On closing day, you’ll probably get your keys at about 5pm.
On closing day, you’ll probably get your keys at about 5pm.
Слайд 47We’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
Zillow, Trulia, Craigslist and Realtor
1.5% listing fee
Professional photos
Beautiful flyers
Better Service, Lower Fees
Слайд 49So 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
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
Слайд 50Thanks for Coming!
Questions? Get in touch:
Danielle Coats danielle.coats@redfin.com
Check out our upcoming classes:
http://www.redfin.com/events
