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Home-Buying Class Presented by and September 29 th , 2014 James Gulden Agent Bill Hartford Agent

Redfin Metro Boston Home Buying Class

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  • 1. Home-Buying ClassSeptember 29th, 2014Presented byandJames GuldenAgentBill HartfordAgent

2. The Redfin Metro Boston TeamKatie GustafsonAgentJames GuldenAgentSimon AndersonTransaction CoordinatorBill HartfordAgentHannah DriscollTeam Lead 3. Agenda About Redfin Searching for homes Touring The Buying process Working with an Attorney Mortgages Market conditions Selling with Redfin 4. About RedfinA better way to buy & sellOn Your SideRedfin Agents are paid based on yoursatisfaction, not commission, so yourinterests always come first.Smarter & FasterMove quickly and confidently with oureasy online tools and the mostcomplete and accurate home salesdata available.You Get MoreGet full service and better resultswhile saving thousands in fees.100% Team SupportYoull work with a team of real estatepros, so theres always someone readyto help. 5. How Touring with Redfin Works Work with agents with localexpertise Team Approach Request up to 6 homes ata time convenient for you,and have back ups readyto go Go on as many toursas you need No obligation, nopressureSlide 5 of 55 6. Redfin Search Advantage Has all the homes for sale Updated every 15 minutes Real-time sales data Insights from agents In depth analysis Mobile apps (search on thego) Search by schools,neighborhoods, zip codes Saved searches with alerts Live search 7. iPhoneiPadAndroidMeet the Redfin App 8. Understanding the BuyingProcess 9. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 10. First Step -- Get PreparedPre-approvalResearch attorneysHave earnest money readyDiscuss comps with your agentKnow your limitsDiscuss offer strategies with youragentBe ready to act quickly in thiscompetitive market 11. Redfin Home Buying Guide 12. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 13. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 14. Offer Accepted! What Next? Home inspection! Select InspectorLook for inspectors who use pdf. reports with photosAsk your agent for referencesMention if you want tests perform: Radon- canister or computer? Pest InspectionShop around priced by sq ft. and # of bedroomsStay involved Learn about your new home during theinspectionAsk current owner about past : Ice Dams? Flooding? 15. Interactive Home Inspection(Found in the Redfin Home Buying Guide) 16. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 17. Working with an Attorney:David A. Camiel 18. Attorney Info Hire an Attorney The sellers will have one so you shouldtoo! Are they a Real Estate attorney?What % of work is real estate?Who in the office will you be working with?What kind of availability, accessibility, responsiveness?How long have you been doing this? Ask about pricing up front flat fee vs. hourly 19. Local Recommended AttorneysIn no way doesRedfin benefitfinancially fromrecommendingattorneys wejust think theyregreat lawyers! 20. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 21. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 22. Mortgages 23. We Recommend Local Lenders!! 24. Get Pre-Approved EarlyA pre-approval letter is a letter from a bank or a lender estimatinghow 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 lenderInfo needed: W-2, two pay-stubs, tax returns, bank statements 25. 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 Dont open any new lines of credit Dont buy any big ticket items Source of money Current employment status 26. Extensive Mortgage info found inRedfin Home Buying Guide 27. Interactive Forms (found in Redfin Home Buying Guide) 28. Latest Mortgage RatesType of Loan September 25, 2014 September 18, 201430-Year Fixed 4.20% 4.12%15-Year Fixed 3.36% 3.26%5/1 ARM 3.08% 2.99%1-Year ARM 2.35% 2.43% 29. Tour homesFind dream homeConsult with agent, write offerSubmit offer to listing agentNegotiationsEarnest money [$1000]Inspection contingency [5-10 days]P&S Review [10-14 days]5% of Purchase PriceFinancing contingency [20-25]Final walk throughGet keys and take possession!Overview of aPurchaseSuccess! Mutual AcceptanceClosing!Receive Redfin refundComplete Redfin survey 30. Congratulations,You bought a home! 31. Understanding theMarket 32. Boston Real Estate OverviewMedian List Price $480KMedian List $/Sq. Ft. $452Median Sale Price $450KMedian Sale $/Sq. Ft. $459Median Sale/List 99.6%Average Number of Offers 2.7Average Down Payment 23.4%Number of Homes Sold 137Calculated using the last 90 days 33. Trending:Bidding Wars 34. JamaicaPlain 35. So, What Now?Make sure its the right time to buy for you.Search for homes on Redfin.com & mobile app.Find an agent & get pre-approved for a loan.See homes in person & make an offer.Buy a home! 36. Selling Your Homewith Redfin 37. Better Service, Lower Fees Were on your sideAgents paid on your satisfaction Double your exposurePremium placement on Redfin Zillow, Trulia, Craigslist and Realtor 1.5% listing fee3D Virtual Tours!!!!Professional photosBeautiful flyersWeve helped over 50 people sell their homes in the last sixmonths. 38. Home Buying / Selling Timeline 39. Thanks for Coming! 40. Contact Us! James [email protected] Bill [email protected]