Redfin Process Webinar - March 21, 2012
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Transcript of Redfin Process Webinar - March 21, 2012
Redfin is much more than an
awesome real estate website..
March 21, 2012 Livermore/Pleasanton, CA
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
• The right home for the right price
No obligation
Get back up to 50% of our commission
Working with Redfin
Working with Redfin
FIELD AGENT Takes you to see homes See 50+ homes a week
YOU
AGENT Responsible for your success Writes your offer Handles negotiations
COORDINATOR Schedules tours Prepares paperwork Works with escrow
How Our Team Works
Considering… Looking… Buying…
Make Sure He’s a Good Fit
See all
deals &
reviews
Overview
•Search homes online & tour
•Get pre-approved
•Find a dream home
•Consult with agent, write offer
•Submit offer to listing agent
•Negotiations
•Success!
Finding
Your Home
Mutual
Acceptance
•Earnest money
•Inspection contingency
•Title review
•Financing contingency
•Waiting for loan approval
•Escrow signing appointment
Closing •Get keys and take possession!
•Receive Redfin refund
•Complete Redfin Survey
Working With Redfin is Different
• Service
• Advocates: client-satisfaction bonuses, not commissions
• Transparency: informed decisions
• Best Agents: The right home for the right price
• No obligation
• Switch Redfin agents
• Pause and re-start your search any time
• Tour on your schedule and pace
• Refund
• You get up to 50% the commission
• The Best Results
• Service: 97% would recommend us to a friend
Considering… Looking… Buying…
We Share Our Commission With You
• We refund 15% - 45% of our commission to you (minimum home price of $120,000) subject to the
approval of your lender and the home seller
• Applied to closing costs
• Refund is tax-free
Considering… Looking… Buying…
This is too good to be true:
• The best real estate website around
• A whole team dedicated to servicing you
• Plus you get a refund of the commission!
These are all great, but how much local market
knowledge do we have..?
WE SPECIALIZE IN LOCAL MARKET EXPERTISE
To Buy or Not to Buy
Why You Should Buy a Home
• You have a family and need room to grow
• You expect to stay put for 5 or more years
• You want a home that is difficult to rent
• You’re handy & and ready to invest
• You’ve saved up a down payment
Considering… Looking… Buying…
Why You Shouldn’t Buy a Home
• You don’t have a good reason like family or schools
• You can’t afford the down payment
• You can rent for much less
• You plan on moving soon
• You’re worried about job security
Considering… Looking… Buying…
Market Conditions
San Ramon Feb. Stats for Homes
Considering… Looking… Buying…
San Ramon Feb. Stats for Homes
Considering… Looking… Buying…
Pleasanton Feb. Stats for Homes
Considering… Looking… Buying…
Pleasanton Feb. Stats for Homes
Considering… Looking… Buying…
Dublin Feb. Stats for Homes
Considering… Looking… Buying…
Dublin Feb. Stats for Homes
Considering… Looking… Buying…
Where to find data…
Considering… Looking… Buying…
Market Tips
• If the home is priced right, and is move in
ready, it will sell fast (less than 21 day)
• Hot price range is under $400,000
• Summer was not as busy as we expected
but Sept. and Oct. have exceeded
expectation for # of sales
• Distressed sales make up about 1/3 of the
LB market; you must be patient with the
banks.
I want to go see some
homes with my agent
What to Ask Any Agent
• Is this your full-time job?
• Familiar with foreclosures or short-sales?
• Where were your last five deals?
• Who else will be working with me?
• Will you show me all properties for sale?
• When am I committed to working with you?
• Has a client ever filed a complaint?
• How are you paid?
Can Redfin help with all kinds
of listings?
Our Redfin team will be happy to show you
most types of listings on the MLS:
• Conventional/Standard Listings
• Short Sales
• Bank Owned/REO
• Trustee Sales
Considering… Looking… Buying…
Find a Home to Tour
Looking… Buying… Considering…
Schedule a Tour or Add More Homes
Looking… Buying… Considering…
Fill Out Time and Notes
Looking… Buying… Considering…
Confirm Basic Info & Coordinator Will Call to
Schedule
Looking… Buying… Considering…
Now You are Ready to Tour
• Up to six homes per tour in two hour blocks
• Go on as many tours as you need
• Led by field agent
• No obligation
Considering… Looking… Buying…
Getting Pre-Approved
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
• Good for 90 days, depending on lender
• Ask for a few different amounts
• Redfin asks that you get pre-approved before your third tour
• Similar, yet different from pre-qualification
Information needed:
• W-2, two pay-stubs, tax returns, bank statements
Considering… Looking… Buying…
Start Shopping for Lenders
Compile a list of 3-4 lenders & brokers
Good sources include:
• Redfin's partner lenders
• Referrals from friends, family & co-workers
• Banks or credit unions you have accounts at
• A large, national bank with an advertised rate
• Your real estate agent
• Online review sites, such as Yelp
Looking… Buying… Considering…
Local Recommended Lenders
*In no way does Redfin
benefit financially from
recommending lenders –
we just think they’re great
lenders!
Considering… Looking… Buying…
Current Average Rates
Type of Loan March 8, 2012 March 1, 2012
30-Year Fixed 3.88% 3.90%
15-Year Fixed 3.13% 3.17%
5/1 ARM 2.81% 2.83%
1-Year ARM 2.73% 2.72%
Considering… Looking… Buying…
Where Are Rates Headed?
Looking… Buying… Considering…
Getting The House You Want
Here are just a few things a Redfin agent will do for you:
• Researches seller & listing agent • Reviews agent-only comments
• Studies listing agent negotiating patterns
• Studies sellers situation and motivations
• Contacts listing agent
• Prepares a comparative market analysis and discusses • Where do you want to start?
• Where do you want to end up?
• Writes up your offer • Inspection contingency
• Financing contingency
• Submits offer
• Negotiates on your behalf
Overview of a Purchase
•Search homes online & tour
•Get pre-approved
•Find a dream home
•Consult with agent, write offer
•Submit offer to listing agent
•Negotiations
•Success!
Finding
Your Home
Mutual
Acceptance
•Earnest money (within 3 days)
•Inspection contingency (5-10 days)
•Title review (5 days)
•Financing contingency (20-25 days)
•Waiting for loan approval
•Escrow signing appointment
Closing! •Get keys and take possession!
•Receive Redfin refund
•Complete Redfin Survey
Important
milestone
tracker
Your team
of agents
Your to do
list
Redfin’s Deal Room (Your personal real time virtual
calendar depicting each step of your transaction!)
After Class…
Please fill out the survey we’ll send this week
along with these slides. We’d love to get your
feedback so we can improve.
To get even more info on the home buying
process, check out our home buying guide:
Redfin.com/home-buying-guide
Considering… Looking… Buying…