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Redfin’s Home Buying Class
Redfin’s Anne Arundel Team
July 22, 2014 – Annapolis, MD
Host: Marcie Gatton & Kim Dixson
Redfin’s Anne Arundel/PG Team!
● Overview of the process
● Are you ready to buy?
● Choosing an agent
● Never miss a home
● Short sales & foreclosures
● Making an offer
● Acceptance to closing
● Selling with Redfin
A 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
● Technology: sellers get more traffic; buyers tour homes first
● Value: a full-service brokerage that saves you thousands
Are 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?
What 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?
Redfin.com-Benefits of a MLS Powered
● All the homes for sale: 30% more listings
● You see what the agent sees: 4x the data
● Real-time market data: photos, details of just-sold homes
Highlights of Redfin’s Site
● Search by zip code
● Saved searches/instant alerts
● Agent notes
● Download results
● Price your home
● Home buying guide
● Home inspection guide
● Any questions about the site?
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
● Don’t open any new lines of credit
● Don’t buy any big ticket items
● Source of money
● Current employment status
Get Pre-Approved Early
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
● Redfin asks that you get pre-approved before your third tour
● Good for 90 days, depending on lender
● W-2, two pay-stubs, tax returns, bank statements
Pulling Credit: Is It Harmful?
● Your credit report must be reviewed by a lender before you
can obtain a pre-approval
● If you know your score, a lender should be able to give you
ballpark pricing for their loan products
● Better to know sooner rather than later about credit
● Maintaining a pre-approval
has a negligible impact on
your credit score
Local Recommended Lenders
In no way does
lenders – we just
think they’re great
What is a Short Sale?
The owner owes more on the mortgage than the home is
● Usually pre-foreclosure, but not always
● Listed for less than what’s owed to the bank
● Requires 1 - 2 banks’ approval (usually 2)
● May have other liens (taxes, utilities, HOA)
We Can Help With a Short Sale!
● See short sales with a Redfin Agent
● If you want to buy, work with a Redfin Agent or a short sale
● Redfin partner agents work for other brokerages but share
Redfin’s commitment to customer service
● Get a 15% commission refund
What is a Bank-Owned Property?
● A foreclosed home owned by a bank or lender
● Standard sale but:
►Long response times
►Legal addenda may require an attorney
►Limited or no disclosures
►Banks demand use of their own contracts
►Bank can back out any time until they’ve signed
►Earnest money deposit usually held by listing agent
Crafting Your Offer
● Evaluate – your agent will provide you with information
about market conditions and recent sales in the area
● Consider the situation – the seller’s preferences, days on
the market, and other interest will influence the process.
● Decide on price & strategy with your agent
● Common contingencies & terms:
Tips for Winning a Bidding War
1. Just win, baby! Simply have the best offer.
► Cash is King
► Escalate your price?
► Tighten your timelines
► Remove some contingencies?
2. Get pre-approved with a local lender
3. What’s important to the seller?
4. Write a letter & appeal to the seller
Steps After Mutual Acceptance
● Earnest money deposit – usually 1%
● Loan application – 5 days or less
● Title review
● Loan approval
● Walk through
● Receive your keys!
We recommend that you have a home inspection
● Cost runs $350 to $650 depending upon the home’s size
● Your agent will accompany you
● Your time to evaluate the property
Let’s talk about:
● What an inspection contingency covers and doesn’t cover
● Types of inspections-well, septic, radon, chimney, termite
Expect to be at closing 1 hour or longer to sign all documents.
Bring your photo ID, check book and money for closing.
On closing day, you usually get the keys to your new home.
Pam Phelps – Listing Specialist
● Licensed since 1998 – 16 years
● 181+ transactions lifetime
● 33 transactions in 2013
● Specialize in Anne Arundel, Prince
Georges and Howard Counties
● Distinguished Sales Achievement
Club of AA Co Assoc of Realtors –
● Live in Annapolis
● We’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
Better Service, Lower Fees
So 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
Thanks for Coming!
Questions? Get in touch:
Marcie Gatton firstname.lastname@example.org
Phil Hobby email@example.com
Check out our upcoming classes: