lunch and learn - cisco systems
TRANSCRIPT
HOME BUYING CLASSPRESENTED FOR CISCO SYSTEMS
MEET MATT
ABOUT REDFIN
On Your SideYour Redfin Agent guides you through each step and is accountable to get you the right home — not just any home.
Smarter & FasterMove quickly and confidently with our easy online tools and the most complete and accurate home sales data available.You Get MoreGet full service and better results while saving thousands in fees.
100% Team SupportYou’ll work with a team of real estate pros, so there’s always someone ready to help.
A better way to buy & sell
1. Local Real Estate Trends2. Home-Buying Process3. Finance Your Home4. Home Selling Introduction5. Conclusion
AGENDA
1 LOCAL REAL ESTATE TRENDS
LOOK UP YOUR LOCAL STATS!
•Search redfin.com for your city, neighborhood, or ZIP code to find the most current real estate statistics
•Updated every 15–30 minutes
2 HOME BUYING PROCESS
• Rent vs. own• Length of ownership• Life changes (family, job)• Personal finances
BEFORE YOU BUY
OVERVIEW OF THE HOME-BUYING PROCESS
Research
Search for Homes
1
2
Finance Your Home3
Make Your Offer4
Closing Process5
RESEARCH
• Home wish list• Location & neighborhoods• Mortgage loans & pre-approval• Real estate agents & reviews
1
SEARCH FOR HOMES
• Create a wish list for home features• Check out open houses• See homes in person on home tours• Save searches on Redfin and get notifications via
email and the Redfin app
2
21
SEE HOMES IN PERSON
3 FINANCE YOUR HOME
TYPES OF LOANS
Conventional:• As low as 5% down• Fixed or adjustable rates,
conforming or non-conforming
Federal Housing Administration Loan (FHA):• Always have mortgage insurance• Buyers need only a 3.5% down
payment
Jumbo Loan:• Larger down payment required• More restrictive debt-to-income
ratios
VA Guaranteed Loan:• Veterans, active duty personnel,
reservists/national guard, surviving spouses
• No down payment
LATEST MORTGAGE RATES
Type of Loan March 24th, 2016 February 25th, 2016
30-Year Fixed 3.71% 3.65%
15-Year Fixed 2.96% 2.93%
5/1 ARM 2.89% 2.79%
GETTING PRE-APPROVED
Income• Salary — Past 30 days• Hourly — Consistency & History• Self Employed — Two-year average
Assets•Down Payment•Closing Costs•Cash Reserves
Credit• 640 for FHA• 680 for Conventional• 720 for Rate Improvement
MAKE YOUR OFFER
• Pricing & comparables• Common contingencies• Negotiations• Mutual acceptance
4
THE CLOSING PROCESS*
*Steps in the closing process can vary by market — ask your agent for more details about closing in your market.
5
6
7
8
Schedule a professional home inspection. Your agent will have recommendations.
Select your lender and submit your loan within three days of mutual acceptance.
Take your final walk-through to look for any more issues since the inspection.
Sign all of the paperwork at your closing appointment.
10
9
11
Receive your keys,take possession,and get moving!
Receive your Redfin commission refund (may be applied to closing costs).
Complete the Redfin survey for your agent.
You’ve found the house you want and submitted an offer that was accepted by the seller. From this point forward, every step brings you closer to home ownership. Some deadlines can arrive quickly, so make sure to have your ducks in a row for what comes next.
Success! The seller has agreed with your price & terms — you’ve achieved mutual acceptance.
Deposit your earnest money to prove you’re serious about the offer.
The seller will disclose any known problems with the property.
Your title company will review the ownership history and title for liens, encroachments, and easements.
1
2
3
4
CONGRATULATIONS! YOU BOUGHT A HOME!
4 RECAP
HOME BUYING TIMELINE*
*Steps in the home buying or selling process can vary by market — ask your agent for greater detail about the steps of buying or selling in your market.
Search for homes on redfin.com or the Redfinapp for iPad, iPhone,or Android.
Find a real estate agent.
Tour homes with your agent.
Get pre-approved for a home loan.
Find your dream home.
Consult your agent to make an offer.
Your agent negotiates the deal with the seller’s agent.
You’ve reached mutual acceptance. Congratulations!
1
2
3
4
5
6
7
8
Deposit your earnest money to prove you’re serious about the offer.
The seller will disclose any known problems with the property.
Your title company will review the ownership history and title for liens, encroachments, and easements.
Schedule a professional home inspection. Your agent will have recommendations.
Select your lender and submit your loan within three days of mutual acceptance.
11
10
9
12
13
Take your final walk-through to look for any issues since inspection.
Sign all of the paperwork at your closing appointment.
Receive your keys, take possession & get moving!
Receive your Redfin commission refund (maybe applied to closing costs).
Complete the Redfinsurvey for your agent.
14
15
16
17
18
The road to buying a home usually starts with an online search and ends the moment your agent hands over the keys to your new house. It may seem daunting, but you can do it!
Explore our online tools, including the Redfin Home Affordability Calculator to find out how much home you can afford, and the Redfin Home Value Tool to see how much your home is worth.
Take Redfin with you: Download the Redfin real estate app for iPhone, iPad, and Android.
Claim your home on Redfin and receive monthly home reports.
Sell your home:Homes listed with Redfin are viewed three times as often as other homes and sell for $5,100 more on average — for only a 1.5% listing fee.
Check out more classes, including market trends, mortgages, home selling classes, and more at redfin.com/events.
GET MORE FROM REDFIN
