Long Island Redfin Home Buying Class 6.26

Redfin Home Buying ClassJune 26th, 2016

Welcome

Your Hosts this afternoon:

Special guest speakers:

Frank VirgaEmbrace Home Loans

Christopher RomanoCassidy, Romano & Love

PC

Blaise Ingresano Apro Home inspections

Patricia SteinLiberty National Title

THANK YOU and….CONGRATULATIONS!

About RedfinA better way to buy & sell

On Your SideRedfin Agents are paid based on your satisfaction, not commission, so your interests always come first.

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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.

Agenda● Understanding the Buying Process● Are you ready to buy?● Understanding the market● Never miss a home● Choosing an agent● Touring● Break!● Making an offer● Home Inspections● Mortgages● closing

Are You Ready to Buy?● Do you have a family and need room to grow?

● What is your time frame?

● Have you saved up a down payment?

● Are you tired of renting?

Understanding the Buying Process

Overview of the Home-Buying Process

1. Research

2. Search for Homes

4. Finance Your Home

3. Make Your Offer

5. Closing Process

Understanding the Market

Long Island Inventory

Long Island Homes In Contract

Long Island Prices

Never Miss a Home AgainDirect MLS feeds every 15 minutes & schedule tours directly on

Redfin.com

Direct updates and feeds every 15 minutes

from MLS

Information on the go

Top Rated Mobile Apps

Choosing the Right Agent

What to Ask Any Agent● Is this your full-time job?● How well do you know the inventory?● How long have you been in Real Estate?● Are you a good negotiator?● How are you paid?

Can I Trust You?

Are you an expert?

How do you rate?

REDFIN AGENT REVIEWS

Seeing Homes in Person

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How Touring with Redfin Works● Schedule your tour

● 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

Making the Most of Your Tour1. Bring a camera, notebook & tape

measure2. See how much sunlight the place gets3. Check the bathrooms for rot & mold4. Look for wavy or discolored wood

siding5. Make sure water spouts drain away

from house6. Take stock of storage space

7. Turn off any music playing in house8. Check for hardwood floors9. Peek into the attic10. Check the closets

This Month’s Success StoryDAVID AND STEPHANIE

SIGNING CONTRACTS THIS COMING WEEK…… CONGRATULATIONS

10 Minute Break

Making an Offer

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:

► Earnest Money► Inspection► Financing► Appraisal► Title Review

What 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● Home Sale● Other

Home InspectionWe recommend that you have a home inspection● Your agent will accompany you● Your time to evaluate the property

Blaise IngrisanoA-Pro Home Inspections631-3662776aprohomeinspection@gmail.com

Lets talk about Home inspections● What is the purpose of a home inspection?● Our 500 point comprehensive home inspection● What is the average time that it takes?● What is the cost of a home Inspection?

A-Pro’s additional services:● Free Termite Inspections● 90 Day Warranty● Appliances Safety Recall● Pool Inspections● Sprinkler Inspections

PEACE OF MIND BACKED BY OUR

90 DAY WARRANTY AND

200% SATISFACTION GUARANTEE

Title Insurance

Patricia SteinLiberty National Title366 North BroadwaySuite 200Jericho, NY 11753516-203-7310www.handsavings.com

Title Insurance● What is Title Insurance?

● Preliminary Title Reports

● H.A.N.D

ATTORNEYS

Attorneys● Attorney’s general role in the transaction

● Certificates of Occupancy

● Surveys

● Contingencies and provisions

● The closing process

Mortgages

Local Recommended Lenders

In no way does Redfin benefit

financially from recommending

lenders – we just think

they’re great lenders!

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 EarlyA 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

Info needed:●W-2, two pay-stubs, tax returns, bank

statements

1. THOU SHALT NOT CHANGE JOBS, BECOME SELF-EMPLOYED OR QUIT YOUR JOB

2. THOU SHALT NOT BUY A CAR, TRUCK OR VAN (OR YOU MAY LIVE IN IT)

3. THOU SHALT NOT USE CREDIT CARDS EXCESSIVELY OR LET CURRENT ACCOUNTS FALL BEHIND

4. THOU SHALT NOT SPEND MONEY YOU HAVE SET ASIDE FOR CLOSING

5. THOU SHALT NOT OMIT DEBTS OF LIABILITIES FROM YOUR LOAN APPLICATION

6. THOU SHALT NOT BUY FURNITURE ON CREDIT

7. THOU SHALT NOT ORIGINATE ANY INQUIRIES INTO YOUR CREDIT

8. THOU SHALT NOT MAKE LARGE DEPOSITS WITHOUT CHECKING WITH YOUR LOAN OFFICER

9. THOU SHALT NOT CHANGE BANK ACCOUNTS

10. THOU SHALT NOT CO-SIGN A LOAN FOR ANYONE

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

problems● Maintaining a pre-approval

has a negligible impact onyour credit score

Walk Through & Closing

Walkthrough & ClosingPrior to closing you will do a walkthrough to make sure the property is in the agreed upon conditionAt closing you will sign all necessary mortgage and closing documents and get your keys!

Summary of the Process1. Success! The seller has agreed with your price and terms. You’ve achieved mutual acceptance.

3. Deposit your earnest and sign contracts as soon as possible

6. Bank issues a commitment for financing the purchase.

5. Attorney reviews documents for signature and order a title search

2. Schedule a professional home inspection. Your agent will have recommendations.

4. Select your lender and submit your loan within three days of mutual acceptance.

7. Take your final walkthrough to look for any issues since the inspection.

8. Sign all of the paperwork at your closing

9Get your keys, take possession, and start moving!

10. Receive your Redfin commission refund.

11. Complete the Redfin survey for your agent.

Congratulations,You are now homeowners!

Selling Your Home with Redfin

● 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► Professional photos► Beautiful flyers ► 3D Tours

We’ve helped 234 people buy or sell their homes in the last 12 months.

Better Service, Lower Fees

So, What Now?Make sure it’s the right time to buy for you.

Find an agent & get pre-approved for a loan.

Search for homes on Redfin.com & mobile app.

See homes in person & make an offer.

Buy or sell your home!

Find Future Events!

Thanks for Coming!Questions? Get in touch:

Mario Urrutia mario.urrutia@redfin.com Peggy Papazaharias peggy.papazaharias@redfin.com