The Fairman Group knows that buying a home, whether its your first house, your dream home or an investment property is always going to be a stressful experience. To help ease the tension of home-buying we’ve created a step-by-step guide through the process so that you can have the best possible experience. In today’s unique market, The Fairman Group understands that you want to be informed and prepared when you start looking for a home and we’re here to help.

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Step 1. - Get Pre-approved

A letter of pre-approval is invaluable to every home buyer. So how do you get one? Call your preferred lender and tell him or her that you would like to be pre-approved to purchase a house. In about fifteen minutes over the phone, your lender will be able to estimate how much you can afford in house payments monthly, and whether or not your credit score is high enough to get your loan approved.

The letter of pre-approval is great. Now, you know what price range to tell us you’re looking in, and a copy of the letter can be submitted with any offer to purchase you make on a property, ensuring the seller’s peace of mind.

Step 2. - Shop Your Loan

Just because you got pre-approved with one lender does not mean you have to take out a loan through that establishment. You are still free to get financed through whichever bank or lending institution is carrying the loan that you want. Find the loan that’s right for you, with a low interest rate and acceptable terms.

Make sure you ask your lender about the terms of your loan in detail, and educate yourself on any new terminology.  Also, be sure you know how much you’re going to need for a down payment on the property and research down payment assistance programs through your lender.

This is also an excellent time to shop for homeowner’s insurance as most lending institutions work with insurance companies on a regular basis. Most lenders will be able to refer you to a few insurance agents, and you should also ask your friends and family for referrals.

Step 3. - Hire a Realtor

When it comes to hiring a Realtor there are three things The Fairman Group wants you to bear in mind: customer service, experience and reliability.  We encourage you, the consumer to ask your friends and family for referrals and of course, to interview several agents. The interview itself doesn’t need to be a formal affair, just a casual conversation over coffee or on the phone should be enough to tell you whether or not this agent is the one for you.

Don’t forget to make sure that your personalities are compatible! You can have the very best Realtor in the world, but if his laugh gets on your nerves or her perfume makes your eyes water, its not going to work out.

Look for an agent that is dedicated to the job. A full-time agent is someone that is making a career out of helping people buy and sell property, whereas a part-time agent is merely looking to bring a little extra money into their house hold. If real estate isn’t your agent’s bread and butter then you know you can move on to the next Realtor. New agents are, of course, more likely to make mistakes so if you’re considering a brand-new Realtor, make sure that he or she has a mentor in the office to help navigate the waters.

Make sure your Realtor is committed to providing the best in customer care. Problem-solving and communication should be two of your agent’s top priorities. You want to be certain that you’re able to get in touch with them at least 2 different ways - we recommend by phone and by e-mail. Also, be certain that your agent can get in touch with you as easily as you can get in touch with him or her. Furthermore you want a Realtor that is consistently attending classes and furthering his or her knowledge of the field.

Finally, you want an agent who is reliable and is known for their follow-through. It is very important that your agent does exactly what he or she says is going to be done and in a timely manner. If you can’t count on your agent to return your phone calls quickly, then you probably can’t count on him or her to do much else quickly.

Here are a couple questions you can ask agents that you’re interviewing to help get the dialog started:

“How long have you been in the business?”

“Do you have a mentor in your office?”

“Do you do real estate part time or full time?”

“Do you specialize in any particular kind of housing or do you hold any designations?”

These questions should be enough to get a proper conversation started about the agent’s work ethic and history with real estate. Also, be on the lookout for any personality quirks that might cause you to have a difficult time working with that agent.

Step 4. - Make Two Lists

Some experts will tell you that as a buyer, you need only one list - qualities you must have in a home in order to be able to live in it. The Fairman Group feels differently. We prefer you make two lists: one comprising all the things you must have in a home and another containing all the things you want to have in a home.

Our goal is to get you into a house that has all of the things on your “have to have” list and as many of the things on your “want to have” list as possible. Make sure you convey the lists to your Realtor so that he or she can take those things into account as he or she begins the search for your dream home. Also, you may want to take the lists with you as you begin your house hunt, so that you don’t lose sight of what is necessary and what is desirable.

Step 5. - Make an Offer

After you’ve created your lists, and your Realtor has shown you the houses that meet your criteria, its time to write an offer. Have your real estate agent create a Comparative Market Analysis on the home, so that you know that you’re not over-paying for the property and seek your Realtor’s professional opinion about the cost of the home.

Agents are trained in contract and agency law and are your best tools for success in the negotiation process. Your Realtor will be able to tell you all about the legality of the contract and what the negotiations will entail, so that you are fully informed as you go forward.

Step 6. - Get a Home Inspection

The Fairman Group strongly recommends to all their buyers that they get home inspections on every house they may ever purchase. Home inspectors are professionals who will cover every inch of your prospective home looking for hidden defects and potential problems and then write a complete report on the status of the property.  With that report in hand, the home buyer walks into their new home assured that there are no unknown hazards or repairs waiting beneath the surface.