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Rules Before Buying A Luxury Home

There are a variety of choices when purchasing your high-end home. It is best to take these rules into consideration before making your decision.

1. Private Sellers
Most luxury homes are not reflected on the MLS, this protects a seller’s privacy. The rule, ask your Realtor for their personal connections not listed on the MLS.
2. Don’t Judge A Photo
Large homes are usually not photogenic. The rule, see the property using Google Earth or in person; this will allow you to see the home and its surroundings.
3. Stay Local 
The rule, buyer agent must be familiar with the area you are interested in. Usually these local agents have better access to getting invitations to private events and open house showings.
4. Bank History
“I strongly recommend you go to the bank you have a relationship with. They have your portfolio already. Also, know the difference between the pre-approval letter and the prequalification letter.” Per Nancy Suvarnamani, Century 21 SGR Inc., Chicago
5. Keep Records
The rule, Save all financial documentation, this helps show the bank you have the income.
6. Trusting TeamThe rule, get a relator that makes suggestions not decisions.Your financial planner and Realtor should both agree on what you should be doing; if they don’t it is best to arrange a meeting.
7. Title Insurance 
The rule, hire a Title Insurance company that will assist you with forgotten problems.  It is recommended to review exceptions page of the title insurance process prior to closing.
8. Future Profits
The rule, find out what buildings are being planned in your area, and obtain the construction timeline.
9. Cooperatives & Condos
The rule, hire an attorney to research the building on its financial viability.
10. Pricing 
The rule, negotiate.  Before you make any offers ask your agent to research properties recently sold to obtain sale prices for comparison.

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