- Do your research: Check out the market online to get an idea of what you do and do not want. Gonnella Realty gets the majority of their business through the Internet.
- Get a qualified broker: Find the broker who is doing the most sales in luxury real estate in your desired location. Then, let him find houses for you and show you the best value in town.
- Get a pre-approval record: "Everyone should have a pre-approval letter," Arlene said. A letter from the bank doesn't ensure you'll be approved for a mortgage, but it puts the seller's mind at ease if he take his home off the market to go under contract with you.
- Be ready to divulge details about yourself: The Gonnellas said they ask a few appropriate questions about what someone does for a living, and other assets they have that would help qualify them to purchase a luxury home. Some sellers require a letter from an accountant and a bank statement to show that a potential buyer is qualified to purchase their home and as a proof of down payment.
|A photo of an entrance courtyard of a luxury home in Beverly Hills (Photo credit: Wikipedia)|
- Take a mortgage: Interest rates are still very good, Chris Gonnella said. Paying cash would be an inefficient way to use your money.