Not all homebuyers are created equal. Luxury homebuyers are educated in the process of purchasing a second or third home, but not necessarily in the nuances of a second-home market. Today in 2007 with the myriad of details and new developments in the purchase transaction process, you should be aware of some surprises and how to address them.Read top thirteen tips from Mark Nash, a residential real estate author, broker, columnist and writer based in Chicago.

1. Transfer taxes. State, county and local tax that buyer pay can add up to a sizable expense, at closing. Ask your real estate agent when you start out on your home search to summarize what all the expenses of your transaction will be.
2. Take the time to find a real estate agent who is a specialist in the type of property you are interested in. It’s very difficult for agents to stay on top of multiple property types. Gulf-front, condotels, cooperative versus condominium, gated and golf communities each have their own flair and pluses and minus’.
3. Look at the next price point if you haven’t seen anything that interests you. Pricing today is much more elastic, and the perfect home could be had for less than asking price.
4. Review all the required disclosures and a blank contract before you utilize them. When it’s time to draft a contract, you want to be familiar and comfortable with it.
5. Don’t discuss potential renovations with luxury sellers. Many a deal has been squelched when zealous buyers start talking about renovating or redecorating. Most sellers think there home has served them well, just the way it is.
6. Keep personalities out of negotiations and the transaction from contract to closing. The goal is to purchase your new luxury home; others involved in the process should not be considered your new best friends. Keep a business perspective.
7. Shop for availability and rates for homeowners insurance, before you sign a real estate contract. Many new luxury homeowners aren’t familiar with current underwriting guidelines, and you might have not figured the appropriate cost into your home purchase budget.
8. Don’t skip a home inspection. Even if you can’t attend the inspection, hire a licensed inspector to complete a property report and have it emailed to you. New construction homes and condominiums are not exempt from having independent inspections.
9. When a membership passes with a purchase contract, verify that the sellers are in good standing and if need be will sponsor and transition the buyers.
10. Read carefully the condominium declarations, by-laws and rules and regulations. Ask for the association budgets from the last two years and the association meeting minutes from the last year. Look for proposed or current special assessments.
11. Write into your real estate contract if you want the seller to remove all furniture and household property. Luxury homes frequently come “turn-key” furnished, but if the mid-1980’s look doesn’t suit you, say so. It can be a large task to dispose or donate a household.
12. Require that an updated survey and title be delivered to you at closing. Title insurance is a must and can offer you peace of mind.
13. It’s a new market in 2007; don’t be afraid to ask for concessions from sellers. Flexibility has returned to negotiating contracts and you can ask for sellers to pay for closing costs, transfer taxes, special assessments or one year of homeowners’ insurance premiums.

    About the Author
    Mark Nash, is a residential real estate author, broker, columnist and writer based in Chicago. His fourth book “1001 Tips for Buying and Selling a Home” received eighteen five star reviews on Amazon.com.His latest book “Real Estate A-Z for Buying & Selling a Home” will be published in December 2006. Mark publishes a free monthly ezine for real estate professionals. Agent to Agent features ten articles that offer free reprints for agents, home buyers and sellers through EzineArticles.com.Real estate news and book reviews, Celebrity Homestyles, Home selling and buying tips and advice, Joke-of-the-Month, Help this Agent, and agent marketing tips. Over 5000 subscribers in the U.S. & Canada. Subscribe at: http://www.AgenttoAgentEzine.com

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